Top 10 Freight Factoring Companies

Finding reliable freight factoring companies is challenging enough as it is, much less finding a non-recourse factoring company. Enter OTR Solutions, one of the best non-recourse factoring companies.

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If you’re a carrier, you know how important having a healthy cash flow is. Without money on hand, you can’t pay your drivers and employees, cover fuel expenses, meet other financial obligations, or even maintain operations!

Unfortunately, brokers and shippers don’t always pay promptly. You may be left waiting on money for a completed job for months, forcing you to overextend your credit card or take on debt to keep afloat until the money you’ve earned arrives. That’s where freight factoring comes in. Finding reliable freight factoring companies is challenging enough as it is, much less finding a non-recourse factoring company. Enter OTR Solutions, one of the best non-recourse factoring companies.

If you’re a carrier, you know how important having a healthy cash flow is. Without money on hand, you can’t pay your drivers and employees, cover fuel expenses, meet other financial obligations, or even maintain operations!

Unfortunately, brokers and shippers don’t always pay promptly. You may be left waiting on money for a completed job for months, forcing you to overextend your credit card or take on debt to keep afloat until the money you’ve earned arrives. hat’s where freight factoring comes in.

Why work with a freight factoring company?

Truck factoring, also known as freight factoring, invoice factoring, or transportation factoring, allows you to quickly convert unpaid invoices into cash. Instead of waiting weeks or months for payments to arrive, you can receive the amount you’re owed, minus a small percentage your factoring company will keep, within a day or two. When you work with a freight factoring company, you can overcome cash flow issues, fuel your operations, cover maintenance costs, and focus on expanding your business instead of waiting for slow-to-pay brokers.

Top factoring companies for trucking understand carriers have a lot on their plates and provide competitive factoring rates and same-day funding. Some even offer fuel card programs, easy-to-use apps, and back-office support for invoicing.

By partnering with a reputable factoring company and taking advantage of accounts receivable financing opportunities, you can access immediate funds, streamline operations, and focus on growing your business. You’ll be able to say hello to a reliable cash flow without taking on loans or debt, which can set your carrier business up for success in the long run.

What is recourse vs. non-recourse factoring?

Recourse factoring is more common and straightforward than non-recourse factoring. Your factoring company will buy your invoice, giving you the money upfront while they collect payment from your customer. However, if your customer never pays, your factoring company will issue a chargeback, forcing you to return the advance.

On the other hand, non-recourse factoring companies take on the risk of unpaid invoices in exchange for a higher fee. If your customer defaults or makes a late payment, you can still keep the money from your factoring company. It provides more peace of mind, but there’s a catch.

Most accounts receivable factoring companies that claim to offer non-recourse factoring only do so under particular circumstances. For example, your customer must file for bankruptcy between when you submit your invoice and when your customer is supposed to pay it. Since factors carry out broker checks, this is highly unlikely. As a result, non-recourse factoring is usually recourse factoring by another name — and with a higher fee.

Top 10 freight factoring companies for truckers

  1. OTR Solutions
  2. Apex Capital Corp
  3. RTS
  4. Phoenix Capital Group
  5. Porter Freight Funding
  6. Riviera Finance
  7. TBS Factoring
  8. WEX
  9. Truckstop
  10. Orange Commercial Credit

There are many truck factoring services, so determining the best factoring companies for truckers can be challenging. But don’t worry! We’ve rounded up our top ten freight factoring companies and will give you the details so you can make the best possible decision.

1. OTR Solutions

With instant funding options and true non-recourse factoring, OTR Solutions, previously known as OTR Capital, stands out from the competition and is our top choice. In fact, OTR Solutions’ client satisfaction rate is higher than any other factoring company for trucking.

With its specialized focus and expertise in factoring services for carriers, OTR Solutions has positioned itself as a trusted partner for trucking companies of all sizes. Not only do they have competitive rates, but they also offer elite customer service and a fast, seamless factoring process without any hidden fees or restrictive factoring contracts. OTR Solutions’ BOLT Instant Funding means you can have your funds in less than 24 hours.

Plus, OTR Solutions offers an easy-to-use mobile app and online client portal, meaning you can manage your invoices and payments on the go. OTR factoring is even integrated into the DAT platform so you can take advantage of their factoring services, broker checks, and automated invoicing from within DAT.

When it comes to non-recourse factoring, they don’t take advantage of customers. OTR Solutions will fully accept any risk associated with your invoice, meaning you’ll be covered no matter what.

With high advance rates, fast funding, dedicated account managers, and true non-recourse factoring, OTR factoring solutions can help your business thrive. They even have a fuel card with $0 in-network transaction fees accepted at over 8,000 locations, helping further improve your cash flow.

2. Apex Capital Corp

Apex Capital Corp also receives generally positive customer feedback and is known for its customer service. Since 1995, Apex Capital Corp has helped carriers navigate the factoring process, receive funds quickly, and ultimately grow their businesses. Freight companies of all sizes report feeling supported by Apex Capital Corp, as they receive a dedicated account executive, 24/7 access to an online Account Management Portal, and the choice between recourse and non-recourse factoring.

Moreover, you’ll have free credit checks, fuel card discounts, and a mobile app allowing you to factor from anywhere. Additionally, Apex Capital Corp has no termination fees, fees related to monthly minimum volumes, or hidden charges and offers a flat rate of 2% on already billed invoices.

However, it’s worth noting that customers report carriers can’t do business with other accounts receivable factoring companies when contracted with Apex.

