Written by Duncan Lambden Published on April 26, 2022 On this page Truckstop pros and cons Truckstop features and benefits How much does Truckstop cost? Is Truckstop right for my business? What do Truckstop reviews say? Frequently asked questions Expand Truckstop is a great option for anyone looking to factor their freight invoices. It boasts 24-hour payment along with glowing reviews, and supplies other trucking and freight services – meaning you can forge a substantial relationship with Truckstop if you decide to use its many options.If you're a bit lost: in short, Truckstop provides shipping and freight businesses with advances on their unpaid invoices in order to supply those businesses with more liquid capital. This service allows businesses to take advantage of time-sensitive opportunities.Truckstop is a great option, and it's also one of many. If you're looking to compare numerous factoring companies, try our free quote comparison tool. You'll be able to get quotes from Truckstop, as well as its competitors, in order to find the best deal for your business. Pros Truckstop offers multiple trucking services, like load boards Flexible cancellation and no minimum volume requirements Same-day payment Very positive reviews Handy mobile app allows for on-the-go factoring Cons Factoring fee is slightly higher than average Some customer service complaints, though these are rare What are Truckstop's features and benefits?So Truckstop has a lot going for it, but what are the three main highlights that make it stand out from its competitors?Same-day/next-day paymentsIt's easy to see how a company whose mission is to allow businesses quick access to their money would receive high praise for allowing that process to happen over a relatively short amount of time. Offering a 24-hour payment period is a great boon for any factoring business, and Truckstop is no exception.Lack of strict rulesUnsurprisingly, a lot of businesses will impose pretty strict rules on their factoring processes, since no one likes to be too liberal with how they treat their funds. However, this can be frustratingly rigid, so Truckstop has lifted a lot of rules and limits that other factoring companies swear by.You'll be able to cancel contracts flexibly, and you won't need a minimum monthly volume in order to keep your agreement with Truckstop.Other trucking and freight servicesFactoring is just one of the services offered by Truckstop. Trucking businesses stand to benefit from many different channels, so to have them all under the same umbrella can be a huge help, as you won't have to contact numerous businesses to get your ducks in a row.For example, Truckstop offers help with load boards and transport management systems (TMS), both of which are indispensable for any trucking business looking to grow and optimize its workflow. Receive no-commitment quotes from Truckstop and other freight factoring companies Compare quotes How much does Truckstop cost?Truckstop claims that its factoring fee ranges between 2.5-5% of an invoice's value. For example, if you had an invoice worth $10,000, the cost of factoring would likely be between $250–$500.This range likely hinges on the value of the invoice, as a higher value invoice usually incurs a lower percentage. This range can also be dependent on things like the payment method (ex. a wire transfer), the urgency of the payment, or the recipient's credit score.A big factor in deciding the price will be whether you opt for non-recourse factoring. In normal recourse factoring, if your customer fails to pay the factoring company, you'll need to buy your invoice back. However, with non-recourse factoring, the factoring company will eat the cost. This is a bit riskier for them, obviously, so their fee will be slightly higher.This is a pretty standard fee across the factoring industry, if possibly a bit on the expensive side. However, considering Truckstop's largely positive reputation (discussed in the review section below), it offers a high-quality service, so this price is fair enough. Compare freight factoring quotes for free Receive free quotes Is Truckstop right for my business?“I don't have a trucking company yet”Truckstop might be a tad inaccessible for fresh faces on the trucking scene. Its website is a bit trickier to navigate, and it doesn't have a wealth of resources for new starters.If you're looking for a factoring company that specifically helps people starting out in the trucking scene, Apex Capital offers a Startup program that is specifically designed to teach trucking newcomers the ropes.“I am a driver with new authority”If your trucking company is just starting up, Truckstop is a pretty good choice of factoring company. Not only does it provide a solid factoring service, but it also has an easy cancellation clause, meaning you can look elsewhere if you don't feel it fits your style.Truckstop also offers a variety of other trucking and freight services, which means that a newer company can get to grips with the various systems and terminology you might be using, even if you decide not to stick with Truckstop for the long term.“My freight business is well established”Many of Truckstop's most positive reviews come from established trucking companies, some of which have been working with Truckstop for a considerable chunk of their time in business.Established businesses won't need to worry so much about Truckstop's slightly higher-than-average price. Obviously no one wants to pay more than they need to, but Truckstop's rate might particularly scare off companies with less financial wiggle room.The easy cancellation policy also means you'll be able to look for other rates if you have an abundance of invoices, potentially only using Truckstop for specific invoices. What do Truckstop reviews say?Truckstop reviews are pretty solid across the board. On review aggregate site Featured Customers, it scores a considerable 4.8 stars out of 5 from over 1,200 ratings.When it comes to factoring, some of the main points of celebration are Truckstop's user-friendly app, speedy payouts, and ability to easily scan paperwork on the go. Some negative reviews cite poor customer service, but these are few and far between, so are likely isolated instances.It's also worth mentioning that Truckstop doesn't just offer factoring, so these reviews cover the broader range of services that Truckstop offers. However, this quality should still speak for Truckstop's overall value as a factoring service. Verdict Truckstop is a really solid choice for anyone looking for a factoring company for their trucking business. Payment is speedy, it offers non-recourse factoring, and even provides services beyond factoring. The factoring cost is slightly higher than average, but by no means unreasonable.If you're interested in Truckstop, or even freight factoring in general, you can fill out our quick quote comparison tool to receive quotes from Truckstop and other factoring companies. Frequently asked questions Which freight factoring company is the best? There are loads of freight factoring companies out there, but we like both Apex Capital and Truckstop. Apex is especially great for people newer to the trucking scene, as it offers a helpful Startup program and a dedicated executive to help with your account. How long does it take to get paid from Truckstop? Truckstop boasts 24-hour payment rates, and even same-day payment in certain cases. What this hinges on isn't clear, but it will likely be the invoice's total value and the time of request. What is Quick Pay for truckers? Quick Pay is similar to factoring, with some key differences. Quick Pay is offered by the freight brokers themselves, rather than a third party factoring company. This can be beneficial as, since there are only two parties at play, it's easy to remember who owes what and when. However, it can be a bit limiting, as you can only do Quick Pay with the specific broker you're working with, and can't shop around for rates. How do freight factoring companies make money? By giving you an advance on an unpaid invoice, the factoring company will take ownership of the invoice, meaning that it will receive payment once the customer decides to pay the invoice. Since the advance was likely only 80-95% of the invoice's value, the factoring company will take the remaining portion of the invoice as profit once it receives payment from the customer. Written by: Duncan Lambden Software Expert Duncan (BA in English Textual Studies and Game Design) is onw 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.