Invoice factoring companies provide businesses with immediate cash by purchasing their outstanding invoices and taking over the responsibility for collections. These companies prioritize the creditworthiness of the business’s customers, making this financing option ideal for businesses with less established credit.
Choosing the right factoring company is one of the most critical decisions a trucking company owner can make. Given the industry's reputation for difficult contract cancellations, it's essential to make the right choice from the beginning. We analyzed the most searched factoring companies online to identify the best one for maintaining your company's cash flow.
To keep this content free for you, our reader, we partnered with the best factoring company. The commission we receive from them supports our research and the information we provide. Unlike many review sites, we prioritize maximum transparency. Click here to learn about our compensation structure and our partnership. Click here to see our ranking criteria.
While we've conducted thorough research to make these recommendations, please note that our review does not guarantee service quality. Always conduct your own due diligence before making a decision. Here are our findings.
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30 lenders researched
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5 cateogires scored
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20 data points evaluated
BEST OVERALL FACTORING COMPANY
TAFS
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Greatest amount of cost-reducing client benefits
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Quickest funding available, 365 days a year
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Extensive industry knowledge and experience
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Mobile App Can be Better
5 Best Trucking Factoring
1. TAFS
- Rates: As low as As low as 2.49% for a single truck company
- Funding Timeline: Multiple options including 1-hour advances
- Banking Affiliation: isn’t owned by a bank
TAFS is more than just a factoring company; it's a dedicated partner for trucking businesses seeking growth and success. With a commitment to delivering exceptional client experiences, TAFS offers a wide range of services, including 1-hour advances, ProDispatch freight sourcing, a comprehensive maintenance program, and even trailer leasing through REPOWER. TAFS's unique focus on building strong relationships and providing a true consultant approach sets it apart from the competition, making it a top contender for the best factoring company.
We're placing TAFS at the top of our list of the best factoring companies because of its commitment to customer service, its dedication to innovation, and its comprehensive suite of benefits designed to help trucking businesses thrive. From the speed of its advances to its cutting-edge mobile app and client portal, TAFS consistently delivers solutions that streamline operations, maximize profits, and empower entrepreneurs in the trucking industry.
TAFS Features
| Feature | Description |
|---|---|
| 1-Hour Advance Option | Get paid fast with 1-hour advances, even on nights, weekends, and holidays. |
| ProDispatch | Access specialized freight dispatch services for various trailer types, including Dry Van, Reefer, Power Only, Hotshot, and Flat Beds. |
| TAFS Mobile App and Client Portal | Streamline operations with automated invoice generation, paperless management, and 24/7 account access. |
| Premier Customer Service | Receive dedicated support and expert guidance from TAFS's consultant-focused team. |
| Full Advance Program | Customize your factoring experience with flexible advance programs to fit your business needs. |
| Truck Maintenance & Repair Program | Save significantly on maintenance costs with discounts at TA, Petro Stopping Centers, TA Express, MHC, and Goodyear locations. |
| 24/7 Online Account Access & Free Credit Checks | Monitor your account and make informed business decisions with free credit checks. |
| Collections Support | Let TAFS's Collections Team handle customer payments, allowing you to focus on running your business. |
| Trailer Leasing | Conveniently access a wide range of trailers through REPOWR, minimizing empty mileage and maximizing earnings. |
| Business Loans | Access additional financial resources through TAFS's business loan offerings. |
| Website | https://www.tafs.com/ |
| Phone Number | (913) 393-6110 |
2. Triumph Business Capital
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Rates: As low as 0.50%
- Funding Timeline: May take a couple of days
- Banking Affiliation: Triumph Bancorp
Triumph Business Capital, now operating under the name Triumph, stands out as a leading provider of freight factoring solutions. They offer a comprehensive suite of services, including same-day funding, fuel discounts, and insurance options, catering to owner-operators, fleet owners, and freight brokers. Their commitment to personalized service and dedication to maximizing cash flow for their clients has earned them a strong reputation in the industry.
We've placed Triumph at number two on our list of best factoring companies due to their exceptional customer service, flexible payment options, and wide range of services tailored to meet the unique needs of trucking businesses. Their focus on building strong relationships with their clients and their commitment to helping them succeed makes Triumph a valuable partner for anyone looking to streamline their finances and grow their business.
