Triumph business capital is a member of the TBK bank group that provides invoice factoring and payment processing solutions. It also offers other services such as fuel cards and equipment finance.
They focus primarily on the trucking industry, but they can serve other businesses in industries such as staffing, manufacturing, and government contractors. They offer a variety of financing options and have a wealth of back-office solutions.
About Triumph Business Capital
Triumph Business Capital is a Texas-based lender that specializes in factoring services. It serves a variety of industries including trucking, staffing, government contractors, and oil and gas companies. The company has been in business since 2004 and is a part of Triumph Bancorp.
In addition to invoice factoring, Triumph offers asset-based loans for qualifying customers. These are typically around one million dollars in size, assuming adequate collateral.
As part of its underwriting process, Triumph will evaluate your business and documentation to determine that you have a solid credit history, your accounts receivables are free of liens and the time it takes for you to collect payment from your clients. Additionally, Triumph will check your personal credit score to ensure that you qualify for a loan.
According to Triumph Business Capital’s website, the company’s main service is factoring but it also offers equipment loans between $250,000 and $6,000,000 and asset-based loans secured with collateral. These loans are available to small businesses with good credit scores, which is important for Triumph Business Capital’s long-term business success.
There are no upfront fees for using Triumph Factoring’s service, but an origination fee may apply when you start working with them. You’ll also need to be turning over at least $100,000 per month and have a personal credit score of at least 500 to qualify for Triumph’s factoring service.
Services Offered By Triumph Business Capital
Triumph Business Capital offers invoice factoring, asset-based lending, and credit services to businesses in the trucking industry. They also provide back office services to their clients, including payment processing and credit checks.
Invoice factoring is a business financing option that allows you to sell your company’s invoices to a financial provider for an upfront cash advance. The company then pays you the remaining balance of your invoices, minus its fee.
While other companies offer similar services, the factors that set Triumph apart include its decades of experience and understanding of the trucking industry. Its services are designed to help its customers achieve success and growth, allowing them to focus on their business instead of worrying about their finances.
Compared to other invoice factoring companies, Triumph Business Capital charges a higher rate of interest, but it can process your application as quickly as 24 hours and pay you within a week. They also offer both recourse and non-recourse factoring, so you can choose the option that works best for your business.
The company also has a fuel discount card, discounts on third-party load boards, and a program that allows you to receive a cash advance to buy fuel right after you pick up a load. This program is especially helpful for truckers who may not have access to conventional financing due to poor credit history or short operating histories.
Pricing
Triumph Business Capital provides factoring services for a wide variety of businesses, including trucking companies, staffing firms, and oil and gas companies. They also offer fleet card and fuel advance options for fleet managers.
Invoice factoring is a way to free up cash from unpaid invoices and use it to pay other bills. However, it can also put a strain on your relationships with customers and make it harder to manage your balance sheet.
When applying for an account with Triumph, you’ll be asked to provide basic information about your company and the type of financing you’re seeking. You’ll then work with a representative to complete the application process.
Once you’ve completed the application, you’ll have to undergo a comprehensive underwriting process. This process will help Triumph determine whether or not you’re eligible for factoring, and what type of fees you might incur.
If you’re approved, you’ll need to sign a contract that spells out all of the terms and conditions. It’s important to read the contract carefully and be sure that you understand them before signing it.
During the factoring process, Triumph will examine your company’s financial statements and records to ensure that your accounts are free of liens and other potential problems. They may also conduct a credit check to make sure that your customers have the ability to pay.
Customer Service
Triumph Business Capital provides invoice factoring services for the trucking industry. They offer quick finance solutions to help small businesses get a jump start on their cash flow. They’re also known for their excellent customer service.
In most reviews, Triumph Business Capital’s customers have praised the company for its friendly customer service representatives and for providing fast payments on invoices. However, some negative feedback points to the fact that their customer service is sometimes slow and sluggish.
One reason for the sluggishness in client services is that the company hasn’t implemented Salesforce for its operations team. This was preventing them from scaling their business and offering customers the best possible experience.
As a result, Triumph needed an efficient customer relationship management platform that could scale with its growth. Credera created a custom solution for Triumph that helped them improve the experience and streamline their operations.
During the process, Credera worked with its business analysts to understand the company’s goals and needs before developing the solution. This included analyzing current processes and finding areas of opportunity. The team also performed a thorough review of the sales and operations processes to ensure that the solution was scalable and would meet all the company’s current and future requirements.
Once the custom solution was developed, it was tested and deployed. After this was completed, the customer experience and overall throughput improved significantly.