Top 5 Freight Factoring Companies

Man sitting at the back of a truck

Our favourite freight factoring companies are Apex Capital, which is best for newer freight companies, altLine, which offers extremely low rates, 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. And when you’re also having to wait 30, 60, even 90 days for payment? Well, it’s no wonder that cash flow soon becomes an issue. So, what’s the solution?

Freight factoring (also known as trucking factoringfreight 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.

But which one? We’ve assembled our favorite freight factoring companies below. Alternatively, provide us with a few details about your business to receive free, tailored quotes from leading freight factoring suppliers.

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Apex

RTS Financial

Truckstop

CoreFund Capital

Triumph Capital

Payment time
How long does it take to receive your advance payment?

Less than 24 hours

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

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

Flat 2% rate

Fees

Available upon requesting a quote

Fees

Flat rate, available upon request

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?

Both

Non-recourse or recourse factoring?

Both

Non-recourse or recourse factoring?

Both

Fuel card included?

Offered, but not included in the factoring contract

Fuel card included?

Can be combined with factoring

Fuel card included?
Fuel card included?
Fuel card included?

Yes, but not included in factoring contract


Top 5 Freight Factoring Companies

Freight factoring companies

We’ve selected the best freight factoring companies in the US, to help you make the most informed decision possible for your business. Our top freight factoring companies are RTS Financial, Apex, Thunder Funding, Riviera Finance, CoreFund Capital, and Triumph Business Capital.

Want to find out why?


Apex

Best 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. 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 Financial

Best 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.

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

Truckstop

Best 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.

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 Capital

Best 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. 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.

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 Capital

Best 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. With a five-star, ‘Excellent’ rating 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.

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

Man sitting at the back of a truck
Lucky truckers: Using freight factoring helps improve your cash flow, ensuring all your drivers get paid on time
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.

Frequently asked questions

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.
Duncan Lambden
Duncan Lambden Senior Writer

Duncan (BA in English Textual Studies and Game Design) is an Australian-born writer for Expert Market. 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 and customer relations. He has written for Website Builder Expert and Tech.co, and has been featured in Forbes. In his free time, Duncan loves to deconstruct video games, which means that his loved ones are keenly concerned about the amount of time he spends looking at screens.