According to an August 25, 2023 snapshot of the Federal Motor Carrier Safety Administration’s (FMCSA’s) carrier registration statistics, there are more than two million trucking companies in the U.S.
Many of these carriers use factoring to receive payment for their delivered loads. This helps them manage their cash flow and avoid the pain of having to wait 30-90 days before payment arrives.
Your trucking company, like all others, has regular overhead expenses (fuel, maintenance, insurance, etc.) it needs to pay. That’s why you need consistent cash flow. Working with a factoring company has pros and cons, but it will certainly get you paid faster.
That said, generally, you can only utilize one factoring provider at a time. Since the best factoring companies can become a seamless extension of your business and make your life easier, you’ll want to choose wisely.
Here at Anderson Trucking Service (ATS), our freight brokerage company, ATS Logistics Services, Inc. works with thousands of carriers. The majority of these companies (more than 75 percent, in fact), use factoring providers when hauling loads with us.
This article lists 15 of the factoring companies we’re most familiar with. These are companies we’ve been working with for a while now and many carriers use them to receive payment from ATS Logistics. We’ve organized this list in alphabetical order.
15 Top Factoring Companies For Trucking
- Apex Capital Corp
- Compass Funding Solutions
- eCapital Freight Factoring Inc.
- England Carrier Services
- FirstLine Funding Group
- Love’s Financial
- OTR Solutions
- Phoenix Capital Group
- RTS Financial Services
- Saint John Capital
- TAFS
- TBS Factoring Service
- Triumph Financial Services
- Truckstop Factoring
- WEX Capital
1. Apex Capital Corp
Apex is a multi-faceted institution providing financial services for trucking companies and transportation business. Factoring is one of Apex Capital’s core services. That said, they also provide credit checks, discount programs, a load board and countless resources to help trucking companies navigate this business. Founded by two friends in late 1995, Apex has grown substantially over the past three decades and is considered a premier player in the factoring business.
Founded Year: 1995*
Headquarters: Fort Worth, Texas*
Key Factoring Details: Transparent factoring rates, same- and next-day funding, 24/7 factoring, free factoring app, no monthly minimum volume fees, no termination fees**.
Google Rating: 4.8/5 (575 reviews)
Association Memberships: International Factoring Association, Laredo Motor Carriers Association, North American Punjabi Trucking Association, Texas Trucking Association, TCA, Women in Trucking*.
*According to Apex Capital’s website
**According to Apex Capital’s factoring website page
2. Compass Funding Solutions
Compass Funding Solutions is dedicated to providing great customer service and robust factoring solutions to trucking companies throughout the U.S. To help their customers focus on what’s important, Compass will handle all pieces of the payment collection process including credit management, billing and collection. Compass Funding Solutions is only one arm of the Compass Holding family of companies which also includes Compass Insurance Group, Compass Truck Sales and Compass Logistics.
Founded Year: 1997** (Compass Holding)
Headquarters: Clarendon Hills, Illinois
Key Factoring Details: Simple account setup (in minutes), more than 20 years experience, bundled savings (payment, insurance, factoring, etc.)*.
Google Rating: 2.2/5 (33 reviews)
Association Memberships: ATA, IANA, IFA, National Equipment Finance Association, UTA, TCA**.
*According to Compass Funding Solutions’ website
**According to Compass Holdings’ website
3. eCapital Freight Factoring Inc.
Ecapital Freight Factoring is the transportation arm of eCapital which provides financial funding services to companies in the staffing, healthcare, consumer goods and transportation industries. With a focus on small-/medium-sized businesses, according to its website, eCapital has “created a funding model that features rapid approvals and processing, 24/7 access to funds and the freedom to use the money wherever and whenever. . .” eCapital Freight Factoring has served more than 22,000 businesses to date — a number that’s only growing.
Founded Year: 2006*
Headquarters: Aventura, Florida*
Key Factoring Details: Instant bank account transfers, line of credit available, offer a Visa Commercial Card, back office support, 90-day risk-free trial*
Google Rating: 3.7/5 (35 reviews)
Association Memberships: N/A
*According to eCapital’s website
4. England Carrier Services
England Carrier Services (ECS) is the division of England Logistics that offers industry services for trucking companies. Along with factoring, ECS provides fuel and tire discounts for carriers to take advantage of. England Logistics was founded in 1994 and is a wholly-owned subsidiary of C.R. England.
