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Tricom Funding Invoice Factoring Review
Tricom Funding is an invoice factoring company focusing exclusively on the staffing industry. In addition to invoice factoring they offer billing and payroll, cash management, and accounting services.
One of Tricom Funding’s strongest advantages is they provide funding incredibly quickly once you factor an invoice. You can use this capital to meet payroll, invest in new technologies, or anything else that might help grow your business.
Tricom Funding is also strong in that they provide invoice factoring services for companies in a range of different industries. As a result, they have the experience that your business needs when it comes to dealing with your specific cash flow situation.
Finally, they operate a very easy to use website, which lets customers know the important information they’re looking for when researching factoring companies. Our research equates this with a higher level of customer service.
However, there are some issues with Tricom Funding. The first is their discount rate is on the high end, reducing the amount of money your company gets from its invoices. This can be a problem if your business runs on a tight profit margin, and knocks them down a bit in our review.
Tricom Funding also suffers because their fees are on the high end of what we expect in the industry. This brings them down a few marks because fees can be a red flag for other pricing transparency issues. Greater fees also relate to lower customer satisfaction in our research.
Finally, they lack the information that businesses interested in factoring need to be able to compare their services to their competitors. As a result, we don’t have the information we need to do a fair apples to apples comparison, costing them points in our review.
Tricom Funding is a middle of the road factoring company. They have some good services, and their knowledge of the staffing industry might make them the right fit for those companies, but many companies can make a better choice.