Top 10 Freight Factoring Companies as Chosen by Carriers
Carriers know that maintaining a steady cash flow is vital. Without a reliable stream of funds, paying drivers, covering fuel expenses, and managing operational costs all become impossible. But all carriers also know that prompt payments from brokers and shippers aren’t always guaranteed. Waiting weeks or even months for payments can push your business to the brink, forcing you to rely on credit or loans just to stay afloat.
That’s where invoice factoring comes in. Invoice factoring allows you to convert unpaid invoices into immediate cash, ensuring your business remains operational and financially healthy. But with so many freight factoring companies available, how do you choose the right one? And more importantly, how do you find a non-recourse factoring company that won’t leave you in the lurch if a customer defaults? Below, we’ve compiled a list of the top 10 freight factoring companies to help you make an informed decision.
Top 10 freight factoring companies for truckers
- OTR Solutions
- Apex Capital Corp
- RTS
- Phoenix Capital Group
- Porter Freight Funding
- Riviera Finance
- TBS Factoring
- WEX
- eCapital
- Orange Commercial Credit
These ten companies were selected based on feedback from carriers and owner-operators and then vetted by our industry experts. Below you’ll find an in-depth overview of each company to help you choose the right freight factoring partner for your business.
1. OTR Solutions
OTR Solutions, formerly OTR Capital, has the highest client satisfaction rate in the industry and stands out as DAT’s top choice for freight factoring. Their dedication to providing true non-recourse factoring and instant funding options sets them apart from the competition.
OTR Solutions distinguishes itself with a commitment to providing true non-recourse factoring, ensuring carriers retain their advance even if their customers don’t pay. Unlike other companies that may offer conditional non-recourse factoring, OTR Solutions fully assumes the risk of unpaid invoices. Their BOLT Instant Funding feature provides funds within 24 hours, so you can get paid fast.
Known for their transparency, OTR Solutions offers competitive rates with no hidden fees or long-term contracts. Providing both recourse and non-recourse factoring, they are a trustworthy partner for both small carriers and large fleets. With OTR Solutions, you’ll never see a chargeback on cleanly delivered loads.
Their user-friendly mobile app and online portal allow easy account management from anywhere. Their services also integrate with the DAT load board, so you can manage broker checks, submit invoices, and receive payments all within the DAT platform. Customer service is another area where OTR Solutions excels. With dedicated account managers, personalized support, and a commitment to customer satisfaction, they cater to carriers of all sizes. They even have a fuel card with $0 in-network transaction fees accepted at over 8,000 locations to further improve your cash flow. Whether you’re a seasoned carrier or just starting, OTR Solutions provides the reliability, transparency, and support needed to help your business thrive.
Reasons why OTR Solutions is a top choice:
- Highest satisfaction rate in the industry
- True non-recourse factoring
- No monthly minimums, volume limits, or credit restrictions
- Payment in less than 24 hours
- Dedicated account manager with personalized support
- 24/7 broker credit checks
- Both recourse and non-recourse factoring
- User-friendly mobile app and online portal
- Transparent pricing with no hidden fees
2. Apex Capital Corp
Apex Capital Corp has been supporting carriers since 1995 with a range of factoring services tailored to trucking companies of all sizes. Their strong focus on customer service and their flexible options make Apex a reliable choice.
Apex Capital Corp has both recourse and non-recourse factoring options so you can find the right fit for your risk tolerance and business model. They charge a flat fee of 2% on already billed invoices with no termination fees, monthly minimum volume requirements, or hidden charges. Their services include free credit checks, a fuel card program, and a mobile app for on-the-go factoring. Additionally, they offer dedicated account executives and a 24/7 online account management portal, helping you manage cash flow and invoices whenever is convenient to you to keep your business running smoothly.
One potential drawback to consider is that carriers contracted with Apex can’t do business with other accounts receivable factoring companies. Despite this, the overall package of services, flexibility, and customer support makes Apex Capital Corp a top contender in the freight factoring industry.
Reasons why Apex Capital Corp is a top choice:
- Flexible factoring options
- Transparent fees
- 24/7 account access
- Mobile app
- Dedicated account executives
- Free credit checks and a fuel card program
3. RTS Financial
RTS Financial has been in the factoring business since 1986, offering both recourse and non-recourse options with fast funding and low rates. They are known for providing quality customer support and offer a range of additional services for carriers.
RTS customers report receiving funds within 24 hours of submitting their invoices. In addition to factoring, RTS Financial offers a variety of complementary services designed to support trucking businesses. These include equipment leasing options, fuel card discounts, a referral program, and trucking-related software to enhance operational efficiency.
