Top 7 Freight Factoring Companies as Chosen by Carriers

Choosing which load factoring company to work with is a big decision for any carrier. While there are many benefits to factoring, it is important that you choose the company that is right for you to fully enjoy these benefits. In order to make the process a little easier, DAT has reached out to several experts to get their feedback on the best factoring companies for truckers.

Freight factoring, also called transportation factoring, trucking factoring, or freight bill factoring, is a process in which the person or business that delivers a load sells their invoice to a factoring company. The factoring company then pays the carrier the full amount of the invoice, minus a small percentage, within as little as 24 hours of receiving the invoice, rather than waiting a month or longer for a broker to pay the invoice. The time it takes to receive payment can depend on a variety of factors, but generally different companies will have different timelines for payment.

The essential point to remember is that factoring should not be confused with lending. When a factoring company purchases your invoice, that invoice belongs to the company. With factoring, drivers and businesses are able to get paid in advance — and use these funds to pick up new loads — without having to get a loan or incur debt.

The following seven freight factoring companies have been selected according to feedback from owner-operators — and then vetted by industry experts. Here’s what you need to know about choosing the right one for your business.

1. Triumph Business Capital

Better Business Bureau® Rating: A+, accredited

Triumph has been an industry leader in freight factoring since the company’s inception in 2004. Since then, Triumph has helped more than 20,000 small and medium-sized businesses in the U.S. take control of their cash flow. While Triumph’s numbers could speak for themselves, it is the positive feedback of owner-operators and industry experts that really demonstrates why Triumph is the number one choice on this list.

Chamaine Jeffers described how Triumph has helped her and her business. She said, “With Triumph, you get free credit checks on brokers and advances of up to 50 percent on fuel payments. They have great customer service, and you can negotiate some basics of the contract. Also, TriumphPay is a great way to handle the accounts payable process. It easily allows carriers to set up pay, including QuickPay using their mobile phones.”

Given that Triumph receives the most positive feedback of any of the companies on this list on their Better Business Bureau® page — as well as on TrustPilot — it’s unsurprising that Jeffers is just one of many Triumph clients with good things to say about the company.

For instance, President and CEO of Crescent Foods, Ahmad Adam, who has worked with many financial institutions during his 25 years in business, explained why Triumph stands out. He described Triumph’s factoring experts as “very knowledgeable, efficient, and courteous! [They are] solution oriented and extremely prompt with quick responses. [Triumph is] the best financial institution I have ever dealt within 25 years.”

While these reviews help to demonstrate why Triumph is at the top of our list, it’s also important to take a closer look at the company’s concrete offerings and advantages to understand how exactly it stands out from the competition.

Specifically, Triumph offers:

  • Both recourse and non-recourse factoring programs
  • Competitive Factoring Rates
  • Freight factoring with no minimum
  • Advance Rates as high as 100% with no reserves required
  • Fast funding within 24 hours
  • Complete transparency — Triumph’s fees are all clearly laid out in the factoring agreement
  • Discount fuel cards to save money at national and regional chains
  • Fuel advances in one hour or less
  • 24/7 Online account management for invoice submission and status updates
  • 24/7 Free, Unlimited Credit Checks
  • Best-in-class customer service
  • Month-to-month contracts available
  • Freedom to pick and choose which customers to factor
  • Referral program: earn extra money by referring other companies to Triumph

While Triumph is known for its invoice factoring services, it offers other value-added benefits as well, which you can easily combine with factoring. These include asset-based lending, equipment financing, insurance services, fuel cards and advances, credit checks and analysis, back-office solutions. When you partner with Triumph, you are assigned a dedicated account team of professionals who work with you to make sure you have the money you need to manage and grow your trucking operations.

Finally, Triumph has an added perk when it comes to factoring if you’re already using the DAT load board. If you see a green check mark next to a load on the board, that means the client has been approved by Triumph. With a load board and factoring company that is connected, invoice factoring is easier and more reliable than ever. Most importantly, since Triumph doesn’t have any minimums, it gives you the freedom to factor as few or as many invoices as you want each month.

With a four-star, ‘Excellent’ rating on TrustPilot, it’s no surprise that all the owner-operators and industry experts we spoke to had only good things to say about Triumph.

