A factoring company acts as your companion because it helps you in being paid immediately after you complete the deliveries of loads. It’s common in the trucking industry that you might have to wait for some days after hauling the loads when it comes to being paid, but if you have factored your loads with a freight factoring company, you will be paid the bulk of the invoiced amount (up to 80-90%) immediately. Your customer will directly pay the factoring company. The factoring company will pay you the remaining amount, minus their fee, once they’ve been paid in full by your customers. So, factoring companies help you financially sustain your trucking business without lending any loans. Plus, a factoring company will help you maintain a streamlined cash flow for your business.
When it comes to choosing a factoring company for your trucking business, you may have hundreds of options in the market, but selecting the right one among them might be challenging. That’s why we have found some of the best factoring companies in the country you can trust with closed eyes. So, let’s get started to know more about these companies.
Top Factoring Companies for Truckers
– OTR Capital
OTR Capital is at the top of our list because it offers same-day payments for truckers. It is basically a transportation-focused factoring company that provides both recourse and non-recourse programs with steadfast back-office support. If you want to enjoy a great collecting and billing experience, you can rely on the invoice factoring system of OTR Capital.
Why Should You Choose OTR Capital?
- Absolutely no chargebacks when the loads are cleanly delivered.
- No monthly or volume limits.
- Absolutely no credit restrictions
- Offers highly affordable and trustworthy flat factoring rates as compared to all other factoring companies in the industry.
- No hidden fees
- Simple Online invoicing options thanks to an efficient and fast-working client portal.
- User-Friendly Mobile App
– RTS Financial
RTS Financial is another member of the top factoring companies’ list. Apart from top-notch freight factoring, you can get several other benefits while factoring your loads with RTS Financial, such as fuel discounts. It’s known for its great customer satisfaction rate and overall competitive rates.
Why Should You Choose RTS Financial?
- Offers user-friendly software that can help you manage routine business tasks.
- Up to 97% payment of the total invoiced amount
- Non-recourse factoring
- Fuel Discount Program
- Option of Equipment leasing
- Friendly customer support via email, online chat, and phone.
- Intuitive Smartphone App
– Porter Freight Funding
Porter Freight Funding is a factoring company established back in 2011 with the mission of helping truckers maintain a consistent cash flow. It also has specialized dispatch networks with pre-approved brokers and shippers.
Why Should You Choose Porter Freight Funding?
- Offers both recourse and non-recourse factoring
- Fuel Cards
- Online Insurance quotes
- Complete compliance assistance
– Apex Capital Corp
Apex Capital Corp is one of the oldest factoring companies, established back in 1995. It is known for offering high-quality factoring services to its clients with an open communication facility. The representatives of Apex Capital Corp always keep clients in the loop of consultation about their invoices. This industry leader factoring company has an overwhelming number of positive reviews in which customers mentioned the speed with which their invoices are advanced and the helpfulness of customer support.
Why Should You Choose Apex Capital Corp?
- Offers Recourse and Non-recourse factoring
- Highly competitive factoring rates (only 2%)
- Monthly minimum volumes are completely free of charges
- Zero termination fees
- No hidden charges
- Free credit checks
- Fuel Discounts
- Easy Load factoring with AMP (Account Management Portal)
- Intuitive mobile app
These are some great options when it comes to choosing a factoring company for your trucking business. You can choose one of these companies by considering your business needs.
Datla Logistics is a truck dispatching and freight shipping company. If you’re looking for truck dispatching services or freight shipping, contact us today!