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Trucking Factoring Companies

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Oklahoma City Oklahoma

Love’s Financial provides freight factoring to manage your cash flow. Love’s provides unbeatable customer service while helping you grow your business.

Safiya Smothers

Sales Supervisor

Industries Served

Factoring Amounts

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Medford Oregon

Steelhead Finance is an Oregon factoring company located in Medford that has provided factoring services to transportation businesses since 1981.

Kyle Gonsalves

Sales Manager

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Birmingham Alabama

ENGS Commercial Capital is the fifth largest independent commercial finance company in the U.S. with its headquarters in Birmingham, Alabama.

Nicole Montrone

Vice President

Industries Served

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Scottsdale Arizona

Phoenix Capital Group is a Scottsdale, Arizona factoring company that specializes in freight factoring nationwide and was founded in 2001.

Mark Decker

Business Development Officer

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Westminster Colorado

CSI Factoring is a Denver factoring company directed by a team with more than 40 years of experience in the financial services industry.

Christopher Smith

President & CEO

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Conway Arkansas

Exchange Capital is an Arkansas factoring company that focuses on full service accounts receivable factoring and great client relationships.

Scott Coffey

President

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Palos Verdes California

J D Factors has been providing non-recourse receivables factoring since 1989. We provide superior customer service and support.

Steve Campbell

Business Development Officer

Industries Served

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Freight Factoring Companies

The process of trucking factoring begins when a trucking company delivers goods to a customer and issues a bill of lading or invoice. The trucking company then sells this invoice to a factoring company, which pays a large percentage of the invoice value upfront. The factoring company then takes on the responsibility of collecting the invoice payment from the customer.

Once the customer pays the invoice in full, the factoring company pays the remaining balance of the invoice to the trucking company, minus a factoring fee. This fee is typically a small percentage of the total invoice value and serves as the factoring company’s profit.

Benefits of Using a Factoring Company

Improved Cash Flow

One of the primary benefits of using a trucking factoring company is improved cash flow. With immediate access to cash, trucking businesses can cover their operational expenses without worrying about when their customers will pay their invoices. This can help businesses avoid cash flow crunches and keep their operations running smoothly.

Improved cash flow can also provide businesses with the financial flexibility to take on more jobs and grow their operations. Without the need to wait for invoice payments, businesses can invest in new equipment, hire more drivers, and take on larger contracts.

Professional Invoice Collection

Another benefit of using a trucking factoring company is access to professional invoice collection services. Factoring companies have teams of experts who specialize in collecting unpaid invoices. They have the knowledge and resources to handle the collection process efficiently and effectively, saving trucking businesses time and stress.

Other Benefits

Transportation factoring companies advance you cash to keep your trucks on the road, but they also do much more. They provide back-office functions such as credit checks on brokers and shippers; invoice generation and submission; receivables processing and accounting; as well as professional collections. These services are extremely helpful to any trucker, whether your a single owner-operator or a large carrier.

Choosing a Freight Factoring Company

When selecting a freight factoring company, it’s essential to consider several factors:

  1. Reputation and Credibility: Research the company’s track record, read reviews, and check if they have experience working with trucking companies similar to yours.
  2. Rates and Fees: Compare the rates and fees offered by different factoring companies. Consider not only the percentage they charge but also any additional fees or hidden costs.
  3. Contract Terms: Carefully review the contract terms, including the length of the agreement, cancellation policies, and any potential penalties or restrictions.
  4. Customer Service: Look for a trucking factoring company that provides excellent customer service. You want a partner who is responsive, understanding, and willing to assist you whenever you have questions or concerns.

Industry Knowledge

When choosing a trucking factoring company, it’s important to choose a company that understands the transportation and logistics industry. Industry knowledge can be invaluable in navigating the unique challenges and opportunities of the trucking business. A factoring company with industry knowledge can provide tailored services and advice that can help your business succeed.

Factoring rates as low as 1%, up to 3%

Freight factoring rates are very competitive. Truck factoring companies offer rates as low as 1% for large carriers that factor millions in freight invoices each month, while owner-operators and smaller truck companies with one to five trucks can expect to pay between 2 to 3% for freight factoring services.

Advance rates are the highest possible

Trucking companies enjoy the best advance rates in the factoring industry. Other types of businesses such as staffing or construction often carry advance rates of 85% or less, but trucking cash advance rates are often 95% or more. Some freight factoring companies fully-fund your freight bills, advancing the entire invoice amount less factoring fees.

Non-recourse factoring

Many trucking factoring companies offer the option of non-recourse factoring which is a credit guarantee that protects you from customer non-payment due to credit issues.

Non-recourse factoring usually costs more than recourse, but it may give you the peace of mind you need to sleep at night.

Recourse and non-recourse factoring pertain only to non-payments resulting from credit issues such as insolvency or bankruptcy. You’re still liable for disputed claims, non-delivered goods or incorrect billing.

Customer Service

Customer service is a key consideration when choosing a factoring company. A good factoring company will provide excellent customer service, answering your questions promptly and resolving any issues quickly and effectively. Look for a company that is responsive, helpful, and committed to your success.

The Bottom Line

Factoring companies provide a valuable service for trucking businesses. They help your business maintain a healthy cash flow and focus on your core operations. Understanding how these companies work and what to look for when choosing a factoring company will help your business thrive in the competitive world of trucking.

Explore Invoice Factoring Case Studies Across Industries

Explore how diverse businesses from various industries have leveraged invoice factoring to enhance their cash flow, expand operations, and navigate financial challenges.

Let us find the right factoring company for your business, among 120 network partners

LSQ Funding is an Orlando, FL factoring company.

LSQ Funding

Maitland Florida

Sherry Featherston

VP Business Development

Porter Capital is an Alabama factoring company

Porter Capital

Birmingham Alabama

John Cox Miller

SVP National Sales

Universal Funding is a Spokane, WA factoring company.

Universal Funding

Spokane Valley Washington

Pam Pyrc

Marketing Director

Exchange Capital is an Arkansas factoring company.

Exchange Capital

Conway Arkansas

Scott Coffey

President

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