Top 10 Truck Factoring Companies in the US

Truck factoring companies featured image

Truck factoring companies, otherwise known as freight factoring companies, are essential for trucking companies that require working cash quickly. You’ll receive faster payment for your services while they process and collect invoice payments.

Essentially, a freight invoice indicates that the receiving party has accepted the delivery and will pay you for cargo transportation. However, receiving the actual payment can take anywhere from a week to several months. With bills and gas to refill, trucking companies typically can’t afford to wait sixty or ninety days. But with truck factoring companies, you can shorten the time between load completion and receiving the freight payment.

Nonetheless, you should be wary of certain details when choosing a factoring company for your business. To make it easier for you to choose a long-term partner, here are ten of the best truck factoring companies in the United States based on reviews and industry experts.

10 Best Factoring Companies for Truck Businesses in the United States

1. REV Capital

Truck factoring companies: REV Capital logo
REV Capital Instagram post
ServiceBilling, underwriting, collections, and cash posting; 24/7 online portal tracking; Monitoring collection notes, checks, purchase reports, and statements; Customer credit services; Online reporting; Freight broker factoring
Location2941 Larkin Avenue, Clovis, CA 93612, United States
1 Indian Head Road, Commack, NY 11725, United States
Operation HoursMonday – Friday (9.00 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 855-879-1511, +1 855-489-0310
Email[email protected]

REV Capital views invoice factoring as the most versatile cash flow financing for businesses in virtually any industry. Thus, the company is constantly exploring methods to innovate and improve standard factoring practices to give small businesses a trustworthy financing partner.

The factoring company deserves to be on our list due to its full transparency with its clients. One of the company’s main benefits is a 24/7 web portal that enables anyone to track and monitor their purchase reports, collection notes, and checks in real-time.

More importantly, REV Capital was bestowed 3 Best in Biz Awards on August 2022. These awards include Silver in Most Resilient Company of the Year, Silver in Fastest Growing Company of the Year, and Bronze in Crisis Management Executive of the Year. These acknowledgments showcase REV Capital as a trustworthy and high-profile business on the international level.

2. OTR Solutions

Truck factoring companies: OTR Solutions logo
OTR Solutions promotional picture
ServiceSelect invoice factoring, 24-hour funding billing and collection services, customer credit services
Location1000 Holcomb Woods Parkway Building 300, Roswell, GA 30076, United States
Operation HoursMonday – Friday (8.00 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 470-900-3732, +1 770-882-0124
Email[email protected]

In terms of service, features, and advantages, OTR Solutions’ non-recourse truck factoring program is one of the best choices for established trucking companies. It was founded in 2011 to support carriers and owner-operators in keeping a positive cash flow while expanding their operations.

OTR Solutions distinguishes itself as one of the top options for factoring loads. With no additional costs and clear factoring plans, the company provides the most reliable flat factoring rates in the trucking industry. Additionally, their transparent pricing, no long-term contracts or commitments, and personalized factoring programs will surely match your unique business needs.

3. Apex Capital Corp

Truck factoring companies: Apex Capital Corp logo
Apex Capital Corp review on Facebook
Service24/7 factoring, same-day & next-day funding, and professional collections on factored invoices
Location6000 Western Place, Suite 1000, Fort Worth, TX 76107, United States
Operation HoursMonday – Friday (7.00 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 800-511-6022
Email[email protected]

Apex Capital Corp is another standout freight factoring business. The company is one of the most established truck factoring companies in operation. Since 1995, Apex Capital Corp has offered comprehensive freight factoring services focused on convenience. Apex also uses various tools and solutions to make freight factoring more accessible.

Moreover, Apex offers excellent customer service that keeps its clients informed about their invoices. Their customers have provided much positive feedback, especially on their quick invoice advance and helpful guide for the factoring process. If you are a newly established carrier, this might be useful for you to efficiently calculate your invoices and expand your business.

