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Founded in 1969, Riviera Finance provides full-service, non-recourse invoice factoring to growing companies.
WHAT IS OFFERED:
- Decent website
- Free credit check for active clients. Free 15-day, 15-search trial on credit check for everyone. (Need to fill out contact form – looks like lead generating activity)
- Non-recourse factoring only
- High factoring rate – up to 95% (Average funding is 92%, according to the company)
- Riviera Clients are automatically approved for Fuel Card Program, but it is not free. Many little fees are attached to the Fuel Card Program, $1.50 for every use, $5 wire transfer fee, etc.
- Also offered:
- Help with getting Motor Carrier Authority, fee based
- Help with State Licensing & Registration, fee based
- Help with State Permits, fee based
- Help with Fuel Tax Reporting and Safety Services, fee based
Overall impression of Riviera Finance – Neutral
MAIN CONCERNS / HIGHLIGHTS
1) Complaint of small nickel and dime fees popping up
2) It also looks like new drivers will be upsold to other paid services, such as company setup
3) It appears that a long term contract and termination fee will be part of the process
4) No reports filed with RipOffReport.com or PissedConsumer.com
1 – Neutral Report
Neutral comment was posted on TheTruckersReport.com on 9-4-2013.
Author suggested Rivera Financial does not cover new shippers, and they “own” their factoring clients. No specific details were given to support these claims.
2 – Neutral Report (possibly paid)
The full review:
“PROS / This factoring company will buy any invoice from you, regardless of how overdue it may be.
CONS / There is a termination fee if you choose to stop factoring with Riviera and work with another company.
VERDICT / Riviera Finance offers solid services, including nonrecourse factoring and no limit to how delinquent an account can be for Riviera to purchase it.”