US Financial is a Columbus, Ohio factoring company that has provided invoice financing and receivables factoring for businesses since 1998.
Trucking Factoring
Best Factoring Companies in Trucking
62 results
Industries we serve
Factoring amounts
$10,000 —
$30,000,000
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829 Bethel Rd #101, Columbus, OH
US Financial is a Columbus, Ohio factoring company that has provided invoice financing and receivables factoring for businesses since 1998.
10800 Lyndale Avenue S., Bloomington, MN
Commonwealth Capital is a factoring company near Minneapolis, MN that provides straight-forward working capital solutions with fairness and honesty.
Industries we serve
Factoring amounts
$10,000 —
$1,000,000
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10800 Lyndale Avenue S., Bloomington, MN
Commonwealth Capital is a factoring company near Minneapolis, MN that provides straight-forward working capital solutions with fairness and honesty.
10430 Pioneer Blvd, Santa Fe Springs, CA
Riviera Finance is a Redondo Beach, CA factoring company that operates in over 20 locations across the United States and Canada since 1969.
Industries we serve
Factoring amounts
$10,000 —
$3,000,000
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10430 Pioneer Blvd, Santa Fe Springs, CA
Riviera Finance is a Redondo Beach, CA factoring company that operates in over 20 locations across the United States and Canada since 1969.
2299 SW 27th Avenue, Miami, FL
Summar Financial is a Miami factoring company that provides domestic and international factoring to small and medium sized businesses.
Industries we serve
Factoring amounts
$50,000 —
$3,000,000
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2299 SW 27th Avenue, Miami, FL
Summar Financial is a Miami factoring company that provides domestic and international factoring to small and medium sized businesses.
613 Bakertown Road, Nashville, TN
Fleet One Factoring is a Nashville factoring company that provides freight factoring services to the transportation industry across the US.
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613 Bakertown Road, Nashville, TN
Fleet One Factoring is a Nashville factoring company that provides freight factoring services to the transportation industry across the US.
304 E Tennessee St., Tallahassee, FL 32301
Capital City Bank is a Florida factoring company located in Tallahassee that provides receivables financing and asset-based lines of credit to growing companies.
Industries we serve
Factoring amounts
$10,000 —
$10,000,000
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304 E Tennessee St., Tallahassee, FL 32301
Capital City Bank is a Florida factoring company located in Tallahassee that provides receivables financing and asset-based lines of credit to growing companies.
610 Newport Center Drive, Newport Beach, CA 92660
Round Table Financial is a California factoring company located in Newport Beach that provides invoice factoring services to small and medium size businesses across the U.S.
Industries we serve
Factoring amounts
$25,000 —
$5,000,000
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610 Newport Center Drive, Newport Beach, CA 92660
Round Table Financial is a California factoring company located in Newport Beach that provides invoice factoring services to small and medium size businesses across the U.S.
13325 S Point Blvd, Ste 300 Charlotte, NC 28273
Financial Carrier Services specializes in providing small carriers competitive rates and quality hands-on service that will help them succeed and grow. We also offer bonus services including, but not limited to, fuel discounts, equipment financing and discounted warranties.
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13325 S Point Blvd, Ste 300 Charlotte, NC 28273
Financial Carrier Services specializes in providing small carriers competitive rates and quality hands-on service that will help them succeed and grow. We also offer bonus services including, but not limited to, fuel discounts, equipment financing and discounted warranties.
610 Uptown Blvd. Suite 2000, Cedar Hill, TX 75104
Operation Finance (OperFi) is a factoring company in the Dallas-Fort Worth area that provides accounts receivables factoring and back-office support for trucking companies.
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610 Uptown Blvd. Suite 2000, Cedar Hill, TX 75104
Operation Finance (OperFi) is a factoring company in the Dallas-Fort Worth area that provides accounts receivables factoring and back-office support for trucking companies.
20807 Biscayne Blvd., Suite 203, Aventura, FL 33180
eCapital is committed to accelerating access to capital for companies in the United States, Canada and UK.
Industries we serve
Factoring amounts
$10,000 —
$50,000,000
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20807 Biscayne Blvd., Suite 203, Aventura, FL 33180
eCapital is committed to accelerating access to capital for companies in the United States, Canada and UK.
27 Roytec Rd unit 11, Woodbridge, Ontario L4L 8E3
REV Capital is a provider of full-service factoring services in Canada and the United States, with seven offices across North America.
Industries we serve
Factoring amounts
$10,000 —
$10,000,000
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27 Roytec Rd unit 11, Woodbridge, Ontario L4L 8E3
REV Capital is a provider of full-service factoring services in Canada and the United States, with seven offices across North America.
9330 LBJ Frwy. Suite 900, Dallas, TX 75243
Quasar Capital Partners is a Texas factoring company headquartered in Dallas that serves small businesses throughout the U.S. and Canada. They provide factoring services and asset-based lending for most industries, with facility sizes up to $1 million.
Industries we serve
Factoring amounts
$10,000 —
$5,000,000
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9330 LBJ Frwy. Suite 900, Dallas, TX 75243
Quasar Capital Partners is a Texas factoring company headquartered in Dallas that serves small businesses throughout the U.S. and Canada. They provide factoring services and asset-based lending for most industries, with facility sizes up to $1 million.
4601 Spicewood Springs Road, Austin, TX
Far West Capital is an Austin, TX factoring company that provides invoice factoring services for high-growth business entrepreneurs.
Industries we serve
Factoring amounts
$50,000 —
$15,000,000
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4601 Spicewood Springs Road, Austin, TX
Far West Capital is an Austin, TX factoring company that provides invoice factoring services for high-growth business entrepreneurs.
8206 Louisiana Blvd NE, Albuquerque, NM 87113
Ignite Factoring is a cutting-edge transportation factoring company that specializes in factoring services for trucking, logistics businesses, and service companies.
