Triumph Business Capital (Triumph) is a business funding company specializing in invoice factoring for the trucking industry. It also offers equipment financing and asset-based lending and has a significant market share in this space.
The company also offers other industry-specific solutions for trucking and freight companies. However, it may not be the best fit for every trucking company or owner-operator and has limited value for companies in other industries.
This Triumph review explores what you should know when deciding, including the application process, pros and cons, and alternative solutions. Specifically, we’ll answer these questions and more:
Triumph, formerly Triumph Business Capital, is a prominent factoring company specializing in financial solutions for small businesses, particularly those in the trucking industry. Triumph offers services such as invoice factoring, equipment financing, and asset-based lending, helping businesses manage their cash flow and working capital needs.
Founded as Advance Business Capital in 2004 and later acquired by Triumph Bancorp in 2012, the company has become a leader in the factoring market, particularly for trucking companies, freight brokers, and government contractors. Through its tailored offerings, Triumph helps businesses access same-day funding, fuel cards, and back-office support to improve their financial stability and operational efficiency.
Triumph primarily operates as a factoring company that converts outstanding invoices into immediate cash. It caters to trucking businesses, owner-operators, and freight brokers by purchasing unpaid invoices at a discount.
Triumph also offers additional services, such as equipment financing and asset-based lending, to provide comprehensive financial support to its clients. Focusing on the trucking and transportation industries, Triumph’s services address specific challenges in these sectors.
Triumph’s invoice factoring service is designed to help trucking companies, fleets, and brokers maintain steady cash flow. Here’s how Triumph factoring works:
This service eliminates the wait time for payments and ensures trucking businesses can cover operational expenses like fuel, payroll, and maintenance. Triumph offers both recourse and non-recourse factoring. Non-recourse factoring provides protection against unpaid invoices due to customer insolvency, albeit at a higher cost.
Triumph’s equipment financing helps businesses acquire essential equipment without a significant upfront investment. This product is particularly beneficial for trucking companies needing new vehicles or upgrading existing ones.
Key features include:
This financing option supports business growth and ensures companies can access reliable equipment to stay competitive.
Triumph’s asset-based lending provides businesses with funding secured by assets like accounts receivable, inventory, or equipment. This solution is ideal for companies requiring substantial capital for growth or operations.
Key considerations include:
This lending option is tailored to businesses with substantial asset bases and provides a higher funding capacity compared to traditional loans.
In addition to financing, Triumph offers several business services designed for trucking and freight companies. Other Triumph services include:
These services simplify operations and allow businesses to focus on core activities.
Triumph does not disclose specific qualification criteria for most of its products. However, here are some details:
Invoice Factoring
Triumph does not disclose minimum qualifications for invoice factoring.
Equipment Financing
Asset-Based Lending
Invoice factoring allows businesses to receive cash for their invoices without incurring debt, as it’s a business transaction, not a loan. However, factoring fees can be higher than traditional loan interest rates, making it more expensive.
Triumph offers both recourse and non-recourse factoring. Recourse factoring requires the business to buy back unpaid invoices, while non-recourse factoring shifts the risk to Triumph but comes with higher fees.
Factoring relies on the creditworthiness of customers rather than the business itself. This makes it more accessible for businesses with less-than-perfect credit but requires giving Triumph control over collecting payments from clients directly, which some businesses may find uncomfortable.
Triumph primarily serves trucking, transportation, and freight industries, limiting its suitability for businesses outside these sectors. Triumph has received mixed reviews, with many negative comments on Trustpilot and the Better Business Bureau (BBB), citing issues like customer service, factoring fees, and account disputes.
Triumph offers a business loan affiliate program. ISOs and business loan brokers can help their clients and vendors access funding solutions through Triumph.
Follow these steps to apply for Triumph Business Capital
Go to Triumph’s official website and select the product or service you’re interested in.
Fill out the online application form with details about your business, including industry, revenue, and funding needs.
Provide necessary documentation, such as financial statements and accounts receivable reports.
A Triumph account executive will contact you with a tailored quote based on your business’s needs.
Review the terms, sign the agreement, and start using Triumph’s services.
