The following are frequently asked questions about factoring and
the mechanics of the factoring process as it pertains to Riviera
Finance.
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.
General
What is factoring?
What is the difference between factoring invoices
on "non-recourse" and factoring invoices on "recourse"?
What types of businesses do you factor?
What size clients does Riviera serve?
Do you have any restrictions as to the location of
a client?
What about the location of a client's customers?
Can you supply me with references from existing
clients?
Application Process
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?
Invoicing and Collections
Do I have to factor all my invoices?
Are my receivables leined as collateral?
Does Riviera require additional collateral?
How long do I have to commit to factoring my invoices?
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?
General
Q: WHAT IS FACTORING?
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.<back to the top>
Q: WHAT IS THE DIFFERENCE
BETWEEN FACTORING INVOICES ON "NON-RECOURSE" AND
FACTORING INVOICES "WITH RECOURSE"?
A: 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. <back to the top>
Q: WHAT TYPES OF BUSINESSES
DO YOU FACTOR?
A: 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. <back
to the top>
Q: WHAT SIZE CLIENTS DOES RIVIERA SERVE?
A: Riviera serves companies from start-up to $2 Million in monthly sales.. <back
to the top>
Q: DO YOU HAVE ANY RESTRICTIONS AS TO THE LOCATION
OF A CLIENT?
A: No. Riviera is a nationwide commercial finance company--we can serve clients
in all 50 states and Canada.<back to the top>
Q: WHAT ABOUT THE LOCATION OF THE CLIENT'S CUSTOMERS?
A: 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. <back
to the top>
Q: CAN YOU SUPPLY ME WITH
REFERENCES FROM EXISTING CLIENTS?
A: 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. <back
to the top>
Application Process
Q: DO I HAVE TO PAY A FEE
TO GET STARTED OR FOR YOU TO PROCESS MY APPLICATION?
A: No. Riviera requires no start-up fees unless you have no invoices to factor. <back
to the top>
Q: HOW LONG DOES IT TAKE
TO PROCESS MY APPLICATION?
A: 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. <back to the top>
Q: DO I HAVE TO BE AN ESTABLISHED
BUSINESS, OPERATING A MINIMUM NUMBER OF YEARS,
TO BE APPROVED?
A: 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. <back
to the top>
Invoicing and Collections
Q: DO I HAVE TO FACTOR ALL OF MY INVOICES?
A: No. You are always free to decide which invoices to factor and which to
keep in house. <back to the top>
Q: ARE MY RECEIVABLES HELD AS COLLATERAL?
A: Yes. Riviera requires a first position on all accounts receivable while
you are factoring. <back to the top>
Q: DOES RIVIERA REQUIRE ADDITIONAL COLLATERAL?
A: No. Within our traditional factoring programs, a first position on accounts
receivable is all that Riviera requires. <back to the top>
Q: HOW LONG DO I HAVE TO COMMIT TO FACTORING
MY INVOICES?
A: Our standard term is six months. However, we can adjust the term to
meet the needs of the client. <back to the top>
Q: HOW WILL I KNOW THE STATUS OF MY FACTORED
INVOICES?
A: 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. <back to the top>
Q: HOW DO MY CUSTOMERS KNOW WHERE TO SEND PAYMENTS?
A: When Riviera purchases an invoice, it is stamped with our address before
being mailed to the customer. <back to the top>
Q: HOW DO I RECEIVE MY MONEY FROM THE FACTORED
ACCOUNTS?
A: Riviera can wire funds to your account, send a check through FedEx or any
other overnight service, via US mail or we can simply drop your check of in
person. In some cases, if your bank has a branch near our operations office
we can deposit the check directly into your account. <back
to the top>
Q: WHEN DO I RECEIVE THE MONIES?
A: 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. <back to the top>
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.
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