Riviera Finance Review
- Suited for startups and small businesses
- No credit score requirements
- Competitive terms and fees
- No monthly minimums
- Easy application process
- Unsuited for B2C businesses
Riviera Finance has been offering invoice factoring services to growing SMBs in most B2B and B2G industries since 1969. This factor currently serves over 1,400 clients and manages 20,000 customer accounts each month.
Riviera Finance has over 20 fully staffed offices across the United States and Canada, with the intent of maintaining close relationships with its clients. Customer accounts and credit decisions are managed by the closest office, and factoring agreements are tailored to the merchant’s business. Merchants who aren’t close to a physical office are still eligible for Riviera’s services, however.
Unlike many invoice factors, Riviera Finance offers non-recourse factoring — in other words, you will not have to re-purchase an invoice if your customer goes bankrupt. In addition to the protection offered by non-recourse factoring, Riviera Finance offers competitive discount rates, minimal additional fees, and flexible contract options.
Is Riviera Finance right for your business? Keep reading to find out!
Table of Contents
Riviera Finance offers invoice factoring services.
These are the necessary business qualifications required for Riviera Finance’s services:
|Time in Business:||N/A|
Riviera Finance offers financing services to most B2B and B2G businesses, regardless of how long you’ve been in business or how much revenue you make each month. The only businesses that Riviera Finance typically prohibits are certain types of businesses in the medical and construction industries.
Because invoice factoring depends on your client’s credit rather than your own credit, there is no minimum credit score, making this a great option for startups or businesses with fair credit.
Riviera Finance only services clients in the US and Canada; the invoices you put up for factoring must also be for clients located in the US or Canada.
Terms & Fees
There are the terms and fees for invoice factoring:
|Credit facility size:||$5 - $2M|
|Advance rate:||Up to 95%|
|Discount rate:||Typically starts at 2%|
|Max overdue account:||60 days|
|Additional fees:||Possible early termination fee|
|Contract length:||Usually 6 months|
|Factor all invoices:||No|
|Recourse or non-recourse:||Non-recourse|
|Notification or non-notification:||Notification|
Riviera Finance offers non-recourse factoring through credit protection. This means that you will not have to repurchase the invoice if your customer goes bankrupt. You will have to repurchase the invoice in some cases, however (such as if the invoice was inaccurate or the terms were not fulfilled).
Riviera Finance offers notification invoice factoring, which means your clients will know that you are using an invoice factor. Once an invoice is approved for factoring, Riviera Finance takes care of collecting the payment.
Although Riviera Finance’s most common contract length is six months, the company is flexible and can adjust the contract length according to the client’s needs.
The company’s discount rates vary depending on business size and industry. Typically, discounts rate start at about 2% but can go lower in some cases. Riviera Finance does not usually charge other fees, aside from a possible early termination fee for long-term contracts.
To begin the process, you can fill out a short form online to receive a quote. Alternately, if there is a Riviera Finance office in your area, you can speak to a staff member in person.
If you are happy with the quote you receive and wish to continue the application, the Riviera Finance team will help you with the next steps. You will have to provide documentation and other forms of verification. Once your application is complete, you will be able to start sending in your invoices for funding.
According to the website, the initial application and approval process takes between 24 – 48 hours and the total time from application to funding is four to seven business days.
If you are approved, you can choose which invoices to factor and view the status of your invoices online. Once an invoice is approved, Riviera Finance offers 24-hour funding guaranteed.
Sales & Advertising Transparency
The Riviera Finance website provides plenty of information to help customers understand what invoice factoring is, how it works, and the particular services the company offers. In my experience, customer service is easy to get a hold of and willing to answer questions, and the site has a convenient office locator to see if there’s an office in your area. You will also be assigned a designated Account Executive to help you as needed.
Customer Service & Technical Support
Customer service is available via phone or email. If you have a Riviera Finance location near you, you can also go to a physical office for help.
Although there are no reviews online which specifically address customer service, according to a survey done by Riviera Finance, friendly sales representatives and great customer service are the top two reasons customers choose this factor. In my experience, Riviera Finance’s customer service was easy to reach, knowledgeable, and willing to answer questions.
Negative Reviews & Complaints
Riviera Finance is not accredited by the Better Business Bureau, though it does have an A+ rating on the site. Currently, the company does not have a presence on review sites, such as Trustpilot or Ripoff Report.
The one complaint about Riviera Finance on the BBB was written by a merchant who felt misled about which invoices were covered under non-recourse factoring. However, it appears the complaint was resolved satisfactorily between the two parties. As this is the only complaint of its kind, it seems this was a one-time incident and not a pattern of poor communication on Riviera Finance’s part.
Positive Reviews & Testimonials
Riviera Finance has a video testimonial on its YouTube page and a few positive reviews elsewhere on the web. Customers typically cite these as high points:
- Solves cash flow problems
- Fast, easy application and funding
- Bankruptcy protection via non-recourse factoring
- Friendly, professional customer service
- Almost 50 years of factoring experience
We’d like to hear from you, though. Do you have experience with Riviera Finance? Let us know what you thought in the comments!
Riviera Finance is best for growing B2B and B2G businesses that need invoice factoring to solve cash flow problems, especially if your business is close to one of this company’s local offices.
This factor offers flexible services that will work for a number of businesses, no matter how large your business is or how long you’ve been in business. You don’t have to deal with monthly minimums, pay an excess of additional fees, or worry about your customers going bankrupt. Add those things to a strong physical presence (via offices in over 25 different cities) and almost 50 years of factoring experience and Riviera Finance is certainly worth the time it would take to get a quote.
Interested in your other options? Take a look at a comparison of some of our favorite invoice factors, or our full list of reviews.