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Frequently Asked Questions
Riviera wants to address any and all questions you might have regarding our program. If the information you are seeking is not here, please call 1-800-872-7484 and we will be happy to assist you in any way.
What is factoring?
What size clients does Riviera serve?
Do you have any restrictions as to the location of a client?
What about the location of a clients' customers?
Do I have to factor all my invoices?
Are my receivables leined as collateral?
Does Riviera require additional collateral?
What is the difference between factoring invoices on "non-recourse" and factoring invoices on "recourse"?
How long do I have to commit to factoring my invoices?
Do I have to pay a fee to get started or for you to process my application?
How long does it take to process my application?
Do I have to be an established business, operating a minimum number of years, to be approved?
What types of businesses do you factor?
How will I know the status of my factored invoices?
How do my customers know where to send payments?
How do I receive my money from the factored accounts?
When do I receive the monies?
Can you supply me with references from existing clients?
A: Factoring is the purchase of accounts receivable for immediate cash. Factoring gives businesses the power to ensure growth without diluting equity or incurring debt.
Riviera serves companies from start-up to $2 Million in monthly sales..
No. Riviera is a nationwide commercial finance company - we can serve clients in all 50 states and Canada.
Riviera purchases credit-worthy invoices from anywhere in the US and Canada. Riviera also purchases invoices from other countries on a case to case basis.
No. You are always free to decide which invoices to factor and which to keep in house.
Yes. Riviera requires a first position on all accounts receivable while you are factoring.
No. Within our traditional factoring programs, a first position on accounts receivable is all that Riviera requires.
When an invoice is factored on a "non-recourse" basis the Factor takes the credit risk of the account debtor, thereby protecting the client from credit loss. When an invoice is factored "with recourse" it means that the client is ultimately responsible for payment, regardless of whether the account debtor pays or not.
Our standard term is 6 months. However, we can adjust the term to meet the needs of the client.
No. Riviera requires no start-up fees unless you have no invoices to factor.
Normally between four and seven working days is enough to get a client funded. We are generally able to give preliminary approvals within 24-48 hours via a term sheet that details the basic terms of factoring. Keep in mind that there is a verification process that Riviera must perform on the invoices that are submitted to us for financing. In some cases the time required to verify these invoices is the driving factor behind getting the funding in a timely manner.
No. Riviera prides itself on catering to the financing needs of small to medium size businesses that are recently founded. Even pure start-ups are not a problem in most cases, as long as there are bonafide accounts receivable.
Riviera serves a wide range of industries, including trucking, temporary personnel agencies, printing companies, manufacturers, wholesalers, and many service industries such as janitorial and armed guard services. Most any business that sells a product on terms not exceeding 60 days can use factoring.
Riviera is pleased to present Riviera Online Account Management, or ROAM for short. ROAM allows you to access your complete account history securely using the Internet at any time day or night. In addition, you will be assigned to a professional Account Executive who will be your direct contact for any questions you have.
When Riviera purchases an invoice, it is stamped with our address before being mailed to the customer.
Riviera can wire funds to your account, send a check through FedEx, or we can simply mail your check via US mail. In some cases, if your bank has a branch near our operations office we can deposit the check directly into your account.
Riviera funds all verified invoices submitted on pre-approved debtors within 24 hours of receipt. If the debtor has not been pre-approved for purchase, we will try to fund those invoices as fast as possible, usually within 24 hours as well. This kind of quick turn around is the reason many businesses use Riviera. This is also why Riviera has become the largest privately held factoring company in North America, and the reason we are viewed as the industry leader.
Yes. Riviera is proud of the service we offer and are more than happy to provide references once we have received a completed application package.
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We Want To Answer Your Questions! If you have any specific questions, please do not hesitate to call us at or e-mail us at |
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