Top 5 Considerations for Choosing the Best Factoring Company

When you realize you need invoice factoring services, it’s easy to get overwhelmed with all the options available. How do you choose the best invoice factoring company when your business has so many unique needs to consider?

Riviera Finance is an invoice factoring service that has been helping businesses in a wide variety of industries since 1969. We’re deeply familiar with the common concerns and questions businesses have when deciding to pursue a new funding solution. 

With our invoice factoring tips, you’ll be one step closer toward simpler business operations and more reliable growth. Explore the top five considerations to assess when choosing the right company to handle your invoice factoring needs.

1. Transparent Fees 

When you’re already dealing with the stress of late invoices, the last thing you need is to navigate confusing fee structures. The best invoice factoring company will make it clear what they’re charging you and why. 

Riviera Finance provides a straightforward payment structure that breaks down the service into the invoice factoring rate and a small processing fee. We don’t charge any setup fees, which allows our clients to get started quickly.

2. Industry Expertise

Each industry has its own unique figures, including average payment processing cycles and low seasons. Instead of taking a one-size-fits-all approach, the best invoice factoring company should tailor its services to meet your specific industry needs.

Riviera Finance provides specialized insight into the needs of specific industries, including transportation, energy, temporary staffing, hospitality, and more. 

3. Flexibility in Contract Terms 

A contract needs to benefit both parties, so an invoice factoring company should offer a little flexibility in its terms. One example of flexible contract terms is the option for recourse or non-recourse invoice factoring. Recourse factoring requires your company to retain responsibility for the outstanding debt.

When you work with Riviera Finance, you get access to non-recourse invoice factoring, which means we take on the full credit risk of an unpaid invoice. You can recover outstanding debts while growing your business simultaneously. 

4. Fast Funding

Waiting on customers to pay invoices can stall projects and cause stress. The best invoice factoring company will provide immediate funding solutions to avoid adding more waiting time to your schedule.

Just how fast? Riviera Finance approves client funding within four to seven working days. Once your company is approved and verified, we can provide rapid turnaround times, sometimes in as little as 24 hours. 

5. Customer Service and Account Management

An invoice factoring service is a partner for your business that should go above and beyond to create steady cash flow and ensure peace of mind. When you have questions about invoice factoring fees or aren’t sure if a company understands your industry, you need excellent customer service to fill in the gaps. 

Riviera Finance has decades of experience providing helpful, friendly customer service alongside our affordable rates and industry expertise. Our past and current clients cite our consistent communication, quick response times, and unwavering professionalism. 

3 Major Red Flags to Avoid

Successful small business finance management also requires you to look for red flags that could result in a poor partnership. If you notice any of the following, reconsider the options to improve your chances of working with the best invoice factoring company.

1. Vague Fee Structures

If you’re left wondering what you’ll be charged when sending over a batch of unpaid invoices, the company may not be a good partner. Even a little confusion can spell financial disaster down the road if you’re hit with surprise fees or unexpected penalties. Ask your invoice factoring company about its payment structure, upfront costs, and important details like minimum volume requirements. 

2. Aggressive Sales Tactics

Not all business partnerships benefit both parties. An invoice company that’s pushing too hard to get you on board may not have your best interests in mind. 

When speaking with an invoice factoring company representative, look for transparent communication and a patient approach. The goal is to find a compatible, mutually beneficial partnership.

3. Negative Reviews

Any business can talk about its results or skilled team, but the best way to double-check is to look at customer reviews. Testimonials are helpful tools that help you determine if other business owners are getting the full range of invoice factoring benefits. 

We’re more than happy to talk about how we go above and beyond as one of today’s best invoice factoring companies. Reach out to us to speak with a representative and learn how Riviera Finance can help your business grow.

Why Work with Riviera Finance for Invoice Factoring?

At Riviera Finance, we know firsthand how difficult it is to grow a business on the back of unpaid invoices. For over five decades, we’ve stayed committed to helping small and large businesses maintain their cash flow without the need for loans. 

We provide more than just the ability to get your invoices paid. Our suite includes a transparent pricing system, passionate customer service, and industry expertise to customize your services down to the last detail. Looking for a factoring company you can trust? Discover how Riviera Finance enhances small business cash flow through transparency and care.