8 Best Trucking Factoring Companies For 2024 [You Need to Know]
The world of trucking can be tough, especially when it comes to finances. But, fear not! This guide on the best trucking factoring companies of 2024 will help you stay ahead. In this article, you’ll find detailed insights into the top factoring companies, their benefits, and how they can boost your business cash flow.
Stick around to learn which companies offer the most reliable services and why they stand out. Ready to dive in and unlock the best options for your trucking needs? Let’s get started!
| Company | Description |
|---|---|
| FundThrough | Provides invoice financing solutions to help small businesses manage cash flow effectively. |
| Triumph | Offers factoring services, enabling businesses to convert invoices into immediate cash. |
| RTS Financial | Specializes in freight factoring, providing quick access to funds based on outstanding invoices. |
| Riviera Finance | Focuses on freight factoring and offers flexible funding solutions for transportation companies. |
| Scale Funding | Provides factoring and financing solutions tailored for small to mid-sized businesses. |
| Apex Capital Corp | Offers freight factoring services with a focus on personalized customer service and support. |
| Compass Funding Solutions | Provides flexible financing options and factoring solutions to help businesses grow. |
| eCapital Freight | Specializes in freight factoring, offering quick access to cash and tailored financial solutions. |
FundThrough is a fintech company based in Toronto, Canada, founded in 2014. This innovative company specializes in providing working capital solutions for small businesses. They address the challenges associated with traditional financing methods, like lengthy paperwork and delayed funding.
FundThrough streamlines cash flow management by offering quick and easy access to funds against outstanding invoices. This ensures businesses can get the capital they need without waiting for clients to pay their invoices.
| Attribute | Details |
|---|---|
| Year founded | 2014 |
| URL | FundThrough |
| Phone | +1 (800) 766-0460 |
| info@fundthrough.com | |
| Speed of Funding | Next-day payment for approved invoices |
| Advance Rates and Fees | Varies based on the invoice and client |
FundThrough offers several key features and benefits to its clients:
Triumph Business Capital has been a prominent name in providing financial solutions to the trucking industry since 2004. They offer fast and reliable invoice factoring services tailored to owner-operators, fleets, and freight brokers.
Triumph’s commitment to transparency and efficiency ensures that clients can manage their cash flow effectively. They have developed various tools to streamline operations, reduce fraud, and enhance the payment experience.
Over the years, Triumph has expanded their services and established strategic partnerships to better serve their clients. They are dedicated to fostering long-term relationships and providing top-notch customer service.
| Triumph Business Capital | |
|---|---|
| Year founded | 2004 |
| URL | Triumph Business Capital |
| Phone | 866-356-0888 |
| info@triumphbancorp.com | |
| Speed of Funding | As fast as 24 hours |
| Advance Rates and Fees | Up to 95% advance rates, Fees vary based on services |
Also Read: Best LLC Services for 2024 [Discover Our Top Picks]
RTS Financial is a prominent name in the trucking factoring industry, offering financial solutions tailored to the unique needs of trucking companies. Established with the goal of providing quick and efficient funding options,
RTS Financial has built a reputation for reliability and customer satisfaction. They understand the cash flow challenges trucking businesses face and offer services designed to keep operations running smoothly.
With a focus on speed and flexibility, RTS Financial ensures that trucking companies can access the funds they need without delay.
| Attribute | Details |
|---|---|
| Year founded | 1995 |
| URL | RTS Financial |
| Phone | (877) 927-8867 |
| support@rtsfinancial.com | |
| Speed of Funding | Same day |
| Advance Rates and Fees | Up to 97%, Fees vary |
RTS Financial offers a range of services aimed at supporting trucking companies’ cash flow needs:
Riviera Finance is a well-established company specializing in invoice factoring and accounts receivable finance. Founded in 1969, Riviera Finance has built a strong reputation across the United States and Canada.
They offer a range of services including non-recourse invoice factoring, credit services, invoice processing, and receivables management.
