advancedlog12@gmail.com June 23, 2023 No Comments

15 Factoring Companies

According to a May 31, 2024 snapshot of the Federal Motor Carrier Safety Administration’s (FMCSA’s) carrier registration statistics, there are more than two million trucking companies in the U.S.

Many of these carriers use factoring to receive payment for their delivered loads. This helps them manage their cash flow and avoid the pain of having to wait 30-90 days before payment arrives.

Like any trucking company, you have regular overhead expenses (fuel, maintenance, insurance, etc.) you need to pay. That’s why you need consistent cash flow. Working with a factoring company has pros and cons, but it will certainly get you paid faster.

That said, you can only use one factoring provider at a time. Since the best factoring companies can become a seamless extension of your business and make your life easier, you’ll want to choose wisely.

At Anderson Trucking Service (ATS), our freight brokerage company ATS Logistics Services, Inc. works with thousands of carriers. The majority of those carriers (more than 75 percent) use factoring companies when hauling loads with us.

This article lists 15 of the factoring companies many ATS Logistics carriers use to receive payment promptly. We’re familiar with them and how they do business, so we feel confident recommending them to you as possible partners for your trucking company.

Check out our 15 top picks below to learn more about each company, their factoring services, and what reviewers are saying.

15 Factoring Companies For Trucking Businesses

In alphabetical order:

NOTE: The ratings and review counts listed below are accurate at the time of publication. Ratings and review counts change frequently and may have fluctuated since our last update.

Apex Capital Corp

Year Founded: 1995

Headquarters: Fort Worth, Texas*

Key Factoring Details: Transparent factoring rates, same- and next-day funding, 24/7 factoring, free factoring app, no monthly minimum volume fees, no termination fees**.

Google Rating: 4.7/5 (654 reviews)

Trust pilot Rating: 3.3/5 (10 reviews)

Association Memberships: International Factoring Association, Laredo Motor Carriers Association, North American Punjabi Trucking Association, Texas Trucking Association, TCA, Women in Trucking*.

Founded by two friends in late 1995, Apex has grown substantially over the past three decades and is considered a premier player in the factoring business.

Apex provides financial services for transportation companies that go well beyond their core competency of factoring, including credit checks, discount programs, a load board, and countless other resources to help trucking companies navigate this business.

In the 82 Google reviews that specifically mention Apex’s factoring services, reviewers highlight the company’s reliability, eagerness to help, and high level of customer service with a personal touch.

*According to Apex Capital’s website

Compass Funding Solutions

Year Founded: 1997 (Compass Holding)

Headquarters: Clarendon Hills, Illinois

Key Factoring Details: Simple account setup in minutes, 20+ years experience, bundled savings (payment, insurance, factoring, etc.)*.

Google Rating: 3.7/5 (83 reviews)

Trust pilot Rating: N/A

Association Memberships: ATA, IANA, IFA, National Equipment Finance Association, UTA, TCA**.

Compass Funding Solutions is an arm of the Compass Holding family of companies, which also includes Compass Insurance Group, Compass Truck Sales, and Compass Logistics. Compass Funding Solutions takes a comprehensive approach to the implementation of its robust factoring solutions, handling all pieces of the payment collection process including credit management, billing and collection.

In the 24 Google reviews that specifically mention Compass’ factoring services, reviewers frequently cite the company’s professionalism, promptness, and high level of customer service; 10 of those 24 reviews praise Compass customer service representatives by name.

*According to Compass Funding Solutions’ website

**According to Compass Holdings’ website

eCapital Freight Factoring

Year Founded: 2006

Headquarters: Aventura, Florida*

Key Factoring Details: Instant bank account transfers, available line of credit, Visa Commercial Card offer, back office support, 90-day risk-free trial*

Google Rating: N/A

Trustpilot Rating: 3.8/5 (1,211 reviews)

Association Memberships: N/A

eCapital Freight Factoring is the transportation arm of eCapital, a financial funding services provider focused on small-to-medium-sized businesses. According to its website, eCapital has “created a funding model that features rapid approvals and processing, 24/7 access to funds and the freedom to use the money wherever and whenever.”

