Best Factoring Companies For Trucking 2024

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.

Our Rating Process:

Customer Reviews

Funding Speed

Credit Approval

Technology

Fees

Company

#1 Top Pick

Our partner: Get great rates!

Rating

Considerations

OTR Solutions

4.7 Google Rating (756 Reviews)

3.1 BBB Rating (13 Reviews)

Least BBB complaints

Same day funding

Non-recourse factoring

No hidden fees

DAT Official factoring partner!

#2






RTS Financial

4.2 Trustpilot Rating (760 Reviews)

Same day funding

Mobile app

1.3 BBB Rating (234 Reviews)

#3






Triumph

Same day or next day funding

2.5% factoring fee

1.8 Trustpilot Rating (223 Reviews)

1.0 BBB Rating (9 Reviews)

#4






TAFS

Same day funding (within 1 hour)

Mobile app

1.5 Trustpilot Rating (32 Reviews)

1.2 BBB Rating (234 Reviews)

Recourse only factoring

#5






TBS

Same day funding

2.0 Trustpilot Rating (718 Reviews)

1.15 BBB Rating (27 Reviews)

TOP PICK

#1 Top Pick

OTR Solutions

4.7 Google Rating (756 Reviews)

3.1 BBB Rating (13 Reviews)

Same day funding

Non-recourse factoring

No hidden fees

Best in class mobile app (4.9 Rating)

Our Rating Process:

Customer Reviews

Funding Speed

Credit Approval

Technology

Fees

  • 4.7 Google rating based on 756+ reviews
  • Same day funding
  • Mobile app for easy load submission
  • No monthly minimums or signup fees
  • Fuel card with average 54¢/gallon savings
  • Accepts startups and existing fleets
  • Factors many industry types beyond just trucking

With an impressive 4.7 Google rating based on over 750 reviews, OTR Solutions stands out as a clear leader in customer satisfaction. One reviewer raved “OTR is a company that you can trust and depend on – just as important (if not more so in this automated world we live in today), they are always friendly, positive and patient.”

Key benefits include same-day funding, a mobile app, no minimums/fees, and a valuable fuel card. OTR makes the factoring process fast, convenient and affordable. Their exceptional customer service further sets them apart. As one customer put it, “I highly recommend OTR. They are top notch!”






  • 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.






  • 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.

Financial Stability

In our thorough examination of business financial health, we leveraged insights from a leading credit reference agency. This agency provides a Financial Risk assessment, employing a familiar grading system (A, B, C, D, and F) to evaluate businesses comprehensively.

This assessment method takes into account a variety of factors to determine a company’s creditworthiness. It scrutinizes the frequency of delayed bill payments, any outstanding debts, and previous instances of bankruptcy. Additionally, the nature of the business itself is considered, as certain industries inherently carry more risk. Based on these evaluations, companies receive a numerical score ranging from 1 to 100, alongside a letter grade from A to F, facilitating a quick and clear understanding of their financial stability.

An “A” grade indicates a business with very low financial risk, making it a secure option for lending or collaboration.

A “B” grade signifies generally safe companies, with a solid financial standing.

A “C” grade points to a medium level of risk, suggesting a need for caution.

A “D” grade highlights a company with significant risks, advising potential partners to proceed with caution.

An “F” grade is assigned to businesses with high financial risks, often recommending avoidance of credit or collaborative engagements.

Below, we present a curated list of the top 5 companies, categorized according to their financial risk grades, to guide your decisions in choosing secure and reliable business partners.

Company

Grade

RTS Financial

A

OTR Solutions

B

Triumph Business Capital

B

TAFS

B

TBS Factoring
C

Our Top Rated Factoring Company: OTR Solutions

TOP PICK

#1 Top Pick

OTR Solutions

4.7 Google Rating (756 Reviews)

3.1 BBB Rating (13 Reviews)

Same day funding

Non-recourse factoring

No hidden fees

Best in class mobile app (4.9 Rating)

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.