01/16/2021
Top 7 Freight Factoring Companies as Chosen by Carriers
Choosing which load factoring company to work with is a big decision for any carrier. While there are many benefits to factoring, it is important that you choose the company that is right for you to fully enjoy these benefits.
Freight factoring, also called transportation factoring, trucking factoring, or freight bill factoring, is a process in which the person or business that delivers a load sells their invoice to a factoring company. The factoring company then pays the carrier the full amount of the invoice, minus a small percentage, within as little as 24 hours of receiving the invoice, rather than waiting a month or longer for a broker to pay the invoice. The time it takes to receive payment can depend on a variety of factors, but generally different companies will have different timelines for payment.
The essential point to remember is that factoring should not be confused with lending. When a factoring company purchases your invoice, that invoice belongs to the company. With factoring, drivers and businesses are able to get paid in advance — and use these funds to pick up new loads — without having to get a loan or incur debt.
The following seven freight factoring companies have been selected according to feedback from owner-operators — and then vetted by industry experts. Check these out and see which of these great factoring companies work best for your business.
1. Triumph Business Capital
Better Business Bureau® Rating: A+, accredited
2. RTS Financial - www.rtsinc.com
Better Business Bureau® Rating: A, not accredited
3. Apex Capital Corp
Better Business Bureau® Rating: A+, accredited
4. Thunder Funding
Better Business Bureau® Rating: A+, not accredited
5. Accutrac Capital - www.apexcapitalcorp.com
Better Business Bureau® Rating: A+, accredited
6. TAFS
Better Business Bureau® Rating: B+, accredited
7. eCapital
Better Business Bureau® Rating: A-, not accredited