Same-day cash payment is critical for every trucking company to maintain cash flow.
And, there is no better solution other than getting a factoring service company. But how do you choose the best factoring company for trucking that is apt for your business?
We have simplified it for you here. Before you go to the detailed list and review, understand…
Why Should You Choose A RIGHT Factoring Company Only?
GET FACTORING QUOTES, COMPARE, CHOOSE THE BEST FACTORING PLAN & SAVE MONEY WITH THE BEST FACTORING RATES NOW!
Top 11 – Factoring Companies For Trucking
| Factoring Company | Type Of Trucking | Type Of Factoring |
|---|---|---|
| nFusion Capital | Owner Operators | Recourse |
| ACS Factors | Owner Operators | Non-Recourse |
| QP Capital | Owner Operator | Non-Recourse |
| Apex Capital | Large, Medium Trucking | Recourse |
| TAFS Factoring | Large, Medium Trucking | Recourse |
| Triumph Business Capital | Large, Medium Trucking | Recourse |
| OTR Capital | Large, Medium Trucking | Recourse |
| TBS Factoring | Large, Medium Trucking | Recourse |
| RTS Financials | Large, Medium Trucking | Non-Recourse |
| CoreFund Capital | Brokers | Non-Recourse |
| altline Factoring | Brokers | Recourse |
Reviews of the Best Factoring Companies for Trucking
1. Best Factoring Companies for Owner Operators
We have selected the top factoring companies for owner-operators based on the type of factoring programs offered. Though most factoring companies provide both recourse and non-recourse programs, they may be sound in either of the factoring programs. Choose the best factoring for the owner operator based on the types below
Know more about Factoring for Owner Operators
(a) Best Recourse Factoring Company for Owner Operators
nFusion Capital
- Factoring Rate: For the 1st month 1% ,after 30 days factoring rate of 2.75%
- Contract Period: 1 Year (Through MaxTruckers, you get 90 days trial period)
- Factoring Type: Recourse Factoring
- Risk Factor: 100% Safe (Verified By MaxTruckers)
- Fuel Expense Management: Fuel Advance Up to 40%
- Factoring Funding Speed: Super fast ( in minutes to hours)
- Invoice Submission: Easy online portal
- Other Specialties: 24/7 Funding, Online Invoice Submission
Pros
- You are not required to factor all your invoices
- nfusion provides online invoice submissions and reporting system
- They provide super fast payment
- They also provide a fuel card
- Nfusion provides a recourse plan and non-recourse. Their recourse factoring is the best.
- They provide 90 days trial period, and then one year.
- They provide robust customer service
- No hidden fees
Cons
- Their non-recourse program is not that robust, but they have EXCELLENT recourse factoring program for trucking.
Read In-Depth nFusion Capital Review
(b) Best in Non Recourse Factoring for Owner Operators
ACS Factors
- Truck Factoring Price: First 30 days 1%, after that 3%
- Contract Period: Month-On-Month Contract
- Truck Factoring Program: Non-Recourse
- Risk Factor: 100% safe
- Fuel Expense Management: 50% of the invoice as fuel advance
- Factoring Funding Speed: Super fast ( in minutes to hours)
- Invoice Submission: Online portal and email
Pros
- ACS provides prompt, good customer service
- ACS gives a 3 percent factoring rate
- ACS has a robust nonrecourse program
- ACS provides easy processing of invoices to cash
- ACS provides free online credit checking, provides immediate credit approvals
Cons
- No fuel line of credit, but give fuel advances.
Read In-Depth ACS Factors Review
(c) Best Non Recourse Factoring Company for Owner Operators with Fuel Line of Credit
QP Capital Factoring
- Truck Factoring Price: 3% for the yearly plan, 3.5% for the month-on-month program
- Contract Period: Month-On-Month Contract
- Factoring Type: Non-Recourse Factoring
- Risk Factor: 100% safe for owner operators
- Fuel Expense Management: Weekly fuel line of credit up to $2800
- Factoring Funding Speed: Super fast (In minutes to hours)
- Invoice Submission: Easy online portal
Pros
- With QP you are not required to factor all your invoices
- $2800 per truck per week fuel line of credit.
- QP has online invoice submissions and reporting system
- Super-fast payment
- 100% non-recourse program
- Month-on-month contract
- Good robust customer service
- No hidden fees
Cons
- No factoring for box trucks and hot shots.