3. RTS

RTS has been helping make carriers’ lives easier since 1986 and offers fast recourse and non-recourse factoring services with low rates. Customers note that they receive their money within 24 hours and experience quality customer support. RTS also offers equipment leasing options, a fuel card program, an agent/referral program, and trucking-related software to make your life even easier.

However, RTS customers report a few drawbacks, mainly surrounding pricing. Theoretically, you should be able to receive up to 97% of your invoice’s value upfront, but users report that RTS’ pricing isn’t transparent. Even if you contact their customer service team, you may walk away without understanding all the fees. Additionally, feedback suggests that RTS lacks convenience, as you won’t be able to apply for factoring services online. Instead, you must speak to a sales representative about your business and factoring options.

4. Phoenix Capital Group

Phoenix Capital Group stands out by tailoring solutions for carriers regardless of size. Whether you’re launching your carrier venture or managing an expansive fleet, Phoenix Capital Group’s recourse and non-recourse factoring programs can help. Phoenix Capital Group’s flat-rate factoring caters to diverse needs and risk tolerances. Plus, you can take advantage of their load board, equipment financing options, and fuel card program, which provides discounts at 1,900 commercial stations.

While some clients report positive relationships with their dedicated account representatives, others have experienced untimely payments, difficulty contacting representatives, a smaller pool of approved brokers, and inconsistent support when it comes to back-end billing.

5. Porter Freight Funding

Founded in 2011 after Porter Capital Corporation acquired an experienced factoring company, Porter Freight Funding offers same-day invoice funding and competitive factoring rates to help carriers boost their cash flow and avoid the complications of unpaid invoices. Porter Freight Funding is particularly useful to owner-operators and smaller carriers, as they provide personal representatives and recourse and non-recourse factoring. The factoring company for truckers also has a dispatching network with pre-approved brokers and shippers and provides fuel cards, insurance quotes, and compliance assistance.

However, some customers say they have had difficulty reaching account managers, meaning they’ve needed to be more involved when factoring. Additionally, feedback suggests that carriers with three or more trucks must meet a specific monthly factoring volume, and the list of pre-approved brokers is relatively small, so there isn’t as much flexibility as you might hope.

6. Riviera Finance

Riviera Finance caters to small and medium-sized trucking companies and provides flat rates, customizable collection services, and a client portal with access to all account information. Should you factor with Riviera Finance, they can help streamline your cash flow and share their knowledge about the factoring process.

However, while many other factoring companies provide an extensive list of services, Riviera Finance seems to be behind technologically based on customer feedback. They don’t have an advanced mobile app, a fuel card program, or free 24/7 broker checks. Some customers also report inconsistent service.

7. TBS Factoring

TBS Factoring is another trustworthy company offering truck factoring services to small and large companies. Not only does TBS Factoring have flat-rate factoring, but they also offer recourse and non-recourse factoring programs, fuel cards, a mobile app, and more than 50 years of experience. So, whether you’re just starting out or have been in the business for decades, TBS Factoring can help improve your cash flow.

While TBS factoring provides carriers with knowledgeable account managers, customer reviews are mixed. Some praise their account managers, while others report inconsistent communication and problems surrounding contract transparency and accessibility.

8. WEX

Though WEX is known for fuel cards, they also offer factoring. With WEX’s flat-rate factoring program, you’ll receive instant access to cash without any monthly minimums or invoice funding limits, a dedicated account representative, a mobile application, and fleet reporting and analytics. Plus, you won’t need to factor all your invoices with WEX, giving you some much-needed flexibility.

Something to note is that previous customers state they have experienced slow payments, unclear contracts, chargebacks, and difficulty reaching their account representatives.

9. Truckstop

Though Truckstop also serves large, established carriers, its freight factoring program is best suited for newer companies or smaller fleets. Offering recourse and non-recourse factoring as well as flat-rate factoring without any minimum monthly volume requirements, Truckstop is accessible to new and small carriers alike. They also offer a mobile application, free broker checks, and TMS integrations, making it even easier to take advantage of everything Truckstop offers.

Truckstop has plenty of positive reviews on TrustPilot, but most are about Truckstop’s load board and provide little insight into factoring.

10. Orange Commercial Credit

While Truckstop’s freight factoring program is ideal for newer companies and smaller fleets, Orange Commercial Credit’s factoring services are best for larger fleets. They emphasize flat-rate factoring with no minimum requirements, transparent fees, seamless invoice uploading, and a dedicated account executive.

Additionally, Orange Commercial Credit has partnered with a fuel card provider to help carriers save on various expenses, but this network is relatively small, resting at just under 2,000 stations. Orange Commercial Credit’s website also isn’t as informative as other factors’ sites, and as a result, some customers have found it difficult to truly understand what Orange Commercial Credit offers when comparing their options.

Factor with OTR Solutions

There are plenty of options to choose from when factoring, but at DAT, we believe OTR to offer the most with the highest quality care. When you partner with OTR Solutions, the leading factoring company in the industry, you can get paid fast and have access to both recourse and non-recourse factoring programs. You’ll see competitive rates and experience incredible customer service — all without any hidden fees or restrictive contracts. Plus, since we’ve partnered with OTR Solutions, you can see which brokers are pre-approved right in the DAT load board.

Start factoring today to improve your cash flow!

Factor with the best!

If you partner with OTR Solutions, you can say hello to transparent pricing and same-day invoice processing — and you’ll have the choice between recourse factoring and true non-recourse factoring.

Get started today to take control of your cash flow!

OTR Solutions

DAT's factoring partner






Find the right solution for your business

Reach out by calling 800.551.8847

Reach out by calling 800.551.8847

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