13 Best Freight Factoring Companies For Awesome Trucking Profit

Brian Smith
May 16, 2024
13 minutes
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13 Best Freight Factoring Companies For Awesome Trucking Profit
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The standard in almost every industry is as follows: you perform a service, you send an invoice, and you get paid. In trucking, the "get paid" part can take anywhere from a few weeks to a few months, even if you submit your paperwork right away. For most owner-operators, that doesn't fly. You need that money to fuel up, pay your premiums, and cover truck maintenance.

Factoring companies for freight shorten that gap from several weeks to 1-2 days. This service keeps trucks rolling and above water. The rest of this article explains freight factoring in detail and will help you compare providers based on real reviews.

Loads through Cota Systems offers free freight factoring with same day pay for truckers. We know how important consistent cash flow is for carriers, and we're delighted to offer a risk-free solution. - Jeremy Vrchota, CEO Cota Systems
freight factoring

What is Freight Factoring?

Truck factoring companies buy invoices from truckers, pay them in as little as 24 hours, and are responsible for collecting payment from the customer. The carrier pays a moderate fee for this service, but it's worth not waiting weeks to get paid.

Why is freight invoice factoring the norm? Invoices are seldom paid in a timely manner. With brokered loads, for example, carriers send BOLs to the broker, who sends them to the paying customer, whose accounting department has to approve the payment. If there were any discrepancies, damage, or fees added to the invoice, those also may need clarification and approval. Then, they pay the broker who finally pays the carrier.

Waiting weeks for payment is simply unrealistic. Owner operators without factoring services find themselves in tough spots, unable to pay for the essentials and emergency repairs.

How Do Owner-Operators and Brokers Qualify for Freight Factoring?

Some freight factoring companies only require proof that you own a trucking company (or are an owner operator) and that your customers have decent credit. They want to make sure that your customers will pay them, so there's not much pressure on the carrier.
Other companies require minimal information like:

  • Clear audit trail.
  • Minimum age of authority > 90 days.
  • Annual income estimate >$10k.
  • No pre-billing.

Do I Qualify for Freight Factoring?

Based on the list above, do any issues come to mind? If you have any doubts, Cota Systems can check your qualifications before you apply and connect you with the most suitable freight bill factoring company based on your situation.

Advantages of Freight Factoring

Improved cash flow:

Rather than waiting 30-90 days for payment, you can get paid in as little as 24 hours. This frees up cash for other business or personal expenses.

A consistent cash flow frees up time to focus on growth and customer service.
No Debt:

Sometimes, O/Os have to wait to pay credit card debt while they wait for payment. With freight factoring, you can pay debts on time.

Because freight factoring companies buy the invoices, it's on them to chase down customers for payment and act like a collections agency.

If you have regular, fast-paying clients, you don't have to use the factoring company, and you can save on some fees.
Credit Services:

To protect themselves, a factoring company for trucking will perform credit checks on customers. This will help you steer clear of partial or non-payers.

Disadvantages of Freight Invoice Factoring

Some argue that owner operators become dependent on freight factoring companies, unable to function as a business without them. On the contrary, many companies outsource their invoicing to third-party services because the time spent just isn't worth the trouble. The carriers are still the ones communicating with customers, providing quality services, and submitting BOLs.

The only true disadvantages depend on the company you work with:


Every service charges a fee, but how much or how often they charge you will determine how you choose a provider.

Recourse vs Non-Recourse:

Recourse factoring means the carrier has to repay any invoices the factoring company didn't receive payment for. You're responsible for any non-payment. Non-recourse factoring means the factoring company takes on that risk, and you don't have to pay back any unpaid invoices. If possible, only work with non-recourse factoring companies.

Choosing a freight invoice factoring service can be difficult, which is why we simplify the process here at Cota Systems. Scroll down for a complete comparison of the top trucking factoring providers.

types of freight factoring

Types of Freight Factoring

When shopping for trucking factoring services, there are a few types and combinations of types to choose from. These are:

  • Recourse factoring.
  • Non-recourse factoring.
  • Contract factoring.
  • Spot factoring.
  • Fuel advance factoring.
  • Maturity factoring.

As you compare the types of freight factoring, keep in mind that rates and services offered by each company will sway you toward or away from each type. There is no "best" type of factoring.