With over 2,000 clients and more than 25 offices throughout North America, they provide localized service and support to small and medium-sized businesses. Their fast cash turnaround, usually within 24 hours after invoice submission, makes them a preferred choice for many.
| Attributes | Details |
|---|---|
| Year founded | 1969 |
| Contact URL | https://www.rivierafinance.com/contact-us/ |
| Phone | 800-872-7484 |
| info@rivierafinance.com | |
| Speed of Funding | 24 hours |
| Advance Rates and Fees | Varies based on the client |
Scale Funding, formerly known as TCI Business Capital, has been a leader in providing financial solutions since 1994. They specialize in accounts receivable financing, helping small and mid-sized businesses across the United States access working capital quickly.
Scale Funding is dedicated to offering exceptional customer support, understanding client needs, and addressing their challenges effectively. With a client-centric approach and over 30 years of industry experience, they aim to build long-term relationships based on trust and integrity.
They provide rapid, reliable financial solutions and emphasize transparent communication and honest advice to ensure clients’ success.
| Attribute | Details |
|---|---|
| Year founded | 1994 |
| URL | scalefunding.com |
| Phone | 800-707-4845 |
| info@scalefunding.com | |
| Speed of Funding | 24 hours |
| Advance Rates and Fees | Up to 90%; fees vary based on the agreement |
Apex Capital Corp is a leader in the freight factoring industry, providing financial services to trucking companies. Founded in 1995, this company has built a reputation for offering reliable and efficient factoring solutions.
Apex Capital Corp helps trucking businesses by purchasing their unpaid freight invoices, ensuring they have immediate cash flow to keep their operations running smoothly.
They also offer startup programs to guide new trucking companies and provide 24/7 access to funds, even on bank holidays. This comprehensive support makes Apex Capital Corp a trusted partner for many in the trucking industry.
| Year Founded | 1995 |
|---|---|
| URL | Apex Capital Corp |
| Phone | 1-800-511-6022 |
| info@apexcapitalcorp.com | |
| Speed of Funding | Same Day to 24 Hours |
| Advance Rates and Fees | 90% Advance Rates with Competitive Fees |
Also Read: 30 Major Causes Of Failure [Avoid These Common Mistakes]
Compass Funding Solutions is a financial services company dedicated to the transportation industry. They provide factoring services, which help trucking companies convert freight bills into immediate cash to improve cash flow.
The company has built a reputation for offering competitive rates, a straightforward application process, and same-day funding. Compass Funding Solutions also operates 24/7, ensuring that their clients have access to services at any time.
Their bundled services, which include insurance and payment services, offer additional savings. With a focus on customer service, they have an experienced team to simplify the factoring process for clients.
| Field | Information |
|---|---|
| Year Founded | 2014 |
| Phone | +888-600-0237 |
| Speed of Funding | Same-day |
| Advance Rates and Fees | Competitive |
Also Read: 8 Best Short-Term Business Loans
eCapital Freight Factoring is a prominent player in the trucking factoring industry. Since its inception in 2006, eCapital has been dedicated to transforming how small to medium-sized businesses access funding.
With a team of over 600 experts, they bring together extensive knowledge in asset evaluation, batch processing, customer support, and fintech solutions. eCapital is known for its swift approvals and processing, along with providing 24/7 access to funds.
Their approach revolves around being responsive, adaptive, and ethical, making them a trusted partner for many trucking businesses. Over the years, eCapital has funded over $10 billion in invoices, demonstrating its significant impact in the industry.
| Details | Information |
|---|---|
| Year founded | 2006 |
| URL | eCapital |
| Phone | +8773221462 |
| info@ecapital.com | |
| Speed of Funding | Rapid approvals, 24/7 access to funds |
| Advance Rates and Fees | Up to 90% advance rates, competitive fees |
Finding the Best Trucking Factoring Companies can seem challenging, but it doesn’t have to be. By understanding your needs and assessing each company’s strengths, you can make an informed choice.
Whether you’re looking for quick cash flow or excellent customer service, the right factoring company can make a significant difference in your trucking business. Remember, the best choice is one that fits your unique situation.
Thank you for reading! If you found this helpful, explore more of our blogs to stay informed and make the best decisions for your business.