2. RTS Financial

Better Business Bureau® Rating: A, not accredited

RTS offers quality freight factoring in addition to a variety of services specific to truckers, like fuel cards and software designed to help you manage your business. This software can help with managing your factoring agreement with RTS itself as well as other elements of your operation.

One industry expert we spoke to, Ahesa Johnson, enumerated the many advantages of factoring with RTS. She said, “We chose RTS Financial because they offer an agent/referral program where you can receive a percentage of the factoring fee for loads factored by referred clients. They also offered a lower rate and they have an app that allows you to process your loads and check the status. Lastly, they offer hourly same-day funding if you need it.”

These are all points that help bring RTS toward the top of the list of best freight factoring companies. Plus, here are some additional features of RTS that make it a good choice for owner-operators:

●    Non-recourse factoring
●    Up to 97 percent of invoice value paid upfront
●    Equipment leasing
●    Fuel card program with a large credit line
●    Trucking-related software
●    Mobile app
●    Quality customer support through email, phone, and online chat

When asked why they chose RTS for their freight factoring, customers often point to the company’s low rates and fast payments. In theory, customers are able to get up to 97% of the value of their invoice upfront. However, there are some complications with this figure given that RTS lacks transparency when it comes to their pricing. Even when you contact their customer service, it can be difficult to determine exactly what fees you will be paying.

Another challenge with RTS is that, unlike with many other factoring companies, it is impossible to apply online for the service. Instead, you need to speak directly with a sales representative who will discuss your business and your options with you. Many people find this to be less convenient than simply applying online before speaking to a representative.

3. Apex Capital Corp

Better Business Bureau® Rating: A+, accredited

Another standout freight factoring company is Apex. Founded in 1995, Apex is one of the most established factoring companies in operation. Apex is focused on connectedness and providing users with quality customer service that keeps them in the loop about their invoices.

Customer feedback is largely positive for Apex, with many customers finding that their invoices are advanced quickly and that their account executives are very helpful in helping them navigate the factoring process. This is particularly useful for new carriers that may not have the knowledge or experience to effectively factor their invoices and grow their businesses. The fact that so many of Apex’s customers feel that they are being supported is a big positive for the company.

In addition to their experience and top-notch customer service, Apex offers the following service highlights:

●    Both recourse and non-recourse factoring
●    A flat rate of 2 percent on already billed invoices
●    No fees related to monthly minimum volumes
●    No termination fees
●    Free credit checks
●    No hidden charges
●    Fuel card discounts
●    24/7 access to their free online Account Management Portal (AMP)
●    A mobile app with image capture technology so you can factor from anywhere
●    An account executive dedicated to your account

While Apex is a good choice for businesses of any size, it does require a little more forward-thinking than some other factoring companies. Though there are no termination fees for contracts with Apex, while you are under contract, Apex demands that you factor all of your invoices through them. This sets them apart from some other factoring companies, which allow you to pick and choose which invoices you want to factor even when you’re under contract. That gives you the freedom to decide which invoices make financial sense to factor and which you would rather not pay the percentage that is collected by the factoring company.

4. Thunder Funding

Better Business Bureau® Rating: A+, not accredited

Thunder Funding is one of the newer companies on this list, but that doesn’t mean it isn’t one of the top factoring options available. Unlike other companies, Thunder Funding is focused entirely on freight. The company was started by real truckers who were frustrated by delayed payments.

One of the biggest advantages of Thunder Funding compared to other factoring companies is that they will send you a full copy of their contract before you even sign an application. That means you can see exactly what you are getting into in terms of pricing before you make any kind of commitment.

The company’s specific factoring offerings include:

●    Non-recourse factoring
●    Rates of 2-4 percent — more expensive than some of the other factoring companies
●    Fuel cards and fuel discounts
●    Free credit checks
●    90 day, short-term agreements
●    24/7 online account access
●    The freedom to choose which customers to factor
●    Same-day funding

The only real drawback of Thunder Funding is that its rates are on the more expensive side as compared to the competition. However, they are still a great factoring choice, especially if you are looking for shorter commitments.

