Freight Factoring Companies
Trucking companies are not immune to having a lot of bills to pay. There’s no question that unexpected maintenance costs can set you back, fuel is always expensive and outrageous, and payroll needs to be met. So, the main reason that a trucking company would decide to work with a factor company is to get paid quickly, like within 24 hours, rather than having to wait on invoice payment terms (e.g., net 15 days, net 30, net 60, net 90) before a customer finally pays you for the load or the work you completed that’s listed on the invoice. With factoring, your trucking company can get access to cash, sooner than later, to cover expenses, like pay for fuel or purchase truck or trailer parts. Let’s take a look at some of the more popular freight factoring companies.
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Apex Capital has been providing factoring services since 1995. They have a range of options that allow trucking companies that choose to factor with them to receive payment within minutes after freight invoices are purchased. Apex Capital also provides a number of other services including Free Credit Checks, Free Mobile Factoring, and a Fuel Card program with a Free fuel finder tool.
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Compass Funding Solutions is a popular factoring service provider that offers a wide range of services centered around boosting their clients cash flow and creating business growth. Examples of their provided services include a Fuel Card Program, as well as various managed software and business tools that help their clients have success.
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England Carrier Services factoring provides cash flow to carriers in the trucking industry. Their technology and factoring services can allow carriers to be paid withing hours of completing delivery to ensure that their trucks continue to stay on the road. ECS provides assistance on daily need with personal customer service agents as well as access to online reports 24/7. The also offer customizable factoring service plans and pricing solutions.
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FirstLine Funding Group offers high advanced rates and competitive factoring fees to owner operators, fleets, and freight brokers. They also have same day funding options available. FirstLine Funding offers a variety of solutions such as cash advances, easy financing, and fuel advances to assist with clients’ business needs.
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Love’s Financial provides customizable factoring solutions to help grow business whether they are an owner-operator or a larger fleet. Their Freight factoring program allows businesses to manage cash flow and cover expenses like fuel, maintenance, and insurance. Love’s also provides great customer services and are known for the number of added services they have available nationwide at their travel stops.
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OTR Solutions gives partners exclusive access to resources and tools. Their solutions allows partners to get paid instantly, find loads, and helps keep trucks fueled. When partners sign up with OTR solutions they get a Free 30-day DAT load board subscription, the OTR fuel card, and access to their highly reviewed customer service among other benefits.
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Phoenix Capital Group established freight factoring that allows trucking businesses of all sizes to maintain steady cash flow and respond to various business expenses by providing advances on accounts receivable. There is an online load board that drivers can use to consistently find freight, a fuel card program, and even equipment financing options available through Phoenix Capital Group
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RTS offers bundled services that give businesses lower factoring rates and better fuel savings. RTS offers easy-to-use software for daily operating needs as well as all-in-one mobile solutions like quick access to fuel discounts. RTS provides funding withing 24 hours with simple and transparent pricing without additional fees.
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Saint John Capital is a freight factoring company that has helped thousands of trucking companies in North America. They offer 100% factoring advances, which is higher than competitors. These factoring rates and Saint John Capital’s high level of customer service help customers grow their fleet. Saint John Capital only purchases invoices in the trucking industry, so they understand all the intricacies of the trucking business.
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TAFS takes a true consultant approach to freight factoring, offering benefits that help trucking businesses expand and maximize profits. Their goal is to assist in every step of the process, from fleet sized discounts on expenses to finding loads and expanding the fleet. Services such as ProDispatch, a mobile app and client portal, and premier customer service are among some of the benefits offered by TAFS
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TBS offers competitive rates and quick pay matching to their customers without requiring long term commitment. Signup with TBS is fast and simple and they provide 24/7 account service and free back-office support as well. TBS also has a fuel program that allows members to save up to $.90 per gallon.
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Triumph Financial Services streamline customer payments, so they have fast funding needed to grow and manage a trucking business. Triumph customizes funding based on the size of a business’ fleet and offers same day pay options to their customers. They also have a competitive fuel card program that saves customers money every time they fill up.
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Truckstop factoring allows customers to get paid on their invoices right away in exchange for a low, flat fee. This takes way the need for drivers to wait 30 days to get paid and focus more on hauling freight. Truckstop also offers non-recourse factoring, meaning drivers still are paid even if brokers do not pay. There’s flexible cancellation so trucking businesses are not stuck in an agreement and there are no minimum values required to work with Truckstop.
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WEX Capital provides freight factoring for truckers that simplifies invoicing, improves load management, and streamlines payment to get drivers paid quickly. The WEX approach is simple and provides cash flow and fuel discounts without hidden fees or surprises. Creating an account with WEX gives businesses access to powerful tools like prospect credit checks and mobile apps that can be used for uploading invoices 24/7.
Do your homework. Not all factoring companies are the same. Look closely at their services and fees and research their reputation. Are they flexible and able to grow with your business needs? Talk to other drivers to hear what they recommend. Consider factoring companies that specialize in trucking. Pay attention to recourse and non-recourse factoring. Don’t choose the wrong factoring arrangement, choose which one is best for you.
There are popular fuel cards and credit cards specific to trucking and small business needs that you can learn about here. If you're looking for a small business loan, then take a look at what the Small Business Association has to offer in terms of funding programs and assistance here.