Of the 1,211 reviews of eCapital Freight Factoring on Trustpilot, 80 percent are five-star reviews. Many of these reviews note the ease of working with eCapital and the knowledge, patience, and professionalism of the company’s representatives, many of whom are mentioned by name.

However, common threads across the negative reviews (13 percent of eCapital’s total reviews are one-star) are issues with contracts and payment disputes.

*According to eCapital’s website

England Carrier Services

Year Founded: 2004

Headquarters: Salt Lake City, Utah

Key Factoring Details: Customizable plans and solutions, competitive rates, access online reports 24/7, access to ECS’ collections/credit teams, personal Customer Service Factoring Agent*

Google Rating: N/A

Trustpilot Rating: N/A

Association Memberships: N/A

England Carrier Services (ECS) is a division of England Logistics, a wholly-owned subsidiary of C.R. England. Along with factoring, ECS provides fuel, tire, parts, and maintenance service discounts for carriers. England Logistics also has its own load booking app powered by Trucker Tools, Atlas Now.

*According to England Logistics’ website

FirstLine Funding Group

Year Founded: 2009

Headquarters: Madison, South Dakota

Key Factoring Details: Available flat rate pricing, up to 100 percent advance rate, personal account manager, mobile app for scanning invoices*.

Google Rating: 3.7/5 (69 reviews)

Trustpilot Rating: N/A

Association Memberships: International Factoring Association, American Factoring Association, Women In Trucking, EFS/T-Chek/FTS Plus, North American Credit Management, Better Business Bureau, HubTran**.

A division of the First Bank & Trust company, FirstLine Funding Group factors invoices, finances equipment and offers fuel advances, among other services for the transportation industry.

In the 25 Google reviews that specifically mention FirstLine’s factoring services, many mention quick, professional customer service and knowledgeable account managers. However, some negative reviews mention payment delays and spotty communication.

*According to FirstLine Funding Group’s website

**According to First Bank & Trust’s website

Love’s Financial

Year Founded: 2014

Headquarters: Oklahoma City, Oklahoma

Key Factoring Details: Custom solutions, up to 99 percent access to cash from invoices, back-office support with a dedicated account representative, 24/7 online access, available bundle packages, credit programs*.

Google Rating: N/A

Trustpilot Rating: N/A

Association Memberships: American Factoring Association, International Factoring Association*

Love’s Financial is part of the Love’s family of companies, a well-known name in the transportation industry. Factoring is one of the largest services offered by Love’s Financial, in addition to fuel discounts, express credit options, and a proprietary factoring mobile app for uploading invoices.

*According to Love’s Financial’s website

OTR Solutions

Year Founded: 2011

Headquarters: Roswell, Georgia

Key Factoring Details: Non-recourse factoring program, available TMS integrations, dedicated client support, no credit restrictions, mobile app for invoice uploading, client portal, BOLT Instant Payment, 24/7 visibility to outstanding invoices*.

Google Rating: 4.7/5 (883 reviews)

Trustpilot Rating: 3.3/5 (14 reviews)

Association Memberships: N/A

Previously known as OTR Capital, OTR Solutions provides factoring for freight carriers and freight brokers as well as fuel cards and advances, equipment financing, banking solutions, and other services for truckers.

In 2021, the company partnered with DAT Freight & Analytics, enabling clients to find loads on DAT’s load board with instant visibility into which are factorable through OTR Solutions.

In the 229 Google reviews that specifically mention OTR’s factoring services, many praise the company’s same-day payment option, responsiveness, and continuity of care from account representatives.

However, some negative reviews cite a lack of transparency into fee structures, high rates, and a lack of explanation for rejected factoring applications.

*According to OTR Solutions’ website

Phoenix Capital Group

Year Founded: 2001

Headquarters: Scottsdale, Arizona

Key Factoring Details: Receive 90-100 percent of your invoice’s value, receive a payment within 24-48 hours of delivery, available non-recourse factoring, low factoring rates, no reserves or long-term contracts, same-day funding, online account management*.

Google Rating: 4.1/5 (148 reviews)

Trustpilot Rating: 2.2/5 (8 reviews)

Association Memberships: Truckload Carriers Association, International Factoring Association, Commercial Finance Association*.

