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

Struggling with cash flow? Learn how these top-rated factoring companies can accelerate your payments and keep your trucks moving.

Did you know that trucking companies that worked with a great factoring provider earn on average 18% more each year.

That’s why it’s essential to find a factoring company that pays you fast, with low rates and makes it easy to submit your invoices.

Our team of invoice factoring experts have dedicated thousands of hours to analyzing hundreds of factoring providers to find out which are best for trucking companies. We have based our reviews on customer reviews, funding speed, fees, reliability and service.

Ready to boost your cash flow? Click on any of the companies below and book a free no obligation call with one of their specialists today.

Company

#1 Top Pick

OTR Solutions review

Our partner: Get great rates!

Rating

Considerations

OTR Solutions

Thousands of 5 star reviews

Lowest fees of any provider

Fuel card saves $7.2k per year

Get paid in minutes, not days!

Non-recourse factoring

DAT integrated

85%+ advance rates

#2

OTR Solutions review

TMG

90% to 100% advance rates

Tailored to you service

Fuel card available

No long term contracts

#3

RTS Financial Review






RTS Financial

4.2 Trustpilot Rating (760 Reviews)

Same day funding

Mobile app

1.3 BBB Rating (234 Reviews)

#4

Triumph Factoring Review






Triumph

Same day or next day funding

2.5% factoring fee

1.8 Trustpilot Rating (223 Reviews)

1.0 BBB Rating (9 Reviews)

#5

TAFS factoring review






TAFS

Same day funding (within 1 hour)

Mobile app

1.5 Trustpilot Rating (32 Reviews)

1.2 BBB Rating (234 Reviews)

Recourse only factoring

#6

TBS invoice factoring review






TBS

Same day funding

2.0 Trustpilot Rating (718 Reviews)

1.15 BBB Rating (27 Reviews)

TOP PICK

#1 Top Pick

OTR Solutions review

OTR Solutions

Thousands of 5 star reviews

Lowest fees of any provider

Fuel card saves $7.2k per year

Get paid in minutes, not days!

Non-recourse factoring

DAT integrated

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

screenshot otrsolutions.com 2024.02.24 14 25 50

    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

    TMG Review

    TMG homepage screenshot
    • Unmatched Freight Factoring Rates: Benefit from rates as low as 0.65% and 100% advance rates with TMG, ensuring you get the most value for your hard-earned money.
    • Same Day Funding with No Monthly Minimums: Get immediate access to your funds with TMG’s same-day funding service, all without the burden of monthly minimums.
    • Tailored Solutions for Your Business: TMG understands that no two trucking companies are alike, offering customized factoring solutions that fit your unique operational needs.
    • Fuel Card Benefits: Save big on fuel with TMG’s exclusive fuel card, providing significant discounts at major and independent fuel stops nationwide.
    • Unrivaled Customer Service: Experience personalized, round-the-clock support from a team that treats you like family, not just another client.

    TMG is the partner you can trust to elevate your trucking business. From offering some of the lowest freight factoring rates in the industry to providing same-day funding, TMG is committed to helping your business thrive. With no long-term contracts, tailored solutions, and unmatched customer service, TMG ensures that your needs are met with precision and care.

    Whether you’re a seasoned trucking company or just starting on the road to independence, TMG’s industry expertise and dedication to client satisfaction make them the perfect choice. Let TMG help you find the best factoring solution that not only meets but exceeds your expectations, ensuring your success in the competitive transportation industry.

    RTS Financial Review






    screenshot www.rtsinc.com 2024.02.24 14 28 42
    • 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






    screenshot www.invoicefactoring.com 2024.02.24 14 35 12
    • 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






    screenshot www.tafs .com 2024.02.24 14 40 12
    • 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






    screenshot tbsfactoring.com 2024.02.24 14 43 23
    • 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.

    Our Top Rated Factoring Company: OTR Solutions

    TOP PICK

    #1 Top Pick

    OTR Solutions review

    OTR Solutions

    Thousands of 5 star reviews

    Lowest fees of any provider

    Fuel card saves $7.2k per year

    Get paid in minutes, not days!

    Non-recourse factoring

    DAT integrated

    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.