Discover the Top 6 Trucking Factoring Companies of 2024: Get Paid Faster

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What is factoring for trucking?

Freight factoring allows trucking companies to sell their outstanding invoices to a factoring company to receive immediate payments, instead of waiting 30-90 days for customer payouts. The factoring company pays a percentage of the invoice upfront, then collects the full amount later from the customer. This improves cash flow for truckers.

OTR Solutions Review: The Clear Choice for Fast, Reliable, and Cost-Effective Factoring

In the fast-paced world of trucking, cash flow is king. OTR Solutions stands out as the industry leader, with thousands of 5-star reviews from satisfied clients who trust them to keep their businesses moving. With OTR, you’re not just getting a factoring service—you’re partnering with a team committed to your success.

Lowest Fees, Highest Returns:

Why settle for less when you can have the best? OTR Solutions offers the lowest fees of any provider, ensuring that more of your hard-earned money stays in your pocket. With advance rates of 85% or more, you can access the funds you need immediately, without the wait.

Get Paid in Minutes:

Time is money, and OTR Solutions understands that. With their lightning-fast payment processing, you can get paid in minutes, not days. This immediate access to cash flow allows you to take on more loads, reduce downtime, and keep your trucks on the road.

Fuel Savings You Can Count On:

Fuel is one of the biggest expenses for any trucking company. OTR’s exclusive fuel card can save you up to $7,200 per year, providing significant discounts at both major and independent fuel stops nationwide. That’s money that goes straight to your bottom line.

Risk-Free Factoring:

Worried about unpaid invoices? With OTR’s non-recourse factoring, you can sleep easy knowing that you’re protected. If your client doesn’t pay, it’s not your problem—OTR has you covered, allowing you to focus on what you do best.

Integrated Technology:

Efficiency is key in trucking, and OTR Solutions integrates seamlessly with DAT, the largest freight matching platform in North America. This integration means fewer headaches and more streamlined operations for your business.

Unmatched Customer Support:

At OTR Solutions, you’re more than just a number. Their team of industry experts is available round-the-clock, offering personalized support that treats you like family. Whether you’re dealing with a complex issue or just need quick advice, OTR is there to help.

Ready to Experience the OTR Difference?

Don’t settle for less when it comes to your business’s cash flow. OTR Solutions offers the lowest fees, fastest payments, and most comprehensive support in the industry. Click below to get started with OTR Solutions today and see how they can help your business thrive!

Get Started with OTR Solutions Now

Moneybear Review

Technology-Driven Solutions for the Best Rates: Founded in 2024, Moneybear leverages cutting-edge technology to connect businesses with the perfect invoice factoring partner, ensuring you get the best rates available.

Independent Customer Reviews You Can Trust: Moneybear is a comparison site that brings transparency to invoice factoring by featuring independent customer reviews, ensuring you make well-informed decisions.

Comprehensive Financial Solutions: From invoice factoring to other financing options, Moneybear offers a range of financial products designed to suit the diverse needs of businesses.

Industry Coverage Without Limits: Whether you’re in trucking, oil and gas, manufacturing, healthcare, or beyond, Moneybear caters to all industries, making it your go-to platform for invoice factoring solutions.

No Fees, No Hassle: Enjoy the benefits of Moneybear’s services with no fees attached. Compare and choose factoring companies without incurring extra costs.

Dedicated In-House Brokerage Team: Moneybear’s expert brokerage team takes the guesswork out of finding the right factoring partner. They work closely with you to match your business with a factoring provider that meets your unique needs.

RTS Financial Review

• Same day funding available
• Mobile app for invoice submission
• 97% advance rate
• No ACH or invoice uploading fees
• Discounts for veterans
• High credit approval rate
• Factors for distribution, manufacturing, oil/gas, etc.

RTS Financial offers fast funding aided by their mobile app. A competitive 97% advance rate and no hidden fees make them an affordable option. High approval rates combined with discounts for veterans gives them wide appeal.

One reviewer experienced issues getting some invoices funded, stating “Checking their own credit rating for the company in question says they are a B so what else do you want?” On the other hand, some customers have been very pleased, with one saying “I know RTS Financial is the right choice for any company thats need factoring.”

Triumph Review

• Same day or next day funding
• Competitive 2.5% factoring fee
• No monthly minimums
• Accepts startups and existing fleets
• Factors many industries including transportation, staffing, oil/gas

With same day funding and just a 2.5% fee, Triumph offers reliable funding at affordable rates. No monthly minimums and wide industry acceptance makes them accessible to most businesses.

However, one unsatisfied customer complained that Triumph’s accounting team takes 12-14 days on average to post payments, significantly delaying access to funds. Meanwhile, other reviews are very positive like one stating, “Mark Dubs is the nicest, most professional, amazing/outgoing person you’ll ever talk to in this industry.”

TAFS Review

• Mobile app for easy invoice uploading
• Recourse factoring only
• No public pricing available, must get quote
• Factors numerous industries like manufacturing, distribution

The ability to get funding within 1 hour from TAFS can be ideal when truckers need quick access to cash. However, their recourse-only model means clients take on all the risk if invoices go unpaid. The lack of transparent public pricing is also a downside for potential customers.

Reviews of TAFS are predominantly negative. One irate customer felt misled, stating “I was told about the fee for receiving our funds, but not about the many other fees. They nickel and dime you so they take more money than you make.”

However, one experienced reviewer provided a trucker’s perspective on working with TAFS: “TAFS can be challenging for truckers unfamiliar with properly submitting paperwork or using their systems to efficiently run the business.”

It seems TAFS makes compliance difficult, and truckers can easily end up chasing payments and explanations from TAFS. The reviewer took responsibility for their actions but felt better training and communication could have prevented issues.

In summary, while rapid funding is a benefit, TAFS seems to put extra burdens on truckers for compliance and may lack transparency on fees.

TBS Factoring Review

• Offers same day funding
• Mobile app to simplify paperwork
• 50% advance available with 3 month commitment
• Up to $25 advance fee
• Accepts new and existing trucking businesses

TBS provides same-day funding which is their biggest draw. Their app makes submitting paperwork convenient. However, numerous reviews cite issues with customer service and excessive fees.

One review said “I send in loads to get factored they might pay 3 of 11, then act like they need more paperwork.” But a different customer wrote “I’m shocked to see so many negative reviews. Honestly, we as a company LOVE this factoring company.” Feedback on TBS is decidedly mixed.

How we rate factoring companies for truckers

Finding the right freight factoring company is critical for truckers needing fast cash flow. At Nerd Factoring, we review and rank the top 5 invoice factoring firms to help you secure financing for your trucking business.

Unlike banks or online lenders, freight factoring provides flexible funding based on your outstanding invoices – not strict qualifications. Qualify in hours and get funded in 24 hours or less. The best companies also offer fuel advances, free credit checks, and low rates starting around 1%.

We evaluate dozens of the best freight factoring companies based on real customer reviews, funding speed, credit approvals, transparency of fees, and technology. By comparing these key factors, Nerd Factoring identifies the top financing solutions for owner-operators and trucking businesses of any size.

Review our rigorously researched list of the 5 best freight factoring companies to secure fast, affordable cash flow without the typical loan hassles. Our industry experts have already done the hard work for you – why wait 30-90 days for a broker payout when you can get paid today?

With Nerd Factoring’s unbiased rankings, you can quickly find the ideal freight factoring partner to meet your unique business needs.