Written by Duncan Lambden Reviewed by Heleana Neil Updated on March 15, 2022 On this page The Top 5 Freight Factoring Companies Apex: Best Mobile App RTS Financial: Best for High Advance Rates Truckstop: Best for Quick Payment CoreFund Capital: Best for Startups and Small Fleets Triumph Business Capital: Best for Customer Approval Ratings Our Methodology Next Steps Top 5 Freight Factoring Companies FAQs Expand Our favourite freight factoring companies are Apex, which is best for newer freight companies and RTS Financial, which offers large and fast advances.When you’re hauling goods up and down the country, expenses rack up quickly. Fuel, labor, vehicle maintenance… the list goes on. In this scenario, a a freight factoring company can help, but which should you choose?We’ve assembled our favorite freight factoring companies below. What are the top 5 freight factoring companies? These are the providers we recommend for freight factoring based on our research. Use our free comparison tool to find the best service for your business.Apex – Best mobile appRTS Financial – Best for high advance ratesTruckstop – Best for quick paymentCoreFund Capital – Best for startups and small fleetsTriumph Business Capital – Best for customer approval ratings Swipe right to see more 0 out of 0 backward forward Apex RTS Financial Truckstop CoreFund Capital Triumph Capital 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 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 available Payment time How long does it take to receive your advance payment? Same-day payment available Fees Custom Fees Custom Fees From 2.99% Fees Available upon requesting a quote Fees Available upon requesting a quote Non-recourse or recourse factoring? Both 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 Fuel card included? Fuel card included? Can be combined with factoring Fuel card included? Fuel card included? Fuel card included? Yes, but not included in factoring contract What's That Again? Freight factoring (also known as trucking factoring, freight invoice factoring, or transportation factoring) is a simple, flexible, and convenient form of invoice finance for trucking companies. It doesn’t matter whether you’re a one-rig owner-operator, or you’re overseeing a huge fleet of HGVs – chances are there’s a freight factoring company that’s right for you. Top 5 Freight Factoring CompaniesWe’ve selected the best freight factoring companies to help you make the most informed decision possible for your business. Our picks are:The best freight factoring companies for US transportation businesses: 01 | Apex 02 | RTS Financial 03 | Truckstop 04 | CoreFund Capital 05 | Triumph Business Capital Want to find out why? ApexBest mobile app Whether you’re in the office or out on the asphalt, you’ll want access to the state of your finances at your fingertips. Handy, then, that Apex’s mobile app does literally that – offering 24/7 access to your freight factoring, from anywhere with an internet connection. You can create and submit invoices online, run credit checks, and store important documents, such as your W-9 and insurance. Better still, Apex’s app offers a fuel finder tool to help you unlock savings averaging at 30 cents per gallon, at over a thousand truck stops across the US. Also, like CoreFund Capital, it doesn't tie you to a long-term contract. If there is truth to Apex’s claim to being “America’s Favorite Factor”, then it’s not too hard to see why. Pros Doesn’t require you to commit to a long-term contract Works with a range of business sizes Dedicated account manager provided Cons Costs start at 2% per invoice, per week, which is higher than some other freight factoring companies RTS FinancialBest for high advance rates RTS Financial makes freight factoring simple. With a dedicated customer support team and clear rates, it’s easy to understand exactly what you’re getting. What you don’t get is ACH (Automated Clearing House) fees, minimum volume fees, and invoice upload fees. What you do get is same-day funding, access to the company’s industry-leading fuel card program, and one of the best advance finance rates on the market. That’s right – RTS Financial will pay out up to 97% of your invoice’s value, upfront – allowing you to look to the future, while leaving your cash flow woes in the dust. This means RTS' upfront advance is 27% more than the maximum offered by Triumph Business Capital. Pros Trucking industry specialists Boasts a quarter of a century’s worth of experience in working with transportation businesses Cons Some online reviews point to a lack of contract transparency TruckstopBest for quick payment If you're in need of speedy freight factoring, Truckstop might just be the factoring company for you. Truckstop 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. They also offer a flat rate, which, while they don't specify what the rate actually is, can be very handy when calculating multiple invoices at once. And with no minimum volume requirement, companies of any size can start using Truckstop's factoring service with minimal effort. It's also of the oldest companies in this list, which makes it trustworthy. Like RTS Financial, it was founded in 1995, being in the business for longer than Apex and CoreFund Capital. Pros Payment can arrive on the same day as you verify your invoice Flexible cancellation Cons Rates aren’t