Founded Year: 2004
Headquarters: Salt Lake City, Utah
Key Factoring Details: customizable plans and solutions, competitive rates, access online reports 24/7, access ECS’ collections/credit teams, personal Customer Service Factoring Agent*.
Google Rating: 2.6/5 (269 reviews)
Association Memberships: N/A
*According to England Logistics’ website
5. FirstLine Funding Group
FirstLine Funding Group is a division of the First Bank & Trust company. Serving the transportation industry, the FirstLine Funding Group factors invoices, finances equipment and offers fuel advances — among other things. FirstLine Funding Group also offers factoring for other industries.
Founded Year: 2009
Headquarters: Madison, South Dakota
Key Factoring Details: Flat rate pricing available, up to 100 percent advance rate, work with personal account manager, mobile app for scanning invoices*.
Google Rating: 4/5 (64 reviews)
Association Memberships: International Factoring Association, American Factoring Association, Women In Trucking, EFS/T-Chek/FTS Plus, North American Credit Management, Better Business Bureau, HubTran**.
*According to FirstLine Funding Group’s website
**According to First Bank & Trust’s website
6. Love’s Financial
Love’s Financial falls under the Love’s Family of Companies umbrella. Factoring is one of the largest services offered by Love’s Financial, but they also provide fuel discounts, a free TMS and express credit options. Love’s Financial has been offering freight factoring services for years now, making them an excellent option if you’re looking to work with a transportation industry staple.
Founded Year: 2014**
Headquarters: Oklahoma City, Oklahoma
Key Factoring Details: Custom solutions, up to 99 percent access to cash from invoices, back-office support, bundle packages available, credit programs*.
Google Rating: 1.5/5 (41 reviews)
Association Memberships: N/A
*According to Love’s Financial’s website
**According to Love’s job website
7. OTR Solutions
Previously known as OTR Capital (until 2022), OTR Solutions strives to find its clients innovative solutions to the transportation industry’s toughest challenges. OTR Solutions provides factoring for freight carriers and freight brokers as well as fuel programs for truckers.
Founded Year: 2011*
Headquarters: Roswell, Georgia
Key Factoring Details: Non-recourse factoring program available, dedicated client support, no credit restrictions, mobile app for invoice uploading, 24/7 visibility to your outstanding invoices*.
Google Rating: 4.6/5 (505 reviews)
Association Memberships: N/A
*According to OTR Solutions’ website
8. Phoenix Capital Group
Phoenix Capital Group prides itself on being a full-service factoring firm exclusively serving the transportation industry. This company, which has grown substantially since its 2001 founding, helps trucking companies and truck drivers grow by providing them with a one-stop financing experience from the heart of Arizona. In addition to factoring, Phoenix Capital Group offers equipment financing, an online load board and fuel discounts.
Founded Year: 2001
Headquarters: Scottsdale, Arizona
Key Factoring Details: Receive 90-100 percent of your invoice’s value, receive a payment within 24-48 hours of delivery, non-recourse factoring available, low factoring rates*.
Google Rating: 4.2/5 (136 reviews)
Association Memberships: Truckload Carriers Association, International Factoring Association, Commercial Finance Association*.
*According to Phoenix Capital Group’s website
9. RTS Financial Services
Part of the Shamrock Trading Corporation family of brands, RTS Financial offers companies in many industries a diverse set of working capital services. Trucking factoring is one of RTS Financial’s core services. By signing up with RTS Financial you can expect payment for your open invoices in as little as 24 hours. RTS Financial also provides a fuel card program, fuel savings and various technology solutions for trucking companies to utilize.
Founded Year: 1995
Headquarters: Overland Park, Kansas
Key Factoring Details: No hidden fees, easily upload invoices online or in their app, discounts of U.S. veterans, same-day invoice funding*.
Google Rating: 4.6/5 (1,741 reviews)
Association Memberships: N/A
*According to RTS Financial Services’ website
10. Saint John Capital
Saint John Capital was founded in 2009 and is completely dedicated to the transportation industry. Today, Saint John Capital provides factoring to trucking companies in the U.S., Canada and Mexico. Offering 1000 percent factoring advances, Saint John Capital can help you get paid whether you’re a multinational corporation or a single-truck carrier.
Founded Year: 2009
Headquarters: Chicago, Illinois
Key Factoring Details: Line of credit available, great factoring rates, factoring advances up to 100 percent, upload invoices/bols from a mobile device, same-day payment*.