Recourse Factoring

As mentioned above, recourse factoring means that the carrier is responsible for repaying any unpaid invoices. The freight factoring company should attempt to collect payment for at least 90 days before requesting it from the carrier.


  • Lower fees mean you keep the most of your invoice.
  • Faster approval process.
  • Factoring company will likely still perform a credit check on the customer to protect and inform you.
  • With no factoring company, you wouldn't have received payment on the unpaid invoice anyway.


  • Best if you have customers with great credit and payment history.
  • You may be required to pay back a hefty invoice or offer an equal or larger one in exchange.

Non-Recourse Factoring

Non-recourse factoring in trucking protects carriers from taking a loss on unpaid invoices. Because the factoring company is assuming some risk, the fees are slightly higher and the approval process takes slightly longer.


  • You don't have to take a loss if invoices go unpaid for approved reasons.
  • Protection from risky customers if you haven't yet established a reliable customer base.


  • Factoring doesn't protect carriers from payment disputes (ie. a customer won't pay because they're dissatisfied).
  • Approved non-payment reasons vary. Some companies only approve non-recourse if the customer shuts down or goes bankrupt, for example.
  • Carriers need to show some proof of an upstanding customer payment history.
  • Lower advance rates than recourse factoring.

Contract Factoring

Some factoring companies require carriers to factor every load or meet a minimum invoice amount in a given time period. Others have high cancellation fees, meaning you can get stuck with them for several years at a time. This is why it's so important to read agreements super carefully before signing.


  • Contracts typically come along with lower factoring rates and higher advance rates.
  • It's common practice to offer free customer credit checks to protect all parties.
  • Optional cost-saving services and bonus offers.


  • You can get stuck with hidden fees.
  • Be careful to read agreements for auto-renewals.
  • May require collateral such as company assets or even a home to qualify.
  • You can get stuck factoring loads that you know will pay immediately.

Spot Factoring

Spot freight factoring services offer a single invoice for sale. Businesses can selectively decide which invoices they want to receive immediate funds for. There are no extended commitments or mandatory monthly minimums, making this financing arrangement highly adaptable.


  • Highly flexible.
  • No commitments.


  • Lower advance rate and higher factoring rate (you pay more for the flexibility).
  • Small invoices don't qualify because they aren't big enough to be "worth" the company's time.
  • Spot factoring isn't always designed specifically for freight. Some specialized services aren't offered.

Advance Factoring

Freight factoring companies offer customers fuel advances as an add-on service. Typical factoring provides carriers 90% - 97% of payment (they keep the remainder) as quickly as 24 hours after delivery. Fuel advance factoring gives carriers as much as 40% of the freight bill so they can fuel up first. They only require a signed rate confirmation or pickup BOL as proof.


  • Funds are available on a fuel card or bank account within hours.
  • Helps companies with limited cash flow operate and grow.


  • Fuel advances can eat into your earnings.
  • Some brokers offer owner operators fuel advances, but it's best to compare fees with your factoring company to see which is cheaper.

Top Freight Factoring Companies

Answering the question, "What is a freight broker?" and choosing the right freight bill factoring company can make a huge difference to your bottom line. We've made this list with the interests of owner operators in mind, combining real driver reviews, industry reputation, and service comparisons. After reading up on these best factoring companies for trucking, fill out the form below and we'll get in touch within 24 hours to help connect you with your best option.

The following companies are considered the best factoring companies for freight brokers and carriers.

Cota Systems

When you book a load through Cota Systems, you automatically get access to our factoring service. We pay same-day, never charge fees, and always do our best to make payments without delay. In the unlikely event that the broker doesn't pay, we'll never bill you back. Our word is binding - we'd rather take a loss internally than go back on a promise.

Owner-operators can also use our application system to get matched with bigger factoring companies that best suit their fleet size and financial needs. We're here to help!


Roadex provides insurance, dispatch services, factoring, fuel cards, and more. They claim to be the first of a select few freight factoring companies to provide payment in 10 minutes or less, even on holidays and weekends. Drivers love that they can use the convenient app from anywhere and even perform 24/7, free credit checks on customers.

Type of Freight Factoring: n/a

Funding Timeframe: Same day or next day if submitted by 2pm.