After receiving funding, Triumph clients can access additional services through the MyTriumph portal, including account management, invoice tracking, and fuel card benefits. Regular communication with Triumph’s team ensures a smooth funding process and ongoing support.
Triumph does not require businesses to factor a set number of invoices. You can factor invoices one at a time or in bulk.
The company’s equipment financing solution is a term loan with terms between 2 and 5 years. In most cases, you’ll make fixed payments until the term ends and then gain full ownership of the equipment.
Triumph does not disclose terms or interest rates for asset-based lending. In addition, we couldn’t find information on prepayment penalties, early payoff discounts, or loan renewal options. Carefully review any financing agreement to ensure you understand your rights and responsibilities, make timely payments, and avoid potential pitfalls.
Finally, working with Triumph offers access to other services, such as truck insurance, fuel discount cards, and back-office support. These enhanced services can help offset some of the costs associated with invoice factoring. Work with your representative to ensure you’re benefiting from these services.
Triumph offers several benefits, including same-day funding, fuel card discounts, and tailored solutions for the trucking industry. Its focus on customer credit rather than business credit makes it accessible to startups and small businesses. Additionally, Triumph’s range of services, such as back-office support and equipment financing, adds value for its clients.
Triumph’s services may not suit businesses outside the trucking and transportation industries. The lack of transparency regarding loan terms, rates, and fees can make it difficult for potential clients to assess costs upfront. Negative reviews on Trustpilot and BBB highlight issues like factoring fees, account disputes, and customer service challenges.
Pros:
Cons:
Triumph is a legitimate funding platform backed by Triumph Bancorp, a publicly traded company. Since its inception in 2004, it has served thousands of businesses. Triumph is also Better Business Bureau (BBB) accredited with an A+ rating.
Triumph reviews are often polarized, which is common in the financing industry. Recent negative reviews have lowered the company’s overall scores. The company has a 1.3 out of 5 rating on over 220 Trustpilot reviews and a 1 out of 5 rating on 12 BBB reviews. However, we should note that its Trustpilot rating is based on recent reviews, and the company still has a 5-star rating on 66% of reviews on the site.
Positive reviews emphasize funding speed and overall customer service. Several mention their representative by name. Many also mention the convenience of MyTriumph, which is considered to be highly user-friendly.
Other reviews discuss how the company’s focus on the trucking industry allows them to provide tailored solutions unique to truckers. This includes praise for the company’s insurance options, fuel cards, and back-office support.
Negative reviews focus on costs, difficulty ending contracts, and poor communication. Several customers stated they felt taken advantage of by the prices.
Others complained about being charged after canceling, denied after receiving a release letter, or received notifications for invoices they never factored. Some reviews also discuss a recent update to the user portal that they feel made the platform less user-friendly. A few customers also threatened legal action, although there is no evidence of illegal activity.
Triumph may decline applications due to factors such as being in an industry it doesn’t work with, low credit scores, time in business, revenue, and more. The company may also decline applications due to issues with financial documentation.
If Triumph declines your application, the denial letter should explain why. It may also include information on improving your application and when you can apply again. If it doesn’t, or if you need more information, contact Triumph directly.
Fortunately, small business owners can access a diverse range of lenders if Triumph doesn’t work for them. Many options can provide invoice factoring solutions and service for a broader range of industries. Equipment financing is another common practice in business lending. Businesses with high-value collateral can typically access asset-based lending solutions.
In addition, you might interested in one of the following small business financing solutions:
Triumph can be a viable solution for businesses experiencing cash flow issues due to customer delays in paying invoices. It’s particularly useful for trucking businesses and owner-operators, as it offers industry-specific solutions to benefit this sector.
Companies seeking business loans, or those not in the trucking industry, may benefit from other lending options. In addition, the loan and revenue requirements for equipment financing and asset-based lending are higher than many lenders that offer similar products.
Based on the available information, we rate Triumph Business Capital as a 2.3 out of 5. It can be a solid option for trucking businesses, but the lack of transparency, negative reviews, and industry limitations are significant concerns.
Disclaimer: The Triumph trademark is owned by Triumph Financial Services LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Triumph Financial Services LLC.
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