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When the only thing holding back your business is unpaid invoices, factoring could be the working capital solution you’re looking for. In business for 25 years, Triumph Business Capital offers several factoring programs for a wide range of industries, from staffing companies to consultants.
$8,000
Min. Amount
Product Name | Triumph Business Capital invoice factoring advances |
---|---|
Min. Amount | $8,000 |
APR | Varies |
Requirements | Business in good standing with no existing tax liens |
Eligibility requirements vary by program. Typically, your business must:
Triumph Business Capital is a factoring company that offers invoice factoring to small, midsize and large businesses. It works by buying a company’s unpaid invoices in exchange for a fee.
While Triumph Business Capital offers factoring by industry, it does so through two main options: full advance or reserve advance. Depending on your company, you may also pay interest based on the Wall Street Journal prime rate.
Select industries are eligible a full advance. Here, your business gets up to 100% of the value of its unpaid invoices for a fixed fee.
Flat rates vary depending on the value of your invoices:
Value | Rate |
---|---|
$10,000–$30,000 | 4.99% |
$30,000–$40,000 | 3.99% |
$40,000–$50,000 | 3.49% |
$50,000–$100,000 | 2.99% |
$100,000 and up | Up to 2.5% |
Other industries are eligible for a partial advance of 75% to 90% of the value of their invoices. If your business factors invoices worth $100,000 or more, you might be eligible for a 95% advance.
This program comes with incremental rather than fixed fees. Fees apply every 10 days your customers take to satisfy their invoices.
Fees depend on the total value of your business’s invoices:
Value | Fee |
---|---|
$10,000–$30,000 | 0.99% |
$30,000–$40,000 | 0.89% |
$40,000–$50,000 | 0.79%–0.69% |
$50,000–$100,000 | 0.59% |
$100,000 and up | 0.49% |
Triumph Business Capital is backed by more than two decades of invoice-factoring experience.
But it stands out with unique programs designed for a broad range of industries that include:
BBB accredited | Yes |
---|---|
BBB rating | A+ |
BBB customer reviews | 3 out of 5 stars, based on 2 customer reviews |
BBB customer complaints | 5 customer complaints |
Trustpilot Score | 3.6 out of 5 stars, based on 203 customer reviews |
Customer reviews verified as of | 13 October 2020 |
A few customers had trouble setting up their account, however, and one person felt they weren’t properly informed of disclaimers before they signed up.
Factoring is one of the more involved forms of business financing, and Triumph Business Capital takes a hands-on approach with its customers. Prepare to wait a few business days before you get your funds.
Before getting started, make sure your business is eligible for the program it’s applying for. Most programs require your business to be in good financial standing with no tax liens.
If your business does have a tax lien, you might be eligible for a loan if Triumph Business Capital can get a subordinate agreement from the IRS.
The documents you need vary widely by program. Typically, factoring companies want to see an accounts receivable and payable aging report, which lists your business’s unpaid invoices and when they’re due.
Some factoring companies also want to see business bank statements and tax returns to get an idea of your business’s financial state.
There’s not much you need to do for this month. After you’ve received your advance, Triumph Business Capital contacts your clients with instructions on how to pay the invoice.
If your business signs up for the reserve advance program, the factor fee adds up until your clients satisfy their invoices. After all invoices are filled, your business gets the rest of its invoices’ value less the factor fee.
In the meantime, you can keep track of invoice payments by logging in to your online account. Reach out to customer service at 888-978-2103 with any questions about the process.
Triumph Business Capital offers a wide range of invoice factoring programs designed to fit your business type. But like other factoring companies, it’s not the cheapest financing option or ideal for emergency expenses.
To learn about your other business loan options and compare lenders, read our guide to business loans.
Image Source: Shutterstock and interstatecapital.com