Google Rating: 4.5/5 (466 reviews)
Association Memberships: N/A
*According to Saint John Capital’s website
11. TAFS
TAFS is a financial company that provides factoring services for owner-operators in the trucking industry. For more than 15 years, TAFS has been learning and making investments in the transportation industry to better service customers. Today, TAFS’ factoring services are among the best in the business, offering a secure way to garner your accounts receivables quicker.
Founded Year: 2007*
Headquarters: Olathe, Kansas*
Key Factoring Details: 1-hour advance options, TAFS mobile app available, competitive rates*.
Google Rating: 2.8/5 (695 reviews)
Association Memberships: Better Business Bureau*
12. TBS Factoring Service
TBS’ mission is to “be the premier provider of solutions that enable our nation’s transportation companies to prosper.” TBS’ service catalog includes freight factoring, discount fuel cards and insurance help.
Founded Year: 2003
Headquarters: Oklahoma City, Oklahoma
Key Factoring Details: Simple freight bill solutions, personal service, understandable rates, no volume requirements, mobile app, free credit checks*.
Google Rating: 3.3/5 (749 reviews)
Association Memberships: N/A
*According to TBS Factoring Service’s website
13. Triumph Financial Services LLC
Triumph Financial Services is a full-service financial institution for transportation companies to utilize. While their main offering is freight factoring (for freight brokers, fleets and owner-operators), they also provide solutions like asset-based lending, fuel programs, equipment financing and truck insurance.
Founded Year: 2004
Headquarters: Copell, Texas
Key Factoring Details: Same-day funding, non-recourse program, no minimums, no reserves, fuel card programs*.
Google Rating: 3.6/5 (510 reviews)
Association Memberships: N/A
*According to Triumph Financial Services’ website
14. Truckstop Factoring
Truckstop is a staple of the transportation industry. You may recognize this brand from its load board portals, technologies and market insights. Truckstop also offers freight factoring for carriers. In fact, much of this process can be handled through their truckstop app, which ranks among the best load board applications for carriers.
Founded Year: 1995 (Truckstop) | 2009 (Financial Services Division) | 2018 (Acquire Factoring Company D&S Factors)*
Headquarters: New Plymouth, Idaho
Key Factoring Details: Full-service billing, flat rate (as low as 2.99%), flexible cancellation, non-recourse factoring, no minimum volume requirement*
Google Rating: 2.8/5 (49 reviews)
Association Memberships: N/A
*According to Truckstop’s website
15. WEX Capital
WEX Capital Fleet One Factoring is the factoring division of WEX Inc. (the Portland-based financial technology giant. Founded in 2019 following an acquisition, WEX Capital strives to make factoring easy, transparent and free of hidden charges. WEX Capital has more than 30 years of experience in transportation factoring.
Founded Year: 2019
Headquarters: Nashville, Tennessee
Key Factoring Details: Mobile app for uploading invoices, no hidden fees, get paid within 24 hours of invoice upload, credit checks available for vetting freight brokerages*.
Google Rating: 1/5 (9 reviews)
Association Memberships: N/A
*According to WEX Capital’s website
How to Choose a Factoring Company
With this list of factoring companies to consider using, your next step is to evaluate and choose one. Whether you select one from this list or not, there are several things you need to consider when selecting a factoring provider for your trucking business; they’re not all created equally.
Here are four things you should keep in mind:
- How long have they been in business?
Factoring is an intricate service, especially in the fast-paced transportation world. Make sure the provider you choose has the experience, infrastructure and capital to pay you fairly and quickly
- Look at their reputation
Wherever there’s smoke, there’s fire. Make sure to do your research. Find out how reliable a factoring company is by looking at review sites and third-party resources.
- Make sure you understand their fees
Fees can add up in the financial services industry. You deserve to make as much money for your delivered loads as possible. Don’t be afraid to ask about each company’s fee structure.
- Be sure to understand the terms of your relationship
Contracts can be confusing. The best factoring companies will explain these things to you. Make sure you understand what you’re signing up for; if you don’t, this is a red flag.
In the end, factoring might not be the right option for your business (it’s one of many). To help you make this discernment before you get too far along, read What is a Factoring Company? (How to Select On as a Carrier)
Finally, if you have any questions, don’t hesitate to reach out to us, we’re happy to help you become a more successful trucking company.
