9 Best Factoring Companies for Trucking In 2024
The best factoring companies for trucking are CoreFund Capital, Apex Capital Corp, and Breakout Capital.
Cash flow is a constant challenge for trucking businesses. Delayed client payments can disrupt operations, but factoring companies can help by providing quick access to cash. In 2024, finding the right factoring company is vital to keeping your business running smoothly.
This blog will cover the 9 Best Factoring Companies for Trucking in 2024. These companies offer the best services and terms to help trucking businesses manage cash flow and stay on track. Let’s get started!
Our Top Choices For Factoring Companies for Trucking
- Funding Speed: Same-day
- Factoring Type: Non-recourse
- Fees: No hidden fees
- Special Features: 24/7 access, flexible terms
- Funding Speed: Same-day
- Factoring Type: Recourse & Non-recourse
- Fees: 2% flat rate on invoices
- Special Features: No minimums, free credit check
- Funding Speed: 24-48 hours
- Factoring Type: Recourse & Non-recourse
- Fees: 1.25% rate
- Special Features: Quick approval, transparent fees
- Funding Speed: Same-day
- Factoring Type: Recourse & Non-recourse
- Fees: 1%-4% discount, $300 fee
- Special Features: Real-time updates, flexible fees
- Funding Speed: 24-48 hours
- Factoring Type: Recourse & Non-recourse
- Fees: Custom (depends on agreement)
- Special Features: Invoice creation & payment collection
- Funding Speed: Same-day
- Factoring Type: Recourse
- Fees: Low-interest rates
- Special Features: Bank-backed, low interest rates
- Funding Speed: Same-day
- Factoring Type: Non-recourse
- Fees: 2%-4% rates
- Special Features: Full contract transparency
- Funding Speed: 1-2 hours
- Factoring Type: Recourse
- Fees: $5 fee, 100% advance rate
- Special Features: Fast approval, customized packages
- Funding Speed: Same-day
- Factoring Type: Non-recourse
- Fees: Competitive rates
- Special Features: Equipment leasing, mobile app access
How to Choose a Trucking Factoring Companies
Industry Experience
Industry experience matters when selecting a factoring company. Choose one that understands the trucking world—delayed payments, freight bills, and the paperwork involved with each load. A company familiar with trucking will handle your needs more efficiently.
Fees and Rates
Fees and rates can impact your bottom line. Look for clear and fair pricing with low discount rates. Ensure there are no hidden fees like transaction costs or extra charges for fuel surcharges.
Advance Rate
Advance rate is the amount you get upfront. Look for a factoring company offering 80-95% of the invoice. This gives you quicker access to cash for fuel, truck repairs, and driver wages, keeping your operations running smoothly.
Recourse vs. Non-Recourse Factoring
Recourse factoring means you’ll owe the factoring company if your client doesn’t pay. Non-recourse factoring shifts the risk to the company if your client defaults. Choose based on your risk tolerance and the clients you work with.
Customer Service
Customer service is key. You need a factoring company that responds quickly when you have issues with invoices or payment. Fast resolution is vital to keep your trucks on the road without delays.
Funding Speed
Funding speed is critical in trucking. Choose a factoring company that gives you quick access to cash, ideally within 24 hours. This way, you can pay for fuel, maintenance, and other urgent expenses.
Client Creditworthiness
Client creditworthiness helps protect you from slow-paying or non-paying clients. A good factoring company will check your customer’s credit before buying invoices to reduce your risk.
Contract Terms
Contract terms should be flexible to suit the ebb and flow of the trucking business. Choose month-to-month agreements or short-term contracts to avoid locking yourself into long commitments during slower seasons.
Reputation in the Trucking Industry
Reputation in the trucking industry is a strong indicator of reliability. Look for a factoring company with positive reviews from other trucking businesses. Their experience with the industry will ensure smooth transactions and better service.
9 Best Factoring Companies for Trucking In 2024
CoreFund Capital
CoreFund Capital is a factoring company that specializes in helping trucking businesses maintain steady cash flow. They provide fast and dependable funding with flexible terms. This includes non-recourse factoring, which protects you if a customer fails to pay.
CoreFund also provides fuel discount cards, which can be a great way to save on operating costs. Their online portal allows you to access your account anytime, making it easy to track invoices and payments.
CoreFund Capital is a great option for trucking companies. No minimums and no long-term commitments exist. They offer fast and simple factoring. Their customer service is excellent.
Company Highlights
- Non-recourse factoring
- Same-day funding
- Fuel discount cards
- 24/7 online banking portal
- No minimums, no commitments
- Saturday funding hours
Apex Capital Corp
Apex Capital has been around since 1995 and is well-known in the trucking industry for offering flexible factoring solutions. Whether you’re a small trucking business or a larger fleet, Apex can help by providing quick advances on your invoices. Their mobile app and online portal make it easy to manage your account and track payments. They also offer fuel discounts to help reduce costs.
Apex provides both recourse and non-recourse factoring options, so you can choose what works best for your business. Plus, there are no minimums or hidden fees, making it a reliable choice for truckers looking for transparency and fast funding.
