Riviera Finance is a factoring service that works with startups and small businesses, operates in most industries, and advances up to 95% on an invoice. Founded in 1969, this service has helped more than 20,000 companies improve their cash flow. With its stellar support, factoring process and more, Riviera Finance is one of the best factoring services out there.
See all our recommendations for factoring services on our best picks page.
Riviera Finance Rates and Fees
Once this factoring company buys your invoices, it funds up to 95% of the invoice amount back to you within 24 hours. This is a high initial percentage in this industry. However, it's important to note that you might not be guaranteed this rate; your rate may depend on a variety of factors.
There is a limit to how much you can factor with Riviera each month. You must stay below $2 million in the accounts receivable you'd like to factor with this invoice factoring company – which is plenty for most small businesses, but larger companies may find this limit too low.
After Riviera Finance buys your invoice, it works to collect money from your customers. Once your customers have paid Riviera Finance, it will pay you the remaining invoice balance minus its fees, which start at 2%. This is among the highest rates of the companies we reviewed, meaning you pay more for each invoice you factor than you would with other services.
There is no startup fee to work with Riviera Finance. However, if you choose to stop factoring with this company in order to work with someone else, you might have to pay a termination fee.
A major plus to working with Riviera Finance is that, while this company usually works with fresh invoices, it will buy invoices from you no matter how overdue they are. Many of the other companies we reviewed have maximum delinquent days that you must stay under in order to work with them. Riviera Finance is willing to work with your delinquent customers regardless.
Riviera Finance is a non-recourse factoring company, which means that if your customers don't pay their invoices, you are not required to buy them back from Riviera Finance. This gives you more security in your cash flow and business.
Riviera Finance has low minimum requirements, which makes it a good option for small companies and startups. These are the only requirements this factoring company has:
- Your business must be based in the U.S. or Canada.
- You must have verifiable accounts receivable.
Riviera Finance works with most B2B and B2G businesses, and it doesn't evaluate your credit when you apply to use its factoring service.
There is no invoice minimum that you have to provide to work with this company. However, there is a time commitment you have to meet to factor with Riviera Finance. While it offers flexible contracts, standard contract terms state you must work with the company for six months.
Ease of Application
After you fill out an application on Riviera Finance's website, you can be preapproved within 24 to 48 hours. However, it may take up to seven days before you receive your initial funds. Once your account is set up and you are an established customer, you generally receive your funding within 24 hours of Riviera Finance buying your invoices.
Once you've been accepted to factor with Riviera Finance, you will be assigned a dedicated advisor, who will work with you throughout the time with this company. If you'd like to visit a Riviera Finance office, it has more than 25 branches located throughout the U.S. and Canada, making this company more accessible to you than most. Riviera Finance also offers telephone, live chat and email support.
We reached out to Riviera Finance posing as a potential customer to test its customer service. We received a response within hours and had all of our questions answered without any problems. The people we spoke with were polite, direct and happy to provide us with information. They were very transparent and honest about the company's policies. Overall, we had an excellent experience communicating with this company.
While Riviera Finance has low minimum requirements and works with new and small businesses, it does have a few downsides. Here are a few things to consider before working with this factoring company:
- It can take up to seven days to process your application and receive funds. Preliminary approvals typically take between 24 and 48 hours.
- Its rates start at 2%, which is higher than other factoring companies we reviewed.
- The company requires you to sign a contract, usually for six months. However, you can request to adjust the terms of the contract based on your circumstances.
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