transparent Did You Know? If long-haul truckers stopped working, most of our grocery stores would be out of food within just three days. So guys… please keep doing what you’re doing!Source: Business Insider CoreFund CapitalBest for startups and small fleets As a (relatively) small trucking business with between one and 100 HGVs, competing with the big boys can be tough. That’s why it’s useful to have a freight factoring company like CoreFund Capital on hand to give you a boost. It offers a personalized service that’s tailored to the unique needs of your freight business, with the rates to match. There are no hidden fees, no monthly minimum charges, and zero termination fees. Like Apex, it also doesn't require you to sign a long-term contract. CoreFund Capital will release your funds on the same day, too – even if it’s a Saturday. Throw in a usable (albeit pretty basic-looking) mobile app, and you’re good to hit the road. However, being a new company, it looks the solidity of longer-term players like Truckstop. Pros Offers free invoice auditing and credit check services No monthly minimum charges, or long-term contracts Cons Its online presence doesn’t inspire confidence As a new company (founded in 2015), it may offer less reliability than more experienced freight factors Triumph Business CapitalBest for customer approval ratings With a large team of dedicated staff and and thousands of satisfied SMB customers, it’s easy to see why Triumph Business Capital is the people’s favorite. Rated 5/5 on Trustpilot, this freight factoring company certainly triumphs over its competitors in the popularity stakes. Its rates aren’t too bad, either – they can be as low as 1% if you have a high annual turnover. However, this fee can be as high as 4% if you struggle with less creditworthy customers. It's worth mentioning that, at 70%, Triumph Business Capital's maximum upfront payment is way lower than competitors like RTS Financial. Pros Also offers insurance services and equipment financing for trucking companies Rates can be as low as 1%… Cons … But as high as 4%! Upfront cash advance provided is a maximum of 70%, which is lower than other freight factoring companies Lucky truckers: Using freight factoring helps improve your cash flow, ensuring all your drivers get paid on time Our MethodologyAt Expert Market, it’s our aim to provide you with the most accurate, up-to-date, and transparent product and service reviews possible.So, to help you better understand the best freight factoring companies, we analysed them according to important criteria when you'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 in the industry and rank them. We've also managed to identify key strengths of the companies that made the list to highlight their suitability to particular users. Next Steps Freight factoring is fast – you can be accepted within a day, and paid within 24 hours. It’s flexible, scaling with your business and letting you choose exactly which of your invoices you want finance for. And, though it’s a form of finance, it comes without debt. That’s right – because the advance you’ll receive is directly tied to money you’re already owed, you won’t be saddled with the weight of insurmountable debt.The question, then, isn’t one of whether you should use freight factoring or not. Rather, it’s one of which freight factoring company you should use – and here’s where we can help.Simply complete our free webform. It takes less than a minute to complete, and we’ll ask a couple of questions about your expected sales volume and industry (which, we guess, is trucking). When you’re done, you’ll receive freight factoring quotes tailored to your business, all from top suppliers. Top 5 Freight Factoring Companies FAQs How much do freight factoring companies charge? Freight factoring companies will typically charge anywhere between 0.5-5% of an invoice's value. This rate may vary based on the invoice's value, the speed at which you need to be paid, and the method through which you'd like your money (like a wire transfer). Some companies also offer flat rates. What is freight factoring? Freight factoring (also known as trucking factoring, or transportation factoring) is a flexible form of finance for businesses that move stuff around the country (carriers, or freighters). A carrier essentially ‘sells’ any unpaid debts it’s owed (receivables) to an invoice factoring company, in order to free up cash flow.The finance company (also known as the ‘factor’) then releases a large percentage of the invoice (up to 98%, but this can vary between providers) to the carrier, usually within a day. Do freight brokers use factoring companies too? The short answer is yes – they do!Despite operating in a slightly different space to freight companies, brokers still face a similar issue – lack of cash flow. That’s why freight brokers also use factoring companies to free up any funds tied down in unpaid invoices. If you’re a freight broker, read on for our recommendations. What are the best factoring companies for freight brokers? Bibby Financial Services offers a factoring service tailored to the demands of freight brokers, and will pay out up to 92% of your invoice’s value. BlueVine is also a popular finance option for the middlemen, while Factoring Freight Brokers offers no recourse options for US businesses. 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.