However, some of RTS’s customers raised concerns about a lack of transparency in pricing. In theory, with RTS’s low rates, carriers who factor with them should receive 97% of their invoice value upfront, but due to hidden fees, users often report receiving less. RTS also does not offer an online application process—to apply for factoring services with them, you must speak with a sales representative about your business and factoring options. All in all, RTS Financial has a long history of supporting the trucking industry, but customers should be prepared for potential pricing inconsistencies.
Reasons why RTS Financial is a top choice:
- Quick payment within 24 hours of invoice submission
- Fuel card and equipment leasing programs
- Software tailored to trucking businesses
- Quality customer service
- Referral program
- Both recourse and non-recourse factoring
4. Phoenix Capital Group
Phoenix Capital Group is known for its ability to cater to carriers of all sizes, from owner-operators to large fleets. Their flexible factoring solutions make Phoenix Capital Group an appealing choice for trucking companies looking for a factoring partner that can grow with their business.
Phoenix Capital Group offers both recourse and non-recourse factoring options, providing a flat-rate model that allows carriers to select their preferred level of risk. In addition to their core factoring services, Phoenix Capital Group offers a range of additional features designed to support the growth and success of your business. Customers can take advantage of their equipment financing options and fuel card program, which provides discounts at over 1,900 commercial fuel stations nationwide.
While Phoenix Capital Group generally receives positive feedback for their customer service, some clients have reported issues with untimely payments and difficulty getting support with back-end billing. Additionally, the company’s pool of approved brokers is generally smaller than competitors, which may limit your options when selecting loads. Despite these challenges, Phoenix Capital Group remains a strong contender for carriers seeking a flexible factoring partner that can adapt to their evolving needs.
Reasons why Phoenix Capital Group is a top choice:
- Both recourse and non-recourse factoring
- Flat-rate factoring
- Caters to carriers of all sizes, allowing for business growth
- Equipment financing and fuel card programs
- Online load board available to customers
5. Porter Freight Funding
Porter Freight Funding was established in 2011 after Porter Capital Corporation acquired an experienced factoring company. They offer both recourse and non-recourse factoring, with no long-term contracts and personal representatives, and can be an especially good option for owner-operators and smaller carriers.
One of the key benefits of working with Porter Freight Funding is their fast payment turnaround with a same-day funding process. In addition to factoring, their dispatching network connects you with pre-approved brokers and shippers to and keep your trucks moving. They also provide compliance assistance, including help with regulatory requirements, and insurance quotes, which can be a benefit for newer carriers navigating the complexities of the industry. Porter Freight also offers a fuel card program with fuel advances.
Despite these benefits, some clients have noted a difficulty in reaching account managers and report a need for more active involvement in the factoring process. Other feedback suggests that carriers with three or more trucks must meet a specific monthly factoring volume or face fees, and Porter Freight’s pool of pre-approved brokers is relatively small, offering less flexibility to find loads that meet your needs.
Reasons why Porter Freight Funding is a top choice:
- Same-day funding
- Both recourse and non-recourse factoring
- Compliance assistance
- No long-term contracts
- Fuel card program
- Dispatch network with pre-approved brokers and shippers
6. Riviera Finance
Riviera Finance has been serving the trucking industry since 1969. They specialize in providing factoring services to small and medium-sized trucking companies, offering flat-rate pricing and customizable collection services.
One of the key features of Riviera Finance is their flat-rate factoring, which ensures that carriers know exactly what they’re paying without additional costs. They also help carriers simplify and customize the accounts receivable process, allowing you to tailor the level of involvement they have in collecting payments from your customers. Their services include a client portal with access to all account information in one place.
While Riviera Finance’s client portal tool is useful, it’s worth noting that some clients have reported that their technology offerings are not as robust as those of some competitors. They do not offer a mobile app or a fuel card program, and they also don’t have the free 24/7 broker checks that many other factoring companies offer, which may be a drawback for carriers looking for a more comprehensive suite of services.
Reasons why Riviera Finance is a top choice:
- 24-hour funding
- Decades of industry experience
- Customizable collections services
- Flat-rate pricing
- No long-term contracts
7. TBS Factoring
TBS Factoring has been a trusted partner for trucking companies for over 50 years. They offer a wide range of factoring services designed to help carriers of all sizes maintain steady cash flow, with both recourse and non-recourse factoring options, as well as additional services to support your business.
TBS Factoring offers flat-rate factoring, which gives carriers a clear and predictable pricing structure. With both recourse and non-recourse options, their services also go beyond just factoring. They offer two different fuel card options with loyalty programs for tires, parts, and legal services, as well as a mobile app so you can stay on top of your accounts while on the road.