Phoenix Capital Group prides itself on being a full-service factoring firm exclusively serving the transportation industry. In addition to factoring, Phoenix Capital Group offers equipment financing, an online load board and fuel discounts.

In the 47 Google reviews that specifically mention Phoenix’s factoring services, many mention consistently prompt invoice processing, responsiveness, and high quality of customer service.

However, some negative reviews mention difficulty terminating contracts and a lack of transparency into fees.

*According to Phoenix Capital Group’s website

RTS Financial Services

Year Founded: 1995

Headquarters: Overland Park, Kansas

Key Factoring Details: Same-day invoice funding, competitive advance rates, no hidden fees, upload invoices online or in mobile app (RTS Pro), discounts for U.S. veterans, fuel card program, bundled fuel and factoring available*.

Google Rating: N/A

Trust pilot Rating: 4.1/5 (885 reviews)

Association Memberships: N/A

Part of the Shamrock Trading Corporation family of brands, RTS Financial offers working capital services to a variety of industries, including factoring for trucking companies. RTS Financial also provides a fuel card program, fuel savings, and various technology solutions for trucking companies to utilize.

Of RTS Financial’s Trust pilot reviews, 68 percent are five-star ratings, many of which praise the company’s 24-hour turnaround time, ease of onboarding, and knowledgeable customer service representatives.

Among the one-star ratings (26 percent of the company’s total Trust pilot reviews), customers cited held payments with poor communication, lack of transparency into fees, and difficulties terminating contracts or requesting early release.

*According to RTS Financial Services’ website

Saint John Capital

Year Founded: 2009

Headquarters: Chicago, Illinois

Key Factoring Details: Factoring advances up to 100 percent, available line of credit, click-and-pay API, upload invoices/BOLs from a mobile device, same-day payment, cash advances*.

Google Rating: 4/5 (474 reviews)

Trust pilot Rating: N/A

Association Memberships: American Factors Association, Block Chain in Transportation Alliance (BiTA), International Factoring Association, Secured Finance Network (formerly Commercial Finance Association)*

Saint John Capital was founded in 2009 and is dedicated to the transportation industry, providing factoring to trucking companies in the U.S., Canada and Mexico. Of the 149 Google reviews that specifically mention the company’s factoring services, customers highlight fast and professional service, helpful online tools, and great rates.

However, negative reviews call out lapses in communication and difficulty terminating contracts.

*According to Saint John Capital’s website

TAFS

Year Founded: 2007

Headquarters: Olathe, Kansas

Key Factoring Details: One-hour and night/weekend advance options, mobile app for automatic invoice generation, client portal (fully integrated with mobile app), GPS Tab electronic logging device (ELD) discounts*.

Google Rating: 4.7/5 (251 reviews)

Trust pilot Rating:

Association Memberships: Better Business Bureau*

TAFS is a financial company that provides a variety of financial services for owner-operators and brokerages in the trucking industry. While factoring is TAFS’ bread and butter, the company also offers business loans, fuel and tire discount programs, and truck sales, leasing, financing and insurance.

In the 25 Google reviews that specifically mention TAFS’ factoring services, customers praise the personal business relationships they’ve formed with their account representatives, the responsiveness and depth of knowledge of the customer service team, and overall ease of doing business.

However, negative reviews mention slow payout processes and administrative stumbling blocks.

*According to TAFS’ website

TBS Factoring Service

Year Founded: 2003

Headquarters: Oklahoma City, Oklahoma

Key Factoring Details: Non-recourse and recourse factoring solutions, no volume requirements, no sign-up fees, mobile app (TBS: Get Paid), free credit checks, fuel advance program*.

Google Rating: 3.1/5 (866 reviews)

Trust pilot Rating: 2.2/5 (725 reviews)

Association Memberships: N/A

TBS’ service catalog includes freight factoring, a fuel advance program, and a proprietary mobile app for paperwork submission and expedited verification.

Of the 725 Trust pilot reviews available for TBS, 77 percent are five-star ratings. Customers rave about the personal attention and accountability they’ve received, with many reviewers mentioning customer service representatives by name. Other positive review highlights include prompt communication and paperwork, patience in answering questions and working through issues, and depth of knowledge.

