Top 10 Non-Recourse Factoring Companies
Non-recourse factoring is a financial transaction in which a carrier sells their invoices to a factoring company at a discount, in exchange for immediate cash. The key advantage of non-recourse factoring is the fact that the factoring company assumes the risk of non-payment if the shipper fails to pay the invoice due to insolvency or bankruptcy. This means that carriers are protected from bad debt, allowing them to focus on their operations without the worry of unpaid invoices.
Whether you’re new to invoice financing or considering a switch, find the ideal partner for your financial needs by taking a look at the top 10 non-recourse factoring companies below.
The best non-recourse factoring companies
- OTR Solutions
- RTS Financial
- Apex Capital Group
- WEX Capital
- Phoenix Capital Group
- Porter Freight Funding
- TBS Factoring
- Riviera Finance
- eCapital
- Orange Commercial Credit
1. OTR Solutions
OTR Solutions stands out in the trucking industry for its comprehensive non-recourse factoring services, particularly benefiting owner-operators and small trucking companies. Their strong integration with the DAT load board streamlines the invoicing and funding process, offering seamless cash flow solutions. OTR Solutions is also known for its transparent pricing, providing clear and straightforward fee structures with no hidden charges. This transparency is crucial for small businesses managing tight budgets.
One of the key advantages of OTR Solutions is their same-day funding capability. Carriers receive funds within 24 hours of submitting an invoice, allowing them to cover operational expenses such as fuel, maintenance, and payroll promptly. This quick access to cash flow reduces financial stress and enables carriers to take on more loads without delay.
Additionally, OTR Solutions excels in customer service, offering dedicated account managers who provide personalized support and free credit checks on potential clients. This helps carriers make informed decisions and minimize the risk of working with unreliable shippers. Plus, their user-friendly online portal allows carriers to manage their accounts efficiently, track invoice status, and access financial reports in real time.
Overall, OTR Solutions’ combination of transparent pricing, fast funding, excellent customer service, and robust online tools makes them a top choice for non-recourse factoring in the trucking industry.
Why choose OTR solutions:
- Transparent pricing with no hidden fees
- Same-day funding to keep your cash flow steady
- Excellent customer service and support
- Free credit checks on potential clients
- High advance rates up to 98%
- Robust online portal for easy account management
2. RTS Financial
RTS Financial is a well-known name in the factoring industry, offering robust non-recourse factoring solutions tailored specifically for the transportation sector. Their services are designed to help carriers manage cash flow effectively while protecting them from the risk of non-payment. RTS Financial provides high advance rates, theoretically up to 97%, and comprehensive credit checks and monitoring to ensure that carriers are working with reliable shippers.
One of RTS Financial’s strengths is their quick and efficient funding process. Carriers can receive funds promptly after submitting invoices, which helps maintain steady cash flow and allows them to cover essential expenses like fuel, maintenance, and payroll without delay. This speed and reliability make RTS Financial a valuable partner for many trucking companies.
However, some RTS customers have reported a few drawbacks, mainly surrounding pricing. While RTS promises high advance rates, users often find that the pricing lacks transparency. Even after contacting customer service, many customers report that they walk away without a clear understanding of all the fees involved which can be frustrating for carriers who need predictable and straightforward financial arrangements.
Why choose RTS Financial:
- High advance rates with competitive terms
- Comprehensive credit checks and monitoring
- Fast funding process
- Flexible contracts to suit your business needs
- Access to fuel discounts and additional services
3. Apex Capital Corp
Apex Capital is a trusted provider of non-recourse factoring solutions. Known for their fast funding and exceptional customer service, Apex Capital helps carriers maintain a steady cash flow and protect themselves from the risk of non-payment. Their commitment to quick and reliable funding ensures that carriers can cover essential expenses such as fuel.
One of the standout features of Apex is their user-friendly online platform. This robust portal allows carriers to manage their accounts effortlessly, track the status of their invoices, and access detailed financial reports in real-time. The ease of use and comprehensive functionality of the platform make financial management straightforward and efficient for busy trucking professionals.
Apex also offers competitive advance rates and transparent pricing, providing carriers with clear terms and no hidden fees. This transparency helps businesses plan their finances more effectively and avoid unexpected costs. Additionally, Apex conducts thorough credit checks and continuous monitoring of shippers, ensuring that carriers are protected from working with unreliable clients.
However, it’s worth noting that customers report carriers can’t do business with other accounts receivable factoring companies when contracted with Apex.
Why choose Apex:
- High advance rates with transparent terms
- Same-day funding for approved invoices
- Extensive credit analysis and monitoring
- Dedicated account manager for personalized service
- Online portal for easy account management
4. WEX Capital
One of the key strengths of WEX Capital is their ability to offer quick funding, ensuring that trucking companies receive the cash they need when they need it most. This fast funding capability is crucial for maintaining the smooth operation of the business.
Another notable feature of WEX’s service offering is their integrated fuel card programs. These programs provide significant savings on fuel purchases, which is one of the largest expenses for trucking companies. The convenience of using WEX fuel cards not only reduces costs but also simplifies the management of fuel expenses, making it easier for carriers to track and control their spending.
WEX is also known for its transparent pricing model, which eliminates hidden fees and ensures that carriers understand the costs involved from the outset. This transparency is complemented by their user-friendly online account management tools, allowing carriers to monitor invoice statuses, manage accounts, and access detailed financial reports in real-time.
However, something to note is that previous customers state they have experienced slow payments, unclear contracts, chargebacks, and difficulty reaching their account representatives.
