Factoring Invoices With Riviera Finance

Looking for longevity and service in a factoring company? Riviera Finance recently celebrated an impressive 40 years of helping small business turn accounts receivable into ready cash.

Factoring Investor (FI) was fortunate to catch up with Dave DeRango, Business Development Manager at Riviera Finance, for an investor spotlight interview.

FI: What types of invoice factoring transactions will your company handle?

Dave DeRango: We’ll look at all transactions, though we do not usually work with construction involving sub-contractors (few factors do), or with medical-related receivables where insurance is involved.

How did you get your start in the factoring business?

41 years ago, our founders noticed that small businesses were having difficulty securing financing from banks and other traditional lenders. They realized factoring could provide a great solution to that problem and Riviera Finance was born. Today, we’re one of the oldest and largest independent factoring companies in America.

What unique benefits does your company provide?

Our knowledge and experience is unmatched in the industry. Over 1/3 of our company (which totals more than 150 people nationwide) has more than 10 years experience with Riviera, not just in the industry itself. No other factoring company can claim that. Plus, those 150 employees are regionally located in one of our 16 offices around North America. If you have a small business, chances are there’s a Riviera office nearby.

Can you please highlight a business you were able to help recently with factoring receivables?

In April of this year, a new staffing company became a client of Riviera’s. In their first month, they factored only $2,000. Last month, that total had grown to over $400,000.

Will your company work with factoring brokers or consultants and how do you handle the commission structure?

Of course we work with brokers and consultants, we have over 500 nationwide. Our broker program is outstanding, and once a broker comes on board, they tend to stay. In fact, we have one broker who has had a client on books with us for 22 years.

What do you consider the best methods for finding factoring prospects?

Our best sources of new clients are client referrals and the referrals we get from our large network of professional sources such as brokers, banks, and other lenders. The internet is another large source of new leads for us.

What advice would you give to new professionals just starting out in the industry?

Market to bankers!

What is the most common business mistake you see people make?

It’s not a particular mistake, but the inexperience new business owners display often hinders their ability to understand the differences between options. For instance, comparing factoring rates to bank rates, they tend to simply look at the rates without understanding what the numbers mean in context.

Given the current economy, have you made any changes in the way you transact business?

While we’re constantly improving, our product has long proven effective in all economic climates. The current economic challenges have not directly caused us to change our program.

Where can people contact you to obtain more information?

www.rivierafinance.com Visitors can then go to our Contact Us page to find their local Riviera representative.

Is there anything else you would like to share with our readers?

Riviera has assisted over 20,000 small businesses over the past four decades, and they can testify to the positive impact we’ve had on their livelihoods.

Speak Your Mind


This site uses Akismet to reduce spam. Learn how your comment data is processed.