Triumph Business Capital Reviews
Pros
- Offer factoring which provides debt-free funding.
- Interstate acquisition expands scale.
- Excellent load board services.
- 98% customer satisfaction are with Pay service.
- Supply chain finance is backstopped by Triumph Bancorp.
Cons
- Former Interstate customers might experience problems during transition.
- Uncovered commentary by former customers regarding “cold” customer service.
- ABL loans may require profitability and CPA-reviewed (possibly audited) financials.
Triumph Business Capital Reviews
See above info for Triumph Business Capital reviews. If you are a current or former Triumph customer, we’d like to hear from you. How was your experience? Are you a repeat user?
Located in Coppell, Texas, Triumph Business Capital provides small business financing primarily though invoice factoring and asset based lending. Factoring companies facilitate funding through asset sales (the outstanding customer invoices), so no debt is incurred. This is important since some factoring customers don’t have access to traditional financing because of short operating history, high debt levels or bad credit.
Triumph also offer fuel cards and advances as well as insurance and back office solutions for qualifying customers. Triumph Business Capital is actually a d/b/a/ of Advance Business Capital, LLC. They are one of the more popular trucking factoring companies in the country, along with OTR Capital, Fleetone and Apex Factoring.
Applicants go to Triumph’s website and can enter information online (the preliminary application process takes a just a few minutes). Here are some of the small business funding and related services provided by Triumph:
· Factoring
· Fuel cards
· Fuel advances
· Payroll financing
· ABL loans
· Equipment financing
· DAT load boards
· Insurance
· Back Office Services
We read dozens of Triumph Business Capital reviews by former customers and they are overwhelmingly positive. This is a testament to years of successfully factoring receivables. But there are enough negative ones sprinkled in that warrant a mention (primarily customer service issues and chargebacks).
How is Triumph Different from Factoring Companies?
Despite technological prowess, Triumph Business Capital is not a fintech lender, such as Fundera, National Business Capital or Bluevine. It is primarily a trucking factor, although it services businesses in other industries such as staffing, manufacturing, government contractors and oil & gas companies.
Outside of accounts receivable factoring, the Triumph Commercial Finance division also offers ABL loans for qualifying customers. These loans typically are around one million dollars, assuming adequate collateral. This is accomplished partly through the backing of Triumph Bancorp of Dallas.1 This unit has reportedly have helped over 5,000 small and medium-sized businesses obtain financing to improve net working capital and cash flow needs.
Triumph also offers their ‘Triumph Pay’ service. Similar to Fundbox Pay, the service allows the platform to assist in the accounts payables process, reducing labor costs and making back office tasks much more efficient. The program reportedly enjoys a 98% customer satisfaction rate. This segment has grown so drastically, it has its own web address, triumphpay.com.
In Short
We are very impressed with Triumph. Their acquisition of Interstate Capital in late 2018 can only add to their suite of offerings while growing their reach and customer base.2
Triumph Business Capital Pros and Cons
In addition to the Triumph reviews above, we reiterate the key pros and cons:
Main Pros:
· Offer factoring which provides debt-free funding.
· Plan to add HELOCs in 2019.
· Low APRs (6.95%) for top borrowers.
· 98% customer satisfaction are with Pay service
· Supply chain finance is backstopped by Triumph Bancorp.
Main Cons
· Former Interstate customers might experience problems during transition.
· Uncovered commentary by former customers regarding “cold” customer service.
· ABL loans may require profitability and CPA-reviewed (possibly audited) financials.
For more information on Triumph Business Capital:
Who Uses Triumph?
Where does financial backing come from?
Are there other factoring financing options?
Other Lenders and Factoring Companies to Consider:
· Lendio
· Tab Bank
· WebBank
· Fundbox vs Bluevine
1https://www.reuters.com/finance/stocks/companyProfile/TBK.O
2https://www.overdriveonline.com/triumph-acquires-interstate-capital/