4. altLINE by The Southern Bank Company

Truck factoring companies: altLINE logo
altLINE website screenshot
ServiceRecourse invoice factoring, A/R financing, and asset-based lending
Location2151 Highland Ave Suite 300, Birmingham, AL 35205, United States
Operation HoursMonday – Thursday (8.30 AM – 4.00 PM), Friday (8.30 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 205-868-1515, +1 205-607-0811

altLINE is a bank factoring company that serves as an account receivable-based financing platform. It is an extension of The Southern Bank Company, which means that it provides the same benefits as a standard factoring company while also delivering the benefits of a community bank.

The company offers factoring services to a variety of industries aside from truck companies, making it the best option for virtually any small business. Plus, clients can factor invoices in high volumes and get an advance rate of up to 90%!

Based on the customer reviews, altLINE’s customer service is top-notch. Customers have stated that their team is well-educated in the industry and willing to go above and beyond to provide support.

5. Porter Freight Funding

Truck factoring companies: Porter Freight Funding logo
Porter Freight Funding promotional picture
ServiceSame-day freight factoring, freight brokerage, dispatch, fuel cards, insurance, compliance, billing, invoicing, broker credit checks
Location2112 1st Ave. N. Birmingham, AL 35203, United States
Operation HoursMonday – Friday (7.30 AM – 4.30 PM), Saturday – Sunday (Closed)
Phone+1 205-397-0934
Email[email protected]

Established in 2011, Porter Freight Funding aims to provide consistent cash flow to truck companies with their factoring services. Porter also offers a dispatching network with brokers and shippers that has been pre-approved. Plus, truck drivers can benefit from their free gasoline cards with fuel advances and discounts at locations across the country!

Aside from their positive reviews, Porter provides flexible truck factoring services to trucking companies without long-term commitments. Each client will work with a personal representative who comprehends their specific business needs.

6. RTS Financial

Truck factoring companies: RTS Financial logo
RTS Financial promotional picture
Service24-hour funding, billing and collection services, customer credit services, online reporting, select invoice factoring, fuel cards, freight broker factoring
Location9300, 9325 & 9350 Metcalf Avenue, Overland Park, KS 66212, United States
Operation HoursMonday – Friday (8.00 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 855-758-4840, +1 866-779-8575
Email[email protected]

RTS Financial provides high-quality services tailored for trucking companies, like truck factoring services, fuel cards, and business management software. The management software is useful for managing your factoring contract with RTS and other aspects of your business.

Moreover, RTS offers an agent or a referral program that allows you to get a cut of the factoring cost on loads factored by referred customers. Also, their mobile app enables you to check the status and process your loads anywhere and anytime. And lastly, they provide hourly same-day funding should you ever need it.

7. Thunder Funding

Truck factoring companies: Thunder Funding logo
Thunder Funding Instagram post
ServiceNon-recourse factoring, fuel advances, transportation assistance, fuel card, and insurance
Location2433 Impala Dr, Carlsbad, CA 92010, United States
Operation HoursMonday – Friday (7.00 AM – 9.00 PM), Saturday – Sunday (Closed)
Phone+1 800-240-4140
Email[email protected]

Despite being one of the newer truck factoring companies on this list, Thunder Funding is still regarded as one of the best factoring options available. Unlike the other companies, the company is fully dedicated to the freight industry. In fact, the company was founded by actual truckers who were fed up with delayed payments!

One of the company’s biggest benefits is that they will send clients a full copy of their contract before signing the application. This would allow the clients to know the exact pricing and details before making any commitments.

8. CoreFund Capital

Truck Factoring Companies: CoreFund Capital's Logo
CoreFund Capital's Facebook Post
ServicesInvoice factoring, freight factoring services, fuel card for truckers, referral program, extended hours, and non-recourse programs
Location1880 Santa Fe Dr #400, Weatherford, TX 76086, United States
Operation HoursMonday – Friday (8.00 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 800-405-5464
Email[email protected] 

CoreFund Capital is the leading provider of full-service freight bill factoring services throughout the United States. As a company founded by experienced industry professionals, CoreFund has made its mission to make factoring simpler, more user-friendly, transparent, and more flexible.