Read In-Depth QP Capital Review
2. Factoring Companies for Large and Medium Trucking Companies (fleet)
We have selected a factoring program based on the services factoring companies provide funding, documentation, and paperwork management. The below-listed companies are good in either recourse or nonrecourse programs, even though they provide both. We recommend them for Large and Medium Trucking Companies, because of the value adds they provide along with factoring. This can save tons of money for trucking fleets. They offer book-keeping, trucking management software, fuel card with fuel tracking and fuel expense management, and fleet management software, etc. making it a perfect choice if you manage fleet.
(a) Recourse Factoring Companies for Large and Medium Fleet Trucking
Apex Capital
- Truck Factoring Price: From 2.75%
- Factoring Type: Recourse & Non-Recourse
- Fuel Expense Management: Apex Fuel Card
- Factoring Funding Speed: Super fast ( in minutes to hours)
- Invoice Submission: Online
Pros
- Anytime or 24/7 payments
- 24/7 access to Apex’s roadside rescue
- Startup program for new truckers or New mc authority holders
- Robust and efficient mobile app
- Dedicated customer manager for your account
Cons
- 2% charge is flat, meaning you’ll be losing a bit more on high-value invoices than you would with other services
- Pricing available only upon request
- All of your invoices need to be factored with Apex
Read Apex Capital Expert and User Reviews – Apex Capital Factoring Review
TAFS Factoring
- Truck Factoring Price: Customized
- Factoring Type: Recourse factoring
- Fuel Expense Management: Fuel and maintenance discounts
- Factoring Funding Speed: Super Fast (within a day)
- Invoice Submission: online portal or mobile app
Pros
- Recourse factoring
- Multiple program options including speed funding
- 24/7 online account access
- Free credit checks
- Fuel and maintenance discounts
- Ability to submit invoices through the online portal or mobile app
- Relationship specialists focused on providing quality customer service
Cons
- Very hard to get out of a contract High termination fee
- Poor communication and Poor customer service
- Lack of transparency in pricing and business practices
Read TAFS Expert and User Reviews – TAFS Factoring Review
(b) Best Non Recourse Factoring Companies for Large and Medium Trucking Businesses
We are listing a set of factoring companies that provides services to big carriers and large fleets. These companies offer instant funding, document management, paperwork preparation, etc. These companies provide recourse and nonrecourse, factoring though their strength is one of those. These factors also provide fuel card and fuel line of credit, insurance, factoring combo, bookkeeping, etc. You can select the factor by looking at their key strengths and auxiliary services they provide.
Triumph Business Capital
- Truck Factoring Price: From 2.99%
- Factoring Type: Recourse & Non-Recourse
- Risk Factor: Nil
- Fuel Expense Management: Fuel Advance, Fuel Cards
- Factoring Funding Speed: Good ( in minutes to hours)
- Invoice Submission: Mobile App
Pros
- Provides both recourse and non-recourse factoring
- Allows handling and tracking of payment collection via mobile app and portal
- Easy to qualify for funding, small businesses and frims with lower credit scores can qualify
Cons
- Funding speed is slow compared to other options
- An origination fee of $300 may apply when you begin working with Triumph Factoring.
- Low transparency on factoring fee
Read Triumph Business Capital Expert and User Reviews – Triumph Business Capital Review
TBS Factoring
- Truck Factoring Price: From 1.5%
- Factoring Type: Recourse & Non-Recourse
- Fuel Expense Management: Fuel Advance
- Factoring Funding Speed: Super Fast ( in minutes to hours)
- Invoice Submission: Online
Pros
- Non Recourse Rate 4.5%
- Recourse 0-15 days 1.5%, 16-30days 2.5%
- Fuel Advances
- No Long-Term Commitment
- No Reserves
- Quick Pay available
- There’s no minimum credit score on the eligibility of carriers.
Cons
- Family-owned business with low professionalism
- Customer service has become below par
- Max 5% rate for nonrecourse program
- Some norms and conditions which reduce the ease of doing business, like notice period, fuel card charge, escrow, etc.
Read TBS Factoring Expert and User Reviews – TBS Factoring Review
OTR Solutions
- Truck Factoring Price: Customized
- Factoring Type: Recourse and Non Recourse
- Fuel Expense Management: Fuel Cards, Fuel Advances
- Risk Factor: Nil
- Factoring Funding Speed: Super fast ( in minutes to hours)
- Invoice Submission: Client portal, mobile app
Pros
- Offers both recourse and nonrecourse factoring
- Credit checks and credit approvals with an in-house team
- 24 hours payment time maximum after submitting the invoice
Cons
- To get fuel advances you need to factor all invoices with OTR or there is a fee of $200
- No factoring of invoices over 90 days old
- Is pricey for small and medium truckers
Read OTR Solutions Expert and User Reviews – OTR Solutions Review
RTS Financials
- Factoring Price: 3% of the invoice value
- Factoring Type: Nonrecourse factoring
- Fuel Expense Management: Fuel card and maintenance discounts
- Funding Speed: Super fast ( in minutes to hours)
- Invoice Submission: Via the mobile app, and portal.
