Top 5 Freight Factoring Companies

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 1,500 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.

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.

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.

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.

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.