Cost: n/a

Fee Structure: Flat fee based on volume, no monthly minimums or invoice fees.

Reputation: 4.6/5 on Trustpilot

Customer Support: Roadex claims to have 24/7 customer support via phone call and mobile app.

Truckers Love: No hidden fees, quality customer service, speedy payment.

Truckers Hate: Most complaints are about their fuel card not having the greatest discounts.

positive roadex freight factoring review
negative roadex freight factoring review

Thunder Funding

Thunder Funding specializes in factoring and fuel cards. They're proud to offer freight invoice factoring with no long contract requirements - 90 days is their longest contract. Even so, clients are not required to factor every load or even a minimum number of loads. They offer free fuel cards, a 123 Loadboard discount, free credit checks, and 15-minute fuel advances 7 days/week.

Type of Freight Factoring: Non-recourse, Fuel advance.

Funding Timeframe: Same day when possible.

Cost: 2% - 4%

Fee Structure: Wire: $20, ACH: $10, Express Code: $10

Reputation: 4.5/5 on Google

Customer Support: Designated account manager, 24/7 access to portal.

Truckers Love: Great customer service reps, helpful team, delivers on speedy payments.

Truckers Hate: Will make big promises to get you signed up and then disappoint.

positive thunder funding freight factoring review
negative thunder funding freight factoring review

OTR Solutions

Known for offering 'True' Non-Recourse factoring and scalable solutions for mid-sized and large fleets, OTR Solutions is a well-known freight factoring service provider.

Type of Freight Factoring: Non-Recourse, Fuel advance.

Funding Timeframe: As little as 24 hours.

Cost: 2% - 4%

Fee Structure: n/a

Reputation: 4.2/5 by

Customer Support: Operations team, approvals team, accounts receivables team.

Truckers Love: If you have a good account rep, they will take good care of you.

Truckers Hate: Stuck in auto-renewed contracts, filed UCC on companies incorrectly, inexperienced reps will give you the run-around.

positive OTR Solutions freight factoring review
negative OTR Solutions freight factoring review


Trucksmarter is a new transportation factoring company that sets itself apart with instant pay (as instant as it gets) and a flat rate of 2.5% for all clients. They also help carriers get out of bad contracts and have a free load board that's picking up some steam.

Type of Freight Factoring: Non-Recourse.

Funding Timeframe: 4 hours on average.

Cost: 2.5%

Fee Structure: No hidden fees.

Reputation: 4.8/5 on the AppStore.

Customer Support: Chicago-based customer support team.

Truckers Love: Everything is done through an app, not onlineTruckers Hate: Incorrect fuel prices advertised on app may cause drivers to pass up better options.

positive TruckSmarter freight factoring review
negative TruckSmarter freight factoring review

Apex Capital Corp

Apex Capital Corp has been in business since 1995 and is one of the leading factoring companies for trucking. Their general reputation is positive, but, like with most companies, there are plenty of reviews of bad customer service reps being nonchalant or failing to solve a reserve problem. They claim to cover 24/7 factoring including nights, weekends, and holidays.

Type of Freight Factoring: Recourse and Non-Recourse

Funding Timeframe: Within 2 hours when possible.

Cost: 2% flat rate

Fee Structure: No added fees.

Reputation: 4.7/5 on

Customer Support: dedicated account rep and team.

Truckers Love: Certain account reps (or teams) go above and beyond, great fuel discounts.

Truckers Hate: Multiple reviews of truckers being asked what they needed the money for or why they needed it so quickly.

positive Apex Capital Corp freight factoring review
negative Apex Capital Corp freight factoring review

RTS Financial

RTS provides factoring, fuel cards, and dispatching software. Customer reviews are mixed, with many experiences awesome service and fast payment, and others having bad experiences all around. Their fuel card program stands out with a credit line of $3,200 per truck and savings at 2,400 stations. Overall it seems that RTS provides good services, but truckers should approach them with a bit of caution.

Type of Freight Factoring: Recourse and Non-Recourse.

Funding Timeframe: Within 24 hours when possible.

Cost: n/a

Fee Structure: n/a

Reputation: 4.2/5 on Trustpilot

Customer Support: n/a

Truckers Love: Convenient and user-friendly, huge fuel card discounts.