Industries we serve
Factoring amounts
$10,000 —
$5,000,000
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8206 Louisiana Blvd NE, Albuquerque, NM 87113
Ignite Factoring is a cutting-edge transportation factoring company that specializes in factoring services for trucking, logistics businesses, and service companies.
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Factoring for your trucking company
If you operate a trucking company, and your shipping customers and freight brokers have good credit but are slow paying their freight bills, then you should consider freight bill factoring. Not only do you get cash advances, but you often receive other benefits such as fuel cards, fuel discounts, and maintenance discount programs.
Benefits of Trucking Factoring
- Improved Cash Flow: With freight factoring, you no longer must wait for your customers to pay their invoices. You get paid quickly, which helps you cover expenses and keep your business running smoothly.
- Reduced Administrative Work: Managing invoices, collections, and paperwork can be time-consuming. When you partner with a freight factoring company, they handle these tasks for you, allowing you to focus on driving and growing your business.
- Access to Quick Funding: Instead of waiting 30, 60, or even 90 days for payment, freight factoring provides you with immediate funds. This can be especially beneficial if you need to cover fuel costs, repairs, or other business expenses.
- Increased Flexibility and Scalability: As your business grows, so do your expenses. Freight factoring allows you to take on more loads and expand your operations without worrying about cash flow constraints.
- Freight bill factoring provides a complete financing alternative to negotiating with every single freight broker for which you deliver goods. Freight factoring companies handle all your invoices, no matter how many brokers you have. This is especially important for trucking companies that work with a large number of freight brokers such as C.H. Robinson, TQL, or XPO Logistics.
How to Choose a Truck Factoring Company
When selecting a freight factoring company, it’s essential to consider several factors:
- Reputation and Credibility: Research the company’s track record, read reviews, and check if they have experience working with trucking companies similar to yours.
- Evaluation of Rates and Fees: Compare the rates and fees offered by different factoring companies. Consider not only the percentage they charge but also any additional fees or hidden costs.
- Contract Terms: Carefully review the contract terms, including the length of the agreement, cancellation policies, and any potential penalties or restrictions.
- Importance of Quality Customer Service: Look for a freight factoring company that provides excellent customer service. You want a partner who is responsive, understanding, and willing to assist you whenever you have questions or concerns.
- Speed of Funding: Timely cash flow is critical for your business. Choose a freight factoring company that offers quick funding, ensuring you can access the funds you need when you need them.
Trucking factoring rates as low as 1%, up to 4%
Freight factoring rates are very competitive. Truck factoring companies offer rates as low as 1.5% for large carriers that factor millions in freight invoices each month, while owner-operators and smaller truck companies with one to five trucks can expect to pay between 2.5 to 3.5% for freight factoring services.
Trucking advance rates as high as 99%
Trucking companies enjoy the best advance rates in the factoring industry. Other types of businesses such as staffing or construction often carry advance rates of 85% or less, but trucking cash advance rates are often 95% or more. Some freight factoring companies fully-fund 99% of your freight bills, advancing the entire invoice amount less factoring fees.
Non-recourse factoring – credit safety
Many freight factoring companies offer the option of non-recourse factoring which is a credit guarantee that protects you from customer non-payment due to credit issues. Non-recourse factoring usually costs more than recourse, but it may give you the peace of mind you need to sleep at night. Recourse and non-recourse factoring pertain only to non-payments resulting from credit issues such as insolvency or bankruptcy. You’re still liable for disputed claims, non-delivered goods or incorrect billing.
How freight bill factoring works for you
- Complete the delivery of goods to your customer and send your freight bill (or bill of lading) to your freight factoring company.
- The freight factoring company purchases your freight bills and sends you cash for up to 100% of the invoice (less factoring fees) within 24 to 48 hours.
- The freight factoring company collects payment from your customers and sends you any reserve as final payment.
Truck factoring companies advance you cash to keep your trucks on the road, but they also do much more. Trucking factoring companies typically provide back-office functions such as credit checks on brokers and shippers; invoice generation and submission; receivables processing and accounting; as well as professional collections. These services are extremely helpful to any trucker, whether your a single owner-operator or a large carrier.
Speed is critical in the trucking industry, especially when you need to get paid for your deliveries. It’s why the entire trucking industry depends on freight factoring. Whether you’re an independent owner-operator, mid-size fleet, or large carrier, you’ll benefit from freight bill factoring for consistent cash flow. Freight factoring is the fastest way to get paid by your shippers and freight brokers, so you can deliver more loads and grow your business.
Common Myths and Misconceptions about Freight Factoring
There are a few common misconceptions surrounding freight factoring that we’d like to debunk:
- Myth: Freight factoring is only for struggling businesses.
- Reality: Freight factoring is a financial tool used by both new and established trucking companies to improve cash flow and support growth.
- Myth: Factoring companies will interfere with your customer relationships.
- Reality: Factoring companies work professionally and respectfully with your customers, ensuring a seamless transition in the payment process.
- Myth: Freight factoring is expensive.
- Reality: While there are costs associated with freight factoring, the benefits often outweigh the fees, especially when considering improved cash flow and increased business opportunities.
FactoringClub
FactoringClub helps trucking companies like yours find the best freight factoring company. We know the truck factoring business like nobody else. Our services are no-cost to you. We get paid a referral fee all our factoring company partners.
Some factoring brokers typically work with only a few factoring companies. These brokers are inherently biased toward their factoring companies. In essence, you can view them as outside sales agents or representatives.
FactoringClub works with a multitude of freight factoring companies, so we can find the very best factoring company for your business. With over 100 factoring company partners, FactoringClub has the largest network of factoring companies available in the United States and Canada.
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