5. Accutrac Capital

Better Business Bureau® Rating: A+, accredited

Update: As of October 2020, Accutrac appears to have merged with No. 7 on our list, eCapital. 

Accutrac has a lighter online presence than most of its competitors, but that doesn’t mean it isn’t still a high-quality freight factoring solution. In fact, it is one of only four companies on this list with an A+ Better Business Bureau® rating.

Accutrac is focused on supporting customers with convenient, simple-to-use resources and high-quality, personal customer service. Accutrac’s dedicated Account Managers are not only there to make sure you get superior customer service, but also to give you advice you can trust when it comes to managing your business and your invoices.

Accutrac’s factoring services include:

●    Recourse factoring
●    A flat rate of 1.59 percent for the first 90 days
●    Free credit reports
●    24/7 access to your online account
●    A dedicated Account Manager
●    Discount fuel cards
●    Equipment financing
●    Cash Advance B4 Delivery — this lets you get 50 percent of your load’s value advanced when you pick it up

While customer feedback on Accutrac is largely positive, the company does have a few negatives according to owner-operators and industry experts. First, while Accutrac says they put an emphasis on transparency, it is difficult to determine what exactly their fees look like after their initial 90-day “All-In” plan. The low rate of 1.59 percent that they advertise does not seem to be the norm once you move beyond that period.

Additionally, some customers have found it frustrating that users need to turn to their online profiles to find out why an invoice was not funded. Neither the Account Manager nor another customer service representative will contact you if an invoice is not funded. Given that Accutrac puts such a big emphasis on customer service, it is useful to keep this in mind when picking your factoring company.


Better Business Bureau® Rating: B+, accredited

TAFS is focused on providing speedy funding. They are open 365 days a year and even have a 1-Hour funding option. However, customers have noted some serious drawbacks with the company, especially as TAFS has grown.

When you factor with TAFS, you can expect:

●    Recourse factoring
●    Multiple program options including speed funding
●    24/7 online account access
●    Free credit checks
●    No minimums
●    Fuel and maintenance discounts
●    Ability to submit invoices through the online portal or mobile app
●    Relationship specialists focused on providing quality customer service

Recently, customers have reported some negative experiences with TAFS. One of the biggest complaints is that it can be very hard to get out of the contract as the termination fee is very high. Customers also report poor communication and poor customer service. Further, there appears to be a lack of transparency in terms of pricing and business practices. Finally, there are not many credible positive comments about the company online. While people who are unhappy are always more likely to leave reviews than people who are satisfied with a service, other companies — especially the most popular ones, like Triumph — have a large number of credible positive comments online.

7. eCapital

Better Business Bureau® Rating: A-, not accredited

eCapital offers top quality customer support, especially for companies that are just getting started. However, they do have some drawbacks that bring them to the bottom of this list.

eCapital’s factoring services include:

●    Both recourse and non-recourse factoring
●    Free credit checks
●    Fuel cards
●    No minimums

Unfortunately, customers also report some negative experiences with eCapital. Their pricing model is not clearly available on their website. The company also has complex contracts and they can make it difficult to leave your contract. This difficulty is exacerbated by the poor communication and poor customer service that a number of users report. Some users also report having difficulties getting paid after their initial period with the company. Several customers are happy with eCapital, however, so it might still be a good fit for some owner-operators.

The Bottom Line

There are a lot of options available when it comes to factoring. At DAT, we believe that Triumph is the best factoring company out there and the feedback we’ve received from owner-operators and industry experts supports that. Not only is Triumph the clear industry leader, it is the most popular in terms of public perception. From everyone we reached out to, we did not receive any negative feedback about Triumph.

In fact, at DAT, we believe in Triumph so much that we've incorporated their services into the DAT load board. This allows drivers to quickly and easily see Brokers that have already been vetted by Triumph and whose loads are available to be factored. If you’re looking for a trustworthy and reliable factoring company that has your best interests in mind, Triumph is the clear choice.

Start factoring today!

When you partner with Triumph, you get more than money. You get a dedicated team that supports your business with invoicing, collections and credit analysis.

Register with Triumph Business Capital and get paid faster today!

Triumph Business Capital

DAT's factoring partner