Triumph Business Capital: Key Features
| Feature | Description |
|---|---|
| Services | Freight Factoring, Truck Insurance, Fuel Cards & Discounts, Equipment Finance, Asset-Based Lending |
| Target Audience | Owner-Operators, Fleet Owners, Freight Brokers |
| Key Benefits | Same-day funding, fuel discounts, flexible payment options, comprehensive insurance solutions |
| Customer Service | Highly rated for its responsiveness and personalized approach |
| Reputation | Strong reputation in the industry for its reliability and commitment to customer satisfaction |
| Website | https://www.triumph.com/ |
| Phone Number | (866) 356-0888 |
3. OTR Solutions
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Rates: As low as 0.50%
- Funding Timeline: May take a couple of days
- Banking Affiliation: An independent factoring company
OTR Solutions is a leading factoring and back-office provider dedicated to supporting the success of small and mid-sized trucking businesses. They go beyond traditional factoring by offering a comprehensive suite of services, including transportation factoring, brokerage factoring, and fuel card programs, all designed to streamline operations and maximize profitability for carriers. While they consistently rank among the best factoring companies, we place them at number three due to their focus on innovation and their commitment to personalized customer service, making them an excellent choice for carriers seeking a trusted partner to navigate the complexities of the transportation industry.
OTR Solutions stands out for its unique approach to customer care, offering dedicated account managers, responsive communication, and a commitment to finding solutions that work for each individual carrier. Their transparent pricing, flexible factoring options, and user-friendly technology platform further solidify their position as a top choice for trucking businesses seeking to optimize their cash flow and manage their operations efficiently.
OTR Solutions Features
| Feature | Description |
|---|---|
| Services Offered | Transportation factoring, brokerage factoring, OTR Fuel Card, ELEVATE (branded website and email platform) |
| Target Audience | Small and mid-sized trucking businesses, owner-operators, and freight brokers |
| Key Differentiators | Dedicated account managers, personalized service, transparent pricing, innovative technology, commitment to customer success |
| Strengths | Strong customer relationships, reliable cash flow, user-friendly platform, comprehensive support, industry-leading fuel card program |
| Weaknesses | Limited marketing presence, may not be as well-known as some larger factoring companies |
| Overall | A solid choice for carriers seeking a reliable, customer-focused factoring partner with a range of innovative solutions. |
| Website | https://www.otrsolutions.com/ |
| Phone Number | (770) 882-0124 |
4. RTS Financial
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Rates: As low as 0.50%
- Funding Timeline: within 24 hours
- Banking Affiliation: Shamrock Trading Corporation
RTS Financial is a leading provider of factoring services for trucking companies, offering same-day funding and competitive advance rates. They differentiate themselves through their simple, transparent pricing with no hidden fees, fast and responsive customer service, and a commitment to integrity. We are placing RTS Financial at number 4 on our list of best-factoring companies due to their comprehensive suite of services, including a fuel card program with substantial savings, and their innovative RTS Pro app, which streamlines business operations and provides valuable tools for truckers.
RTS Financial excels in providing a seamless and efficient experience for their clients. Their focus on technology is evident through their RTS Pro app, which offers features like online invoice uploading, load board integration, and credit checks on brokers and shippers. This combination of robust services, competitive rates, and a user-friendly platform makes RTS Financial a strong contender in the factoring industry.
RTS Financial Features
| Feature | Description |
|---|---|
| Factoring Services | Same-day funding, competitive advance rates, transparent pricing, no hidden fees |
| Fuel Card Program | Substantial savings at over 3,000 locations, credit lines up to $3,200 per truck per week |
| RTS Pro App | Online invoice uploading, load board integration, credit checks on brokers and shippers, fuel savings search and booking |
| Customer Service | Fast and responsive, dedicated to client satisfaction |
| Industry Focus | Dedicated to serving trucking companies |
| Additional Benefits | Discounts for U.S. veterans, bundle options combining fuel and factoring |
| Website | https://www.rtsinc.com/ |
5. TBS
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Rates: As low as 0.50%
- Funding Timeline: provide same-day funding for invoices
- Banking Affiliation: company operates independently
TBS Factoring Service, a company with over 50 years of experience, is a trusted name in the trucking industry, providing reliable cash flow solutions, insurance assistance, account service, compliance and permitting support, and free authority processing. While TBS offers a comprehensive suite of services and boasts a strong reputation, it sits at number 5 in our list of "best factoring companies" due to its limited geographic reach. While serving a large customer base, their service area is restricted to specific regions, which may not be ideal for truckers operating nationwide.
TBS stands out with its commitment to fast and easy service, offering same-day payments for delivered loads and a quick, free set-up process. They also prioritize customer satisfaction, evident in their dedication to providing personalized support and resources.
TBS Factoring Features
| Feature | Description |
|---|---|
| Service | Freight Factoring |
| Payment Speed | Same-day payments |
| Set-Up | Free and can be done in 24 hours |
| Credit Checks | Free, unlimited, and top-quality credit checks |
| Customer Service | High priority on customer satisfaction |
| Advance Program | Up to 50% advance on factored loads |
| Fuel Discount Cards | Up to 90¢ a gallon discount on fuel |
| App | TBS: Get Paid® App for managing finances |
| Geographic Reach | Primarily serves specific regions, not nationwide |
| Years of Experience | Over 50 years |
| Phone Number | (866) 899-7080 |
| Website | https://tbsfactoring.com/ |