Company Highlights
- Recourse & non-recourse factoring
- 2% flat rate on invoices
- No minimum volume, no cancellation fees
- Free credit checks
- Fuel discount cards
- Mobile app with image-capture for factoring
Breakout Capital
Breakout Capital is a great option for smaller trucking businesses in need of quick, transparent financing. They offer factoring services with low rates and no hidden fees.
With Breakout, you can get funding in as little as 24 hours, which can help keep your trucks on the road and your operations running smoothly. They also offer tailored financing solutions to fit the specific needs of trucking companies.
The company prides itself on its transparency, so you know exactly what you’re paying for. If you’re a small trucking business, Breakout Capital can provide the financial flexibility you need without the hassle.
Company Highlights
- Focus on small businesses
- Fast funding with 1.25% rate
- Transparent fees
- Offers asset-based lending and short-term loans
- Provides business advisory services
Triumph Invoice Factoring
Triumph Invoice Factoring stands out in the trucking industry for its fast same-day funding and an easy-to-use online portal. With Triumph, you get access to real-time invoice updates, so you can keep tabs on your payments and cash flow.
They also offer non-recourse factoring, which means you’re protected if a customer doesn’t pay.
One of the perks of working with Triumph is their fuel card discounts, which can save you up to 22 cents per gallon. If you’re looking for quick, reliable factoring services with a user-friendly platform, Triumph is an excellent choice for trucking companies.
Company Highlights
- Same-day funding up to 100%
- Fuel card discounts up to 22¢/gallon
- 1%-4% discount rate, $300 origination fee
- Real-time invoice management through web portal
- Non-recourse factoring available
Provident Commercial Finance
Provident Commercial Finance offers more than just factoring services—they provide guidance and support to help your trucking business grow. With their full-service approach, they can assist you with everything from invoice creation to payment collection.
However, it’s important to note that their fees and terms aren’t always upfront, so you’ll need to reach out to them directly for specifics.
For trucking businesses that want a more hands-on approach to factoring, Provident offers a tailored experience, but you may need to do some extra legwork to fully understand the costs.
Company Highlights
- Full-service factoring (invoice creation, financing, collection)
- No clear fee transparency, requires customer inquiry
- Focuses on consulting and business expansion
altLINE, The Southern Bank Company
altLINE, by The Southern Bank Company, offers factoring services with the added security of working with a bank. While they don’t offer non-recourse factoring, they provide quick, reliable funding for trucking businesses.
Their recourse factoring allows for lower interest rates, and they offer the stability that comes with partnering with a bank.
For trucking companies that need predictable cash flow and the added benefit of banking support, altLINE is a strong option.
Company Highlights
- Bank-backed factoring
- Offers recourse factoring only
- Instant refunds
- Lower interest rates due to bank backing
- Great customer service
Thunder Funding
Thunder Funding is unique because it was founded by truck drivers who understood the frustrations of waiting for payments. They specialize in trucking factoring and offer flexible, non-recourse factoring services.
Thunder Funding also allows you to choose which invoices you want to factor, providing more control over your finances. With same-day funding and fuel discounts, they offer a range of services designed to help trucking companies thrive.
If you’re a trucker who wants to keep control over your factoring and get fast funding, Thunder Funding could be the right fit for you.
Company Highlights
- Non-recourse factoring
- Funding available same day
- Gas and fuel card discounts
- Higher factoring fees (2%-4%)
- Access to a full contract before application
TAFS
TAFS is a trusted name in the trucking industry for its quick and easy factoring solutions. They offer 100% advance rates on invoices, ensuring you get the cash you need immediately.
TAFS is particularly helpful for truckers who need quick funding for either single loads or long-term contracts. Their mobile app allows you to upload invoices directly, making it convenient to manage your account.
Although TAFS operates on a recourse basis (which means you’ll be liable if a customer doesn’t pay), they offer competitive fees and excellent customer service, making them a reliable option for trucking businesses that need fast cash.
Company Highlights
- Fast funding (within 1-2 hours)
- 100% advance rate
- $5 standard fee
- Fuel discounts available
- Mobile app for uploading invoices
- Recourse-only factoring
RTS Financial
RTS Financial offers factoring services specifically designed for the trucking industry. They provide up to 97% of an invoice’s value upfront, along with non-recourse factoring for added security.
RTS also provides a range of tools for trucking businesses, including a mobile app to track shipments and manage invoices. They even offer fuel cards and leasing options to further support truckers.
With same-day funding and a range of value-added services, RTS Financial is a great choice for trucking companies looking for flexible, fast, and secure factoring.
Company Highlights
- Non-recourse factoring
- Same-day funding
- Up to 97% advance on invoices
- Fuel card and equipment leasing options
- Mobile app and business management software for trucking
- High-quality customer support
Conclusion
Choosing the right factoring company is crucial for maintaining cash flow in your trucking business. Companies like CoreFund Capital and Apex Capital provide fast, dependable funding with no hidden fees. This helps you avoid disruptions in your operations.
Companies like Breakout Capital and Triumph Invoice Factoring offer clear pricing and quick approval. This makes them great choices for smaller trucking businesses.
When selecting a factoring partner, focus on speed, transparent terms, and the ability to handle your specific needs. The best factoring companies know the trucking industry well. They provide services that help you stay on the road.