Truckers Hate: Multiple reports of them holding 99% of invoices, very difficult to get released to transition away from them, fees are vague and unclear.

positive RTS Financial freight factoring review
negative RTS Financial freight factoring review

Phoenix Capital Group

Phoenix Capital Group is an Arizona-based financial company. They also offer a fuel card, equipment financing, and an online load board. Fuel card savings include Loves, PFJ, TA, and Petro with savings of 10 - 30 cents per gallon. Overall they have a positive reputation compared to other, larger trucking factoring companies.

Type of Freight Factoring: Recourse and Non-recourse

Funding Timeframe: 24-48 hours.

Cost: n/a

Fee Structure: n/a

Reputation: 3.6/5

Customer Support: Assigned customer support reps, not 24/7.

Truckers Love: Loads are processed within 24 hours as they claim, being in the AZ time zone gives drivers a bit of extra time to meet the 24-hour payment deadline.

Truckers Hate: Some customer support reps are lackadaisical, leading to missed same-day payment deadlines.

positive Phoenix Capital Group freight factoring review
negative Phoenix Capital Group freight factoring review

TBS Factoring

TBS is an Oklahoma-based factoring company for truckers that's been around for nearly 50 years. Overall we see complaints about their customer support team being hard to reach. They offer two fuel card options - Comdata and FTS Plus - and no long-term commitments.

Type of Freight Factoring: Recourse, Non-Recourse, Fuel Advance.

Funding Timeframe: Next business day.

Cost: 1.25% per unpaid week.

Fee Structure: No percentage per invoice, but rather a percentage per unpaid week.

Reputation: 2.5/5 on Trustpilot

Customer Support: Dedicated account representatives, not 24/7.

Truckers Love: 100% advance, easy to use interface.

Truckers Hate: Difficult to get a hold of, inconsistent fee schedule, non-responsive customer service reps.

positive TBS Factoring freight factoring review
negative TBS Factoring freight factoring review

Riviera Finance

Riviera Finance has been in business for over 50 years. They offer non-recourse trucking factoring services for fair rates and the option to purchase very overdue invoices. The general consensus is that they provide run-of-the-mill trucking factoring services, but not much else; there is no fee fuel card or user-friendly app.

Type of Freight Factoring: Non-recourse.

Funding Timeframe: Next business day when possible.

Cost: n/a

Fee Structure: Cancellation fees, fees to use fuel card.

Reputation: 4.8/5 on Google

Customer Support: Friendly customer service team.

Truckers Love: Friendly staff, clear fee schedule if you read the fine print.

Truckers Hate: They have a bit of an old-school way of doing things, not many advanced features or offerings.

positive Riviera Finance freight factoring review
negative Riviera Finance freight factoring review

Orange Commercial Credit

Orange Commercial Credit advertises no monthly minimums, free credit checks, and a robust collection service. They've got the infrastructural benefits that come along with being a long-standing freight factoring company. We found that they don't advertise specific benefits on their website, so customers have to go out of their way and speak to a representative for actual details.

Type of Freight Factoring: Non-recourse.

Funding Timeframe: Within 24 hours when possible.

Cost: contact for details.

Fee Structure: contact for details.

Reputation: 4.8/5 on Google

Customer Support: Dedicated account representatives.

Truckers Love: Discounts through NASTC, factor loads at 2.5% going up in 0.5% increments every 30 days the account remains unpaid.

Truckers Hate: Unclear application and onboarding process.

positive Orange Commercial Credit freight factoring review
negative Orange Commercial Credit freight factoring review

Porter Freight Funding

Headquartered in Birmingham, AL, Porter Freight Funding specializes in asset-based funding for all industries. They advertise a fuel card program, no hidden fees, and 24-hour payments. Their trucking factoring services include flexible contract options for small and large fleets as well as a decent list of pre-approved brokers.

Type of Freight Factoring: Recourse, Non-recourse, Fuel Advance.

Funding Timeframe: Same-day funding when possible.

Cost: n/a

Fee Structure: n/a

Reputation: 3.7/5 on Trustpilot

Customer Support: Dedicated account executive.

Truckers Love: No monthly minimums with one truck, convenient mobile app.

