Top 6 Freight Factoring Companies

best freight factoring companies

By Rob Binns | Senior Writer | Published: September 11 2019

Which freight factoring company is best-suited to the needs of your transportation business? Let’s find out

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 bill factoring is. 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. Read on to find out which one is the right fit for your business, or skip straight to our FAQs for more information about freight factors and brokers. Alternatively, provide us with a few details about your business to receive tailored quotes from leading freight factoring suppliers. It’s free, and always will be.

Top 6 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?


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.


  • Doesn’t require you to commit to a long-term contract
  • Works with a range of business sizes
  • Dedicated account manager provided

X 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.


  • Trucking industry specialists
  • Boasts a quarter of a century’s worth of experience in working with transportation businesses

X Cons:

  • Some online reviews point to a lack of contract transparency
Did You Know?

Around 5.8% of all full-time jobs in the US are related to trucking.

Source: Markets Insider

Thunder Funding

Best for short-term contracts

Whether it’s a gym membership or a subscription to Overdrive Magazine, no one likes being tied into a long-term contract. Naturally, then, it’s a breath of fresh air that Thunder Funding offers flexible freight factoring, free of fixed terms. It only offers 90-day service agreements – meaning that, if you’re unhappy with the service, you can roll on elsewhere. Thunder Funding is also highly-rated in the industry – Truckers Report ranks it among the top freight factoring companies in the US. Boom!


  • Access your freight factoring history through an online client portal, available 24/7
  • You can get started within a day, with funds deposited immediately

X Cons:

  • Its rates of between 2 and 4% (of the linehaul revenue) are on the expensive side

Riviera Finance

Best for quick credit checks

With 50 years of experience and more than 25 sites across the US and Canada, Riviera Finance takes the hassle out of freight factoring – no matter where you’re based. Riviera Finance offers no recourse factoring, meaning it’ll shoulder your credit risk while shelling out an advance of up to 85% of your invoice’s value. Riviera also carries out your customer credit checks for you, and handles all your collections. Which means you can sit back, relax, and turn on cruise control – all while knowing that your finances are in safe hands.


  • Pays out on your freight bills within 24 hours
  • Also offers fuel discounts at 1,800 locations nationwide

X 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.


  • Offers free invoice auditing and credit check services
  • No monthly minimum charges, or long-term contracts

X 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.


  • Also offers insurance services and equipment financing for trucking companies
  • Rates can be as low as 1%…

X Cons:

  • … But as high as 4%!
  • Upfront cash advance provided is a maximum of 70%, which is lower than other freight factoring companies

Freight invoice factoring
Lucky truckers: Using freight factoring helps improve your cash flow, ensuring all your drivers get paid on time

Next Steps

If you’ve read this far, you’ll probably have a good idea of whether freight factoring is right for your business. And (let’s face it) why wouldn’t it be?

It’s 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.


What is freight bill factoring?

Freight bill factoring (also known as trucking factoringtransportation factoring, or just plain old freight 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%) to the carrier, usually within a day. The factor also assumes responsibility for chasing and collecting payment of the invoice. When the invoice is paid back, the factor releases the remaining amount of the invoice’s value to the carrier, minus service and administration fees. Simple, right?

Do freight brokers use factoring companies too?

The short answer is yes – they do!

Freight brokers act as the middlemen between the client and the carrier. They connect people who want stuff moving with the businesses qualified to handle the job, and take a cut of the transaction for their efforts. Brokers don’t actually do any of the shipping themselves – they just make the deal happen, and keep a handle on the paperwork.

Yet, 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.

Rob Binns
Rob Binns Senior Writer

Rob writes mainly about the payments industry, but also brings to the table industry-specific knowledge of CRM software, business loans, fulfilment, and invoice finance. When not exasperating his editor with bad puns, he can be found relaxing in a sunny (socially-distanced) corner, with a beer and a battered copy of Dostoevsky.

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