Written by Duncan Lambden Reviewed by Heleana Neil Updated on February 7, 2023 On this page 1. Apex 2. Truckstop 3. Wex 4. OTR Capital 5. RTS Financial Our Methodology Verdict FAQs Expand Our site is reader-supported – by clicking our links, we can match you with a potential supplier, and we may earn a small commission for this referral. Trucking volume is expected to continue its upward trajectory from 2022 and grow 0.9% in 2023, according to freight research company FTR Intel. If you're a broker looking to seize this wave, you need a good factoring company by your side – and based on our research, we can say Apex is the best factoring company for freight brokers in the market. It reaches this result on the speediness of its advance payment and its convenient fuel finder tool.Apex isn't the only option out there, though. We have picked other strong freight factoring companies that can provide you with that sweet cash injection to keep your business on the road. Which are the best factoring companies for freight brokers? These are the providers we recommend based on our research. Use our cost comparison tool to find the best service for your businessApexTruckstopWexOTR CapitalRTS FinancialThat said, the best way to find actual costs and choose the best freight factoring providers to you is comparing quotes – and we can help with that. By using our free comparison tool, you'll be matched with trusted providers that'll quickly get back to you with deals tailored to your needs.However, if you'd like to know more about our picks beforehand, just head to our ranking below. In it, you'll get a breakdown of these companies' features, pros, and cons, which should help you choose one to move your business forward. Swipe right to see more 0 out of 0 backward forward Apex Truckstop Wex OTR Capital RTS Financial Payment time How long does it take to receive your advance payment? Within minutes Payment time How long does it take to receive your advance payment? Same-day payment Payment time How long does it take to receive your advance payment? Same-day Payment time How long does it take to receive your advance payment? 24h Payment time How long does it take to receive your advance payment? Same-day Fees Custom Fees From 2.99% Fees From 1% Fees 3-4% Fees Custom Non-recourse or recourse factoring? Both Non-recourse or recourse factoring? Non-recourse Non-recourse or recourse factoring? Both Non-recourse or recourse factoring? Both Non-recourse or recourse factoring? Both Fuel card included? Fuel card included? Fuel card included? Fuel card included? Fuel card included? Can be combined with factoring 1. Apex Apex is the place to go for speedy freight factoring. It promises that you can receive payment on the same day that your invoice is verified, meaning that time-sensitive payments will be a worry of the past. Better still, Apex’s app offers a fuel finder tool to help you unlock savings averaging 30 cents per gallon, at over a thousand truck stops across the US. Apex also offers a great starter course for businesses looking to learn the ropes of the freight industry. Also, like CoreFund Capital, it doesn't tie you to a long-term contract. All this led the provider to also top our best freight factoring companies ranking. Pros Doesn’t require you to commit to a long-term contract Speedy advance payment Provides a dedicated account manager Cons Its focus on small and medium-sized businesses makes it not the best pick for larger freight brokering companies 2. Truckstop Truckstop has no minimum volume requirement, so companies of any size can start using its factoring service with minimal effort. It also offers a 2.99% minimum flat rate, which occupies a middle ground considering how much freight factoring usually costs. which can be very handy when calculating multiple invoices at once, despite not being as cheap as Truckstop's. Also, unlike Apex and Wex, it only operates with non-recourse factoring. Because this means the freight factoring company takes on more risk, it also means it charges higher fees and its advance rates are lower. Pros Same-day payment is possible Flexible cancellation policy Cons Only operates with non-recourse factoring Pricey rates 3. Wex Wex's crowning jewel are its rates, which can go as low as 1%, which means you won't have to give up much of your invoice's value when factoring it. For that price tag, one would almost understand if Wex didn't pack as many features as its competitors; however, it does. It includes factoring-funded fuel card, provides same-day funding, and has no limits or monthly minimums. On the card front, it's worth noting that Wex's fuel card is intertwined with its own factoring scheme. This means the funds from your factored invoices are deposited directly into your fuel card account. That fact that it operates with both recourse and non-recourse factoring makes it more flexible than Truckstop. However, its mobile app only has basic invoice functionality, packing less features than the one Apex offers. Pros No monthly minimums or funding caps Fuel card tied to its factoring program Cons Mobile app could be better The application and approval process can take a while 4. OTR Capital Of the five providers discussed here, OTR Capital is the most premium of the bunch. Its rates are definitely on the steeper side (2-4% of the invoice's value, depending on whether you opt for recourse or non-recourse factoring). This makes OTR Capital more expensive than Wex. However, by offering a fuel card program, OTR Capital is more convenient than Truckstop. It also has outstanding customer service, and a great reputation online (it currently holds an impressive 4.2/5 score on Trustpilot). It also offers many of the add-ons that you'd expect from a freight factoring service, like credit checks and fuel advances. And as one would hope from a business with higher rates, your advance will come through within 24 hours, which is always handy if you're in dire need of cash. Pros In-house credit team can provide approvals 24-hour payment guarantee Cons Pricey 5. RTS Financial RTS Financial boasts one of the best advance finance rates on the market. RTS Financial will pay up to 97% of your invoice’s value upfront, which is almost like having the entire value of the invoice weeks before it would come through normally. Like OTR Capital, it packs a dedicated customer support team in its services. However, like Apex, its rates are not clearly stated and can only be obtained through quotes. It also offers same-day funding and can be combined with a fuel card program, run by its partner, Pilot Company. Pros Trucking factoring specialist Have been in the industry for over a quarter of a century Cons Some reviews claim that RTS can lack transparency Our MethodologyTo find the best freight factoring companies on this list, we analysed them according to criteria important to freight brokers when they're looking for one.We compared their payment time as well as their upfront advance payment. While much of their price is custom and therefore difficult to compare, we investigated their contract requirements, such as length and termination clauses, as well as their associated fees. Their support facilities and trustworthiness were also looked at.Based on this information, we've been able to identify the best providers for freight brokers and rank them. Verdict Apex tops our best factoring companies for freight brokers ranking on the account of its payment time and associated tools.The other suppliers on this list are also worthy of your consideration, and none of them are completely flawless. However, as freight brokers, you'll likely be making enough deliveries that you use factoring a lot, so this isn't a decision to be made lightly.To be extra sure of which to pick, try our quote comparison tool. Through it, you'll be able to get free quotes from trusted freight factoring companies that can help you decide the best path for your business. FAQs Can freight brokers use factoring companies? Yes, they can! As long as your business runs shipping services, and has the invoices to prove it, you’ll be able to use a freight factoring company. Individual companies may have individual rules on who can use their services, but overall, freight brokers should have no problem using a factoring company. Which is a good factoring company for freight brokers? While most freight factoring companies would be perfectly suitable for any reputable freight broker, Apex and Truckstop are the best we found in our research. Apex is great for newer trucking companies on the scene, while Truckstop is a great choice for established freight brokers. What is the average freight factoring rate? A factoring company’s rate usually varies between 1-4% of the invoice’s value. Factors such as the invoice’s total value, the method of payment, and the time it takes for the customer to pay the invoice company, are among the ones that influence the charged rate. Written by: Duncan Lambden Software Expert Duncan (BA in English Textual Studies and Game Design) is one of Expert Market’s local Software Experts. His articles focus on ecommerce platforms and business software that allows small businesses to improve their efficiency or reach, with an emphasis on invoice financing, project management, and customer relations. Reviewed by: Heleana Neil Business Services Editor Heleana Neil specialises in Business Services, managing the strategy and production of content for SMBs, helping businesses with the challenges and opportunities they face today. Covering everything from payroll to payment processing, Heleana uses her expertise to help business owners make better, informed decisions and grow their companies.