Triumph Business Capital, now known as TBK Bank, SSB, is a financial institution known for offering factoring and asset-based lending solutions to businesses, primarily in the transportation and freight industries. Understanding their rates is crucial for businesses considering their services.
Factoring rates with Triumph are not a fixed percentage, but rather are dynamic and influenced by a multitude of factors. These factors include:
- Creditworthiness of Your Customers: This is arguably the most significant factor. Triumph evaluates the creditworthiness of your customers (the debtors) you are factoring invoices from. Stronger customer credit profiles translate to lower factoring rates because the risk of non-payment is reduced.
- Invoice Volume and Size: Businesses factoring a higher volume of invoices, or invoices with larger dollar amounts, often qualify for lower rates. The economies of scale allow Triumph to offer more competitive pricing.
- Industry: The specific industry you operate in plays a role. Some industries are considered higher risk than others, which can impact the factoring rate. The transportation industry, being Triumph’s primary focus, may receive preferential treatment.
- Advance Rate: Factoring agreements typically involve an “advance rate,” the percentage of the invoice value that Triumph advances to you upfront (usually between 70% and 95%). A lower advance rate may translate to a slightly lower factoring rate, as Triumph assumes less upfront risk.
- Recourse vs. Non-Recourse Factoring: Triumph offers both recourse and non-recourse factoring. Recourse factoring means you are responsible if your customer doesn’t pay the invoice. Non-recourse factoring means Triumph assumes the risk of customer non-payment (within defined parameters). Non-recourse factoring typically carries a higher rate due to the increased risk for Triumph.
- Contract Length: The length of your factoring agreement can influence the rate. Longer-term contracts might offer slightly lower rates compared to short-term agreements.
Instead of a single interest rate, factoring fees are often structured as a percentage of the invoice value, charged over a specific period (e.g., a weekly or monthly fee). This percentage is often referred to as a “factor fee” or “discount fee.” For instance, you might see a factor fee of 1% to 3% per month, or even per week, depending on the factors mentioned above.
Beyond Factoring Fees: While the factor fee is the primary cost, it’s important to inquire about any other potential fees, such as:
- Origination Fees: Some factoring companies charge a one-time origination fee to set up your account.
- Service Fees: These could be for services like credit checks on your customers or account maintenance.
- Wire Transfer Fees: Fees associated with transferring funds.
Getting a Quote: The best way to determine the specific factoring rates you qualify for is to contact Triumph directly and request a quote. Be prepared to provide information about your business, your customers, and your invoicing practices. Comparing quotes from multiple factoring companies is always recommended to ensure you are getting the best possible terms.
Important Note: Rates and terms are subject to change and depend on individual circumstances. This information is for general guidance only and should not be considered definitive financial advice. Always consult with a financial professional to determine the best financing options for your specific needs.
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