With one-star ratings accounting for another 13 percent of TBS’ Trust pilot reviews, some negative reviews do mention sluggish payments, miscommunications regarding chargebacks and fees, and lack of responsiveness.

*According to TBS Factoring Service’s website

Triumph Financial Services LLC

Year Founded: 2004

Headquarters: Copell, Texas

Key Factoring Details: Same-day funding, non-recourse program, back office support, no minimums, no reserves, fuel card programs, customer portal, real-time email/text notifications on paperwork and payment status*.

Google Rating: N/A

Trustpilot Rating: 1.5/5 (227 reviews)

Association Memberships: N/A

Triumph, a member of the Triumph Financial family of companies, is a full-service financial institution offering freight factoring (for freight brokers, fleets, and owner-operators), asset-based lending, fuel programs, equipment financing and truck insurance.

Of the 227 Trustpilot reviews available for Triumph, 67 percent are five-star ratings. Reviewers cite prompt customer service and payment, user-friendly web tools, and seamless processing.

One-star ratings account for 17 percent of Triumph’s Trustpilot ratings. These reviews mention poor communication, billing mistakes, and difficulty terminating contracts.

*According to Triumph Financial Services’ website

Truckstop Factoring

Year Founded: 1995 (Truckstop) | 2009 (Financial Services Division)

Headquarters: New Plymouth, Idaho

Key Factoring Details: Full-service billing, flat rate (as low as 3.25 percent), flexible cancellation, non-recourse factoring, no minimum volume, mobile app (Truckstop Go).*

Google Rating: N/A

Trustpilot Rating: N/A

Association Memberships: N/A

Truckstop is a well-known brand in the transportation industry, recognizable from its load boards, transportation management systems (TMS), and freight market insights. In addition to its many trucking industry technologies, Truckstop also offers freight factoring for carriers. Much of Truckstop’s factoring process can be handled through their mobile app, which ranks among the best load board applications for carriers.

*According to Truckstop’s website

WEX Capital

Year Founded: 2019

Headquarters: Nashville, Tennessee

Key Factoring Details: Mobile app for uploading invoices (FleetDocs), available line of credit through the WEX Capital Card, no hidden fees, get paid within 24 hours of invoice upload, credit checks available*.

Google Rating: N/A

Trustpilot Rating: 4.7/5 (37 reviews)

Association Memberships: N/A

WEX Capital is the factoring division of WEX Inc., a Portland-based financial technology company. Founded in 2019 following an acquisition, WEX Capital provides freight factoring, prospect credit checks, a fuel card program, a credit card program, and a mobile app with additional online tools.

A whopping 97 percent of WEX Capital’s Trustpilot reviews are five-star ratings, and 72 percent of all reviews positively acknowledge a customer service representative by name. Reviewers appreciate the company’s seamless service and the availability and responsiveness of the WEX team members.

*According to WEX Capital’s website

How to Choose a Factoring Company

Choosing the right factoring company is a critical decision for your trucking business. With over two million trucking companies in the U.S., maintaining a healthy cash flow is essential to staying competitive in the market, as it allows you to cover regular overhead expenses and stay in the green.

Factoring offers a tidy solution by providing immediate payment for delivered loads, helping carriers manage their finances more effectively.

Each company on this list offers unique features and services, from fair factoring rates and dedicated account representatives to convenient mobile apps and value-add perks.

Reviewing these companies’ histories, service offerings, and customer ratings is a great starting place that can help you identify the best fit for your business needs.

When selecting a factoring company, you’ll want to carefully weigh each prospect’s experience, reputation, and transparency regarding contract terms and fees. Doing your due diligence ensures you partner with a reliable company that supports your business operations seamlessly.

It’s also possible that factoring isn’t the right financial solution for your business. If you’re still not sure whether factoring will be a good fit, check out What is a Factoring Company? (How to Select One as a Carrier).

This article breaks down factoring even further, outlining its potential business benefits, its disadvantages, and offering detailed advice on how to choose a factoring company that meets your needs.

Use this resource as a tool that can help you make an informed decision — one that could ultimately enhance your trucking business’s financial stability and growth.