Triumph Business Capital is an expert in invoice factoring, offering fast and flexible financing solutions with excellent customer service. Plus, their financing solutions can grow along with your business!
The company enlisted the aid of Xerox to automate many of its billing processes and enable its team to focus on higher-value tasks while saving time.
Accounts receivable factoring
Triumph Business Capital provides invoice factoring to manage cash flow by purchasing outstanding invoices from businesses with slow-paying customers or short operating histories. But before opting for invoice factoring as a funding source, it is crucially important that companies fully comprehend any fees or charges associated with such funding sources.
Triumph offers small businesses several financing solutions, including recourse and non-recourse factoring options. Recourse factoring means Triumph assumes all credit risk; with non-recourse factoring, clients remain responsible for unpaid debts. Furthermore, invoices can be funded within 24 hours!
Invoice factoring enables businesses to purchase equipment or make other investments more affordably and manage inventory levels more effectively while lowering borrowing costs. Based in Coppell, Texas, and offering services nationwide, Triumph’s website features an application form for you to fill out online or call them directly and speak with one of their representatives.
Triumph makes applying for invoice factoring easier by not having a minimum credit score requirement; their underwriting process focuses more on your clients’ creditworthiness than your business, in addition to reviewing any paperwork regarding accounts receivable liens or claims against accounts receivable.
One potential drawback of invoice factoring is requiring customers to make direct payments to the factoring company instead of direct billings to customers, which may not be ideal for some businesses but is an integral part of factoring – though this may cause a delay in payments for you as well.
Triumph makes tracking invoices and payments simple with its online portal, MyTriumph. Designed to ensure an efficient experience, its simple user interface makes uploading and submitting documents simple while providing instant feedback on paperwork quality can speed up the process significantly.
Triumph also offers the MyTriumph online platform, mobile apps, and an online payment solution called TriumphPay, valuable tools for truckers and freight brokers in managing invoices and payments.
Asset-based lending
Asset-based lending enables small and midsized businesses to secure financing using collateral assets. This form of funding is ideal for growth or acquisition initiatives and usually has lower interest rates and greater flexibility than traditional business loans. However, you must understand its terms and conditions; asset-based loans may require more reporting than unsecured loans or have stricter lending requirements than unprotected loans.
Triumph Business Capital is an industry-leading factoring company offering trucking companies flexible financing solutions. Their services include invoice factoring, transportation factoring, fuel cards, and professional collections – each tailored specifically to help the trucking company manage cash flow more effectively and grow. Their services are fast and efficient, with same-day funding options available.
Asset-based lending differs from conventional loans in that its interest is determined primarily by the value of your secured assets rather than your creditworthiness, making it a perfect solution for businesses with poor or limited credit histories. Furthermore, asset-based loans provide your business with working capital when slow-paying customers or unexpected expenses arise or finance inventory or equipment purchases for short-term assets such as inventory management systems or computer technology purchases.
Companies looking into asset-based financing solutions must undergo an examination to ascertain the quality of both physical and financial assets held. Furthermore, certain liquidity and operating ratios must also be met before qualifying for such loans. As part of this process, a lender will determine their debt-to-worth ratio by comparing it against asset value; this ratio determines how much funding a business may receive.
A property-backed lending facility’s term can depend on the collateral used as security. Most often, this will consist of accounts receivables and equipment; borrowing up to 85% of the value of accounts receivable or 50% of the total value of equipment/inventory can be borrowed against; any remaining percentage depends on the market value of assets. Some lenders may provide an interest-only line of credit instead; only interest will accrue when funds are removed from this source.
Business loans
Triumph Business Capital is a small business financing provider specializing in invoice factoring and asset-based lending, helping businesses improve cash flow while decreasing working capital risk. Their services feature quick approvals and flexible terms, making them an excellent option for companies needing money quickly. Their online platform, TriumphPay, makes tracking invoice payments simple as well.
Triumph Financial has made invoice factoring its primary area of expertise, selling outstanding customer invoices to finance firms for immediate cash advances ranging from 80-90% of invoice value – directly collecting payment from customers while receiving back any remaining balance minus factoring fees.
One advantage of invoice factoring funding is its non-credit score requirement, although it may cost more than traditional borrowing solutions for some businesses. Furthermore, invoice factoring may cause accounts receivable to decline and cash flow to diminish as risks, such as possible accounts receivable losses and reduced cash flows, may be involved.
Even with these risks, business loans through Triumph Business Capital login remain viable for many businesses. They provide much-needed funds for expanding and growing operations and meeting financial obligations; repayment can take place over an extended period – something essential for companies concerned about the impact of debt on credit ratings.
Triumph Business Capital provides several different methods for applying for loans. One is filling out their online application, which asks for basic company information and financing needs, or speaking directly with their representative, who will explain the process to them.
Triumph Business Capital simplifies and expedites the application process for business loans by having experienced loan officers who understand all aspects of the business financing industry and can recommend which loan program would best meet your needs.
Customer service
Triumph Business Capital provides invoice factoring services for businesses having difficulty keeping up with their accounts receivables. Through this service, companies can sell outstanding invoices to Triumph for immediate cash advances of 80%-90% of their value and then recoup their remaining balance from customers after paying a factoring fee. In addition, Triumph also offers other back-office solutions, such as credit reports, fuel cards, and trucking-related software packages.
Customer support at Triumph Capital Group is available online and via its MyTriumph web portal, with dedicated account representatives standing by to answer any client’s inquiries regarding invoices or funding. Furthermore, customers can use the MyTriumph app to track factored invoices and payments in real-time.
Triumph’s service requires customers to pay their invoices directly to Triumph instead of through their original vendor, which may create issues in maintaining customer relationships. Alternatively, invoice factoring services allow customers to continue paying invoices through authentic vendors.
Triumph’s services may also present potential drawbacks in that their fees tend to be higher than traditional lenders’, making their financing options less appealing for certain small businesses if cheaper forms of funding can be obtained instead.
Triumph offers more than invoice factoring: commercial loans and asset-based lending are among their offerings, along with online payment platforms called TriumphPay, which shippers and freight brokers use to process carrier payments more accurately and increase overall performance. Triumph is a publicly traded company trading on the NASDAQ Global Select Market under the symbol TBK with operations in Texas, the UK, and China – its investors include private equity firm Advent International and CIBC World Markets.