Your business doesn’t stop on Friday. Hence, the company will still provide you with the requested services even on Saturday. Additionally, with the company’s factoring services and full advance programs, you can expect a same-day 98% pay from your account receivable. It receives merely 2% of the payment of your account receivable, which is a highly competitive price in the freight factoring industry.

9. Provident Commerical Finance, LLC

Truck Factoring Companies: Provident Commercial Finance's Logo
Provident Commercial Finance's Facebook Post
ServicesInvoice factoring, tank payments, and finance factoring for payroll funding
Location5901 Shallowford Road Chattanooga, TN 37421, United States
Phone+1 423-661-3900
Email[email protected] 

Provident Commercial Finance breaks down its services into two main categories, commercial and transportation factoring. To thaw your often non-liquid accounts receivable, the company will pay up to 40% of your invoice before delivering you the rest of the amount after collecting the payment from your clients.

Aside from transportation, the company also provides factoring services in the manufacturing and staffing industry. However, your business might have special financial needs. Hence, Provident Commercial Finance will understand your cash flow sources and tailor factoring services for your business.

10. TAFS

Truck Factoring Companies: TAFS' Logo
TAFS' Instagram Post
ServicesFreight factoring, 360° trucking consultancy, truck maintenance & repair program, roadside assistance program, and business loans
Location15910 S. Highway 169 Olathe, KS 6606, United States
Operation HoursMonday – Friday (8.00 AM – 5.00 PM), Saturday – Sunday (Closed)
Phone+1 913-393-6110

As you sell your accounts receivable to TAFS, you will receive same-day funding to improve your cash flow. The company’s transportation factoring program allows you to receive the money within one hour. The best part is its factoring rates. They are some of the most competitive in the factoring industry. 

TAFS is more than just a factoring company; it also serves as a consultant for truck companies. With its 360° trucking consultancy, you can expect numerous benefits and programs, such as TAFS Elite Tire Club, Truck Maintenance & Repair Program, Roadside assistance, etc. All these benefits and programs are designed to help propel your trucking company. TAFS will be your ideal choice if you have just started your trucking company.

Save Time With These Professional Truck Factoring Companies in the United States!

In actuality, you can run your truck business absolutely fine without the assistance of any factoring companies. However, you will have to plan ahead for the long payment waiting time, which most businesses can’t afford to do. Ultimately, truck factoring is a much-needed upgrade for your business despite the fees and the percentage cut by the factoring company.

If you’re planning to start a business of any kind and want to learn more, don’t fret. Keep up with Amelists to learn all you need to know to get started on the path to business growth!

As your trucking company expands, you will need more comprehensive IT services and strategies to accommodate for the growth. Online operations might get complicated and the company’s online data haphazard. However, you can solve the problems with the help of IT strategy consultants. Be sure to check out our article on the 10 Best IT Strategy Consultant Companies In The United States for more info.

FAQs for Truck Factoring Companies in the United States

How are factoring fees calculated?

When an invoice is paid, the factoring fee is calculated as a percentage of the face value of the invoice. The fee is determined by a rate structure negotiated at the start of the factoring agreement, and it normally rises as an invoice remains unpaid.

What is a typical factoring fee?

Typically, factoring fees are between 1% and 5%. Keep in mind that the factoring rate is only a portion of what you could end up spending without it. Freight factoring is an excellent way to manage cash flow from unpaid invoices. It’s also a way to lessen back-office responsibilities and avoid the 30-day or longer payment process.

What other industries use factoring?

Factoring is a commonly used service in many industries, such as logistics, manufacturers, and wholesalers. Nonetheless, companies in the freight and health industries are at the top of the list.

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