However, though TBS Factoring is a reputable choice with extensive experience in the industry, customer feedback is mixed. While some customers praise their knowledgeable account managers and the support they receive, others have reported issues with inconsistent communication and a lack of transparency and accessibility in contracts. These concerns suggest that while TBS Factoring can be a valuable partner, it’s important to carefully review your contract and maintain clear communication with your account manager to ensure a smooth experience.
Reasons why TBS Factoring is a top choice:
- Longevity in the industry
- Both recourse and non-recourse factoring
- Flat-rate pricing
- No monthly minimums
- Fuel card options
8. WEX
While WEX is a well-known name in the industry for their fuel cards, they also offer factoring services. WEX’s flat-rate factoring program provides carriers with fast access to cash without the burden of monthly minimums or invoice funding limits. They offer a program that allows you to factor only the invoices you choose, offering flexibility that is particularly beneficial for smaller carriers or those with fluctuating workloads. With WEX, you’ll get a dedicated account representative, a mobile application, and fleet reporting and analytics, as well as the benefits of one of the best-known fuel cards in the industry.
However, previous customers have reported issues with slow payments and unclear contracts. Despite WEX’s claim that they offer flat-rate factoring for a straightforward and transparent factoring experience, some carriers state that they experienced unexpected chargebacks and difficulty reaching their account representatives. Despite these challenges, WEX is a viable option for trucking companies looking to improve their cash flow without locking themselves into a contract or dealing with the complexity of more extensive factoring programs.
Reasons why WEX is a top choice:
- No monthly minimums
- Fleet reporting
- Dedicated account representative
- Mobile app
- Fuel card benefits
9. eCaptial
eCapital offers financial solutions for small-to-medium-sized transportation businesses, including recourse and non-recourse freight factoring. Known for its rapid approvals and 24/7 access to funds, eCapital offers a streamlined factoring experience tailored to the needs of trucking companies. Their InstaPay feature allows carriers to transfer funds to their bank accounts instantly, even after hours, on holidays, or weekends.
This flexibility ensures that you have quick access to your cash when you need it most, without the constraints of traditional banking hours.
With eCapital Connect, you gain full control over your funds through a secure, user-friendly portal. The platform allows you to manage your freight factoring funds, track transactions, and access real-time reporting—all from one place.
However, despite its strengths, some customers have raised concerns about contract clarity and payment disputes. While the majority of reviews praise eCapital’s professionalism and ease of use, it’s essential to carefully review the terms to avoid any misunderstandings.
Reasons why eCapital is a top choice:
- Instant transfers available 24/7, 365 days a year
- Secure, easy-to-use client portal
- Non-recourse factoring for stress-free cash flow
- Real-time reporting and transaction visibility
- Flexible, customer-focused service
10. Orange Commercial Credit
Orange Commercial Credit is a well-established factoring company that has been serving the trucking industry for over four decades. Factoring has been their primary focus since 1979, with a proven track record of weathering economic downturns. While Orange Commercial Credit offers options for carriers of all sizes, they specialize in providing factoring services for larger fleets.
One of the key advantages of working with Orange Commercial Credit is their emphasis on flat-rate factoring with no minimum requirements. They advertise transparent fees, seamless invoice uploading, and a dedicated account executive.
In addition to their core factoring services, Orange Commercial Credit has partnered with a fuel card provider to offer discounts at nearly 2,000 fuel stations. While this network is smaller than some competitors, it still provides savings on various expenses. Perhaps because of their long history in the industry, their website is less informative than many other factors’ sites. It may be challenging to fully understand their offerings and compare them with other options. They market themselves as a privately held company that understands other entrepreneurs, so larger fleets in particular may find it worthwhile to talk to Orange Commercial Credit about the solutions they can offer.
Reasons why Orange Commercial Credit is a top choice:
- No monthly minimums
- Flat-rate factoring
- Experience with large fleets
- Fuel card benefits
- Dedicated account executive
The bottom line
At DAT, we recognize OTR Solutions as the top factoring company in the industry. We’ve seen the positive feedback from owner-operators and industry experts that highlights their trustworthiness and worked with them to seamlessly integrate their offerings into the DAT load board. For carriers seeking a dependable partner, OTR Solutions stands out as the clear choice.
Make the right choice for your cash flow
When it comes to choosing a freight factor, many companies seem to offer similar services. Ultimately, when you select a factoring partner, you’re trusting them with your business’s income, cash flow, and financial health while relying on them not to have hidden fees that impact your bottom line. Working with a reputable factoring company is key to your financial stability.
Start factoring with the best today!
Partnering with OTR Solutions means more than just fast payments—it’s about securing your business’s financial health. With transparent pricing, same-day invoice processing, and true non-recourse factoring, OTR Solutions offers you peace of mind and a healthy cash flow so you can focus on growth. Don’t wait—start factoring with OTR Solutions today!