Pros
- Recourse factoring Up to 97 percent of invoice value paid upfront
- Equipment leasing options
- Fuel card program with a large credit line
- Trucking-related software
- Easy-to-use mobile app
- Quality customer support through email, phone, and online chat
Cons
- Lack of transparency about pricing
- No internet application of factoring allowed
Read RTS Financials Expert and User Reviews – RTS Financials Review
3. Best Trucking Factoring Companies for Brokers
The below factors provide services to freight brokers; these factors are top-of-the-line and class-leading service providers. They provide the most affordable commission or deduction on freight invoices; they also provide fast credit checks on shipper and customer invoices. These factors deliver both recourse and nonrecourse, factoring each though their strength is one of those. You can select these factors with low cost and the best service as a broker. This factor also provides you with customer credit checks for shippers and also finds best-in-class carriers from their insider list.
a. Recourse Factoring Companies for brokers
altLINE, The Southern Bank Company
- Truck Factoring Price: Customized Factoring Plan
- Factoring Type: Recourse factoring
- Fuel Expense Management: No fuel card or fuel advance
- Factoring Funding Speed: SuperFast ( in minutes to hours)
- Invoice Submission: Moblie app and online portal
Pros
- Extensive experience of 40 years
- Super Fast funding
- High-quality customer service
- Supported by the Southern Bank
- Competitive factoring rates
Cons
- No nonrecourse factoring
Read altLINE Factoring Expert and User Reviews – altLINE Review
b. Best Non Recourse Factoring Company for Brokers
CoreFund Capital
- Truck Factoring Price: 85-100% of the invoice value
- Factoring Type: Non-Recourse Factoring
- Fuel Expense Management: Fuel card and maintenance discounts
- Factoring Funding Speed: Super fast ( in minutes to hours)
- Invoice Submission: Through email and fax.
Pros
- 24-hour funding (billing and collection) services
- Online reporting
- Select invoice factoring
- Discount fuel cards
- 24/7 online account access
- Extended hours, including Saturday funding
- No minimums
- No long-term contracts
Cons
- Advance rates: 85-100% seem to be high.
- Additional fees: ACH and wire transfer fees, Fuel advance fees
Read CoreFund Capital Expert and User Reviews – CoreFund Capital Review
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Frequently Asked Questions On Factoring for Trucking
What is freight factoring?
Truck Factoring Companies is also called freight factoring companies, and invoice factoring companies. With factoring, trucking businesses can get same-day cash payment in exchange for an outstanding invoice from a broker or shipper.
Generally, brokers or shippers pay trucking companies for a load delivery, after 45 days (average). Because of this payment delay, trucking businesses feel a cash crunch, which makes running day-to-day operations difficult for the carrier or trucker. This makes freight factoring a key cash flow boosting service for truckers.
What type of Factoring program should you choose?
Not all factoring is the same. And factoring companies factoring programs varies.
It is very important as an owner operator to know what type of factoring program you choose.
Else you will land in trouble later.
There are two types of factoring Recourse Factoring for Trucking and Non Recourse Factoring for trucking. You should know the difference before you sign a factoring agreement.
Keep in mind both recourse factoring and non-recourse factoring in trucking pays you immediate cash.
Who shares the risk, carrier, or factoring company, in case broker payment, does not happen divides the factoring program into two.
Do I need a factoring company for trucking?
Truck Factoring is a very vital part of the trucking ecosystem.
Owner-operators will be stuck if factoring companies don’t provide liquidity or cash flow by discounting trucking invoices.
A good freight factoring company provides both recourse and non-recourse programs increasing the flexibility of the owner-operator.
Good factoring companies for trucking provide month-on-month contracts with no strings attached.
They also provide robust customer service.
They don’t charge hidden fees, no monthly minimum, no setup fee, no termination fee, no minimum funding fee, etc.
For more information on Best Dispatch Service Companies, Factoring for Owner Operators, Insurance, and Load board click on the links on this line.
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