You may still need to provide some basic information about your company and meet certain minimums for time in business and monthly or annual revenue. Credit requirements are generally lenient for business owners, but factoring companies will take a close look at your customers’ credit and payment history. But any small- to mid-size business is welcome to apply. One of the things that makes Triumph Business Capital different is that it focuses heavily on the trucking, freight shipping and oil and gas industries. Do you qualify for Triumph Business Capital? You may still choose which of your customers’ invoices to factor. Unlike some other invoice factoring companies, once you decide to sell a given customer’s invoices, Triumph Business Capital requires you to factor all of that customer’s invoices. However, some invoice factoring companies require a personal guarantee, which gives them the ability to hold you accountable for unpaid invoices if the company chooses to do so. Non-recourse factoring: Triumph Business Capital absorbs the loss from any unpaid invoices and as a result, may advance anywhere from 90% to 97% of your invoices’ value.In exchange for taking on that risk, you may receive up to 100% of your invoices’ value. Recourse factoring: You’ll have to repay Triumph Business Capital for any unpaid invoices, such as if your customer goes bankrupt and can’t pay the bill.Triumph Business Capital’s invoice factoring comes in two flavors: And if they are slow in paying - or don’t pay at all - you could wind up paying hefty fees on top of repaying the advance. Invoice factoring can free up cash fast while you’re waiting for customers to pay their bills, but it could affect your relationships with those customers who may not like making payments to an outside company. There are risks and benefits with any invoice factoring company. Instead, you’ll need to apply in order to get a proposed contract which will spell out all of the costs in detail. Triumph does not define its fee or even what amounts it will advance. Triumph Business Capital: Should you apply? When your customer pays their invoice with Triumph Business Capital, you’ll get the remainder of the payment, minus Triumph Business Capital’s fee. Instead of you collecting payments from your customers, they will instead pay them to Triumph Business Capital. The advance is typically up to 90% of what the invoices are worth though there are instances where you might receive up to 100% within 24 hours from Triumph Business Capital. Invoice factoring allows business owners to sell their company’s invoices to a factoring company in exchange for an upfront cash advance. Again, no details are provided about the cost of the fuel cash advance or how much of a discount you might get with the card. More for trucking customers: Triumph offers a fuel discount card, discounts on third party load board services where you can find clients and a program where you can receive a cash advance to buy fuel within an hour after you pick up a load. The company also offers insurance and a handful of back office services including help with collecting payments, a place to store digital copies of your invoices, online account aging reports, credit checks on potential and current clients, and access to an online broker credit tool for trucking business owners. Triumph does not publicly disclose loan amounts, terms, interest rates, fees or requirements and did not respond to a request for more information. The typical asset-based loan is around $1,000,000. Triumph Business Capital’s main lending product is its invoice factoring service, but it also offers equipment loans between $250,000 and $6,000,000 and asset-based loans secured with collateral. What does Triumph Business Capital offer?
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