Why choose WEX Capital:
- Integrated fuel card programs for additional savings
- Transparent pricing with no hidden fees
- Comprehensive credit checks and monitoring
- User-friendly online account management tools
- Dedicated account manager for personalized service
5. Phoenix Capital Group
Phoenix Capital Group stands out in the factoring industry by offering tailored solutions for carriers of all sizes. Whether you’re just starting your carrier venture or managing an expansive fleet, Phoenix Capital Group’s non-recourse factoring programs can help meet your needs.
One of the key features of Phoenix Capital Group is their flat-rate factoring, which caters to diverse needs and risk tolerances. This transparent pricing model ensures that carriers understand their costs upfront, with no hidden fees.
Additionally, Phoenix Capital Group offers a variety of complementary services, including access to a load board, equipment financing options, and a fuel card program. The fuel card program provides discounts at 1,900 commercial stations, helping carriers save on one of their largest expenses.
Phoenix Capital Group’s dedicated account representatives are a significant asset, providing personalized support and guidance. Many clients report positive relationships with their account managers, who assist with managing accounts and navigating the factoring process. However, some clients have experienced challenges such as untimely payments, difficulty contacting representatives, a smaller pool of approved brokers, and inconsistent support with back-end billing.
Why choose Phoenix Capital Group:
- Competitive advance rates and transparent pricing
- Quick and efficient funding process
- Comprehensive credit management and risk mitigation
- Dedicated account managers for personalized support
- User-friendly online tools for account management
6. Porter Freight Funding
Founded in 2011 after Porter Capital Corporation acquired an experienced factoring company, Porter Freight Funding has quickly established itself as a reliable partner for carriers looking to boost their cash flow and avoid the complications of unpaid invoices.
Known for their competitive factoring rates and same-day invoice funding, Porter Freight Funding is particularly beneficial for owner-operators and smaller carriers. Additionally, the company supports carriers with a range of complementary services, including a dispatching network with pre-approved brokers and shippers, fuel cards, insurance quotes, and compliance assistance.
These additional services help carriers streamline their operations and reduce expenses, making Porter Freight Funding a comprehensive solution for trucking companies. The fuel card program, in particular, provides significant savings on fuel purchases, which is one of the largest operational costs for carriers.
However, some customers have reported difficulties in reaching their account managers, which necessitates more involvement from carriers in the factoring process. Additionally, carriers with three or more trucks are required to meet a specific monthly factoring volume, which can be challenging for some. The list of pre-approved brokers is also relatively small, limiting flexibility in choosing loads.
Why choose Porter Freight Funding:
- High advance rates with competitive terms
- 24-hour payment turnaround
- Pre-approved brokers and shippers
- Dedicated customer support team
- Online portal for easy account management
7. TBS Factoring
TBS Factoring is a reputable provider of non-recourse factoring services, catering to both small and large trucking companies. With over 50 years of industry experience, TBS Factoring offers a range of services designed to improve cash flow and protect carriers from credit risk.
TBS Factoring is known for its fast funding capability. They offer same-day funding for approved invoices. Additionally, TBS Factoring provides fuel advances up to 50% of the load, which can be used immediately for fuel purchases, helping carriers manage their fuel expenses efficiently.
Known for its competitive advance rates and transparent pricing, TBS Factoring’s flat-rate factoring and no-hidden fees policy ensures that carriers understand their costs upfront and can plan their finances accordingly. This transparency is complemented by their comprehensive credit checks on potential shippers, which help carriers make informed decisions and minimize the risk of working with unreliable clients.
The user-friendly online portal offered by TBS Factoring allows carriers to manage their accounts 24/7, track invoice statuses, and access detailed financial reports. However, it’s worth noting that some customers have reported inconsistent communication and issues with contract transparency and accessibility.
Why choose TBS Factoring:
- Competitive advance rates with transparent terms
- Same-day funding for approved invoices
- Thorough credit checks on potential shippers
- No minimum volume requirements
- 24/7 online account management
8. Riviera Finance
Riviera Finance is a trusted provider of non-recourse factoring services, specializing in supporting small and medium-sized trucking companies. They offer a competitive 95% advance rate with no hidden fees, ensuring that carriers receive maximum value from their invoices. This transparent pricing model helps businesses manage their cash flow without worrying about unexpected costs.
One of the standout features of Riviera Finance is its quick funding process. Carriers can receive funds within 24 hours of invoice verification, providing immediate cash flow.
Riviera Finance also offers flexibility with no monthly minimums, making their services accessible to carriers of all sizes. Whether you’re a small owner-operator or managing a larger fleet, you can benefit from their tailored factoring solutions. Their thorough credit checks on potential shippers further ensure that carriers are protected from working with unreliable clients, minimizing the risk of non-payment.
However, unlike many other factoring companies, they do not offer an advanced mobile app, and some customers have reported inconsistent service and communication issues, which can be a drawback for carriers looking for comprehensive and tech-savvy solutions.
Why choose Riviera Finance:
- 95% advance rate with no hidden fees
- Funding within 24 hours of verification
- Flexibility with no monthly minimums
- Thorough credit checks on potential shippers
- Personalized customer support
9. eCapital
eCapital has provided financing solutions to trucking companies for 17+ years and offers customized financial solutions that help carriers maintain steady cash flow and mitigate credit risks. Their services are tailored to support both small owner-operators and large fleets, ensuring that businesses of all sizes can benefit from their flexible factoring options. eCapital provides fast funding, with same-day advances on approved invoices.
Offering a user-friendly online platform where carriers can easily submit invoices, track payments, and manage their accounts, eCapital emphasizes transparency and ease of use. In addition to factoring, eCapital provides a range of value-added services, including fