Choosing the best freight factoring company for your business is similar to picking the right bank. You want the highest percentage of funds with the least amount of wasted time, customer hassle, and unnecessary fees, as well as the most flexibility to handle the transactions. A freight factoring company is not just in the finance industry, but also in communications. They need to be able to communicate effectively with you, themselves, and your customer.
We’ve taken an in-depth look at the vast array of financial institutions who offer freight factoring as a service, finding the following 10 companies to be the best for your needs. Read below about their perks, benefits, and features.
Apex Capital Corp
Located in Fort Worth, Texas, Apex Capital was started by David Baker in 1995. They offer both recourse and non-recourse factoring, depending on which you need. This company is very tech-savvy. When you sign up with them, you’ll get access to their online Account Management Portal, where you can generate reports, create invoices, store documents, and more. The portal can be viewed on any device, like a computer, smart phone, or tablet.
Apex offers a Fuel Discount Program which includes a large fuel saving network and a Fuel Finder tool, which is part of the Apex Mobile Factoring app. It gives you the most fuel economical route to drive. Looking for freight opportunities? Join the Apex NextLOAD board to find customers or run free credit checks on shippers.
Since its founding in 1969, Riviera Finance has worked exclusively with businesses for invoice factoring. This company deals with non-recourse factoring only, and they serve small or medium-sized businesses. They purchase freight bills and advance you the cash within a 24-hour time period.
You’ll get up to 95% for your freight bills, as well as customer credit checks, freight bill processing, complete collection services, reports, and fuel discounts. You don’t get a personal account manager, but they have a dedicated account team. Riviera Finance also has plenty of online resources and their own mobile app, too.
5 Star Freight Factoring
5 Star Freight Factoring is actually an independent advisory company representing several freight factoring companies. They match you with the best fit depending on your freight, volume, and needs. This gives them several advantages in terms of time, cost, and ease of use.
5 Star gets high marks for its customer service, helping carrier owners expand from their first truck to over 20 in a fleet. While they don’t publish specific advance rate information, you can either call or email them for specifics. They advertise that their flat rates are fixed for 90 days. You do get your funding within a 24 hour time period.
Headquartered in Oklahoma City, Oklahoma, TBS has been in business for over 50 years. They offer both recourse and non-recourse factoring, with perks for each including no volume requirement or sign-up fees. You’ll like the website’s Trucker’s Lab, which has easy access to all the company’s online resources, like factoring, eBooks, articles, photos, videos, and more. You can also take advantage of their Velocity Fuel Program for fuel savings.
This freight factoring company was started by actual truckers who were tired of delayed payments. There is a 90 day trial period to see if they’re the right fit for your business, and there aren’t long-term contracts. You can get their fuel card to get discounts and automatically generate fuel reports. The site is connected to the 123Loadboard to find loads. You can download a free eBook from their site to learn about factoring, too. Thunder Funding is located in Carlsbad, California.
OTR Capital works with small to large companies and is involved with freight brokerage, factoring, and other services. They’re based in Roswell, Georgia, and is fairly new, having been founded in 2011. OTR Capital has a definite corporate feel. They provide fuel advances, and you’ll receive your invoice payments within 24 hours. It’s best to contact them for more information since it’s unclear from their website what other perks they offer carriers.
Fleet One Factoring
This company, Fleet One Factoring, offers both non-recourse and recourse factoring, have a FleetDocs web-based tool and mobile app to help you get paid faster, and offer low rates starting at one percent. The Fleet One EDGE Card gives you access to large fuel discounts. You’ll get your funding within 24 hours and, very importantly, your own representative. On recourse factoring, you get up to 97% advance rates, and on non-recourse factoring, you get full advance options.
Alliance One offers complete factoring solutions for many different industries, including freight trucking. They’re based in Long Island, New York and have over 40 years of financial experience. Their advance rates are up to 90%, you’ll get paid within 24 hours, there are no hidden fees, and you’re assigned a personal account representative. This is strictly an invoice factoring business, so they don’t offer specific trucking services like fuel cards or fuel discounts, load finder tools, or a mobile app.
MP Star Financial
Since 1995, MP Star Financial has worked with over 1000 companies. They offer invoice factoring for many industries, and their focus is on cash flow management. They don’t offer specific trucking perks like fuel cards or discounts. But there aren’t any hidden fees, like an application fee, they don’t charge for deposits, they offer credit checks, you get same day advances, and there aren’t any minimum factoring requirements. MP Star Financial is headquartered in Cleveland, Ohio.
With offices in Kansas, Tennessee, and Illinois, RTS Financial is an accredited business specializing in factoring solutions. They work with many different industries to provide same-day funding, up to 97% advance rates, an online account with easy invoice uploading, and free credit checks on shippers. For truckers specifically, they offer a fuel card with a big credit line and leading discounts, as well as trucking software that helps you with accounting and other operations. RTS Financial began in the transportation industry, and it shows.