Truckers Hate: Difficulty reaching account reps, fees change when you add more than 3 trucks, clients have to check payment amounts to make sure they received the rate they agreed to.

positive Porter Freight Funding freight factoring review
negative Porter Freight Funding freight factoring review


WEX specializes in fuel cards, but their truck factoring department is robust. They offer 24-hour payments, no hidden fees, and "the largest database of freight broker payment info" of any freight factoring company. Online reviews are mixed, with some reporting seamless payments and others reporting bad experiences when trying to switch factoring companies.

Type of Freight Factoring: Recourse.

Funding Timeframe: Same day or next day.

Cost: 1.5% on average.

Fee Structure: n/a

Reputation: 3.2/5 on Google.

Customer Support: Dedicated support rep, not 24/7.

Truckers Love: Love fuel card, advanced reporting features.

Truckers Hate: Hard to reach account reps when something is going wrong, lots of hidden fees, truckers feel stuck in their contracts.

positive WEX freight factoring review
negative WEX freight factoring review

How Cota Systems Can Help - Free Freight Factoring

Starting a trucking business is hard enough. Between lease payments, premiums, and making just enough to cover fuel payments, O/Os need a factoring company they can trust.

That's where we come in - helping independent drivers choose the best freight factoring company for their needs. Fill out the form below, and we'll get in touch within 24 hours to pair you with the best freight factoring partner. No commitment necessary.

Booking loads through the Cota Systems App? Take advantage of our free factoring service, available on all loads booked through us. We deliver same-day payments, no hidden fees, and true non-recourse factoring.

Choosing the Right Transportation Factoring Company

A lot of nuances go into choosing a transportation factoring provider. Most of them don't even show their fee schedule on their website, meaning carriers have to call each company to learn more.

As former truckers, we know the ins and outs of factoring - red flags, hidden fees, and ultra-binding contracts. We know that factoring companies can try to make it feel like they own your business once you sign on. We do the legwork to compare pros and cons so you can spend less time making calls and more time on the road.

Fill out the contact form below and we'll get in touch within 24 hours to discuss options!

Cota Systems™ Mobile App

The Cota Systems mobile app was designed to help drivers perform their duties from anywhere. Browse loads, scan and send documents, and track earnings all from one place. The app integrates seamlessly with the dispatching system, meaning you only need to upload docs in one place, one time. Our tools are designed to make you more money per mile, on every load.

Protecting Your Trucking Company from Double Brokering

It's no secret that double brokering is becoming more and more common. While we all have insurance for these instances, getting stuck in the middle of one of these schemes is time-consuming, inconvenient, scary, and can even leave honest carriers in the whole. We take steps to protect our carrier network with intense carrier and broker vetting, meaning scammers don't even get access to our platform.


With Cota Systems, missing out on money by taking partial loads is a thing of the past. Carriers can save their frequent lanes and receive real-time updates when a load, of any size, is posted en route. We partner with direct shippers and a select group of brokers with high service standards and transparent practices. Take advantage of our app and browse free truckloads from anywhere!


Cota Systems is your one-stop shop for trucking resources. We've created in-depth guides on topics that puzzle new drivers, both on and off the road. From a complete comparison of the best fuel cards to an ultimate guide on semi truck leasing, our experts have compiled the best data in one place.

How do we do our research? Before starting Cota, our team was heavily involved in the trucking industry. We pool our extensive industry knowledge, stay informed on the latest trends and innovations, and stay connected with current drivers in big and small companies.

A few helpful guides:

9 Best Trucking Companies to Work for According to Truckers

CDL pre trip inspection checklist

#1 Ultimate Guide to Semi Truck Leasing

Truck Driver Quotes

Conclusion on Freight Factoring for Truckers & Brokers

Browsing for transportation factoring is made more difficult by the fact that most companies advertise the same benefits, amazing rates, and same-day payments. Further research reveals that this is rarely the case. Customer reviews are a mixed bag, and rates vary by company size and factoring type.

A few key takeaways:

  • Choose a company with the most favorable terms based on your company size and plans for future growth.
  • Read the fine print, and then read it again. Look for details about cancellation and fee schedules.
  • If you're stuck with a company that isn't working for you, look into buyout options at other factoring companies for freight, rather than paying your buyout fee outright.
  • Most companies advertise same-day payment. Most often, payment takes 1-3 days.
  • Prioritize loads with Cota Systems, we pay the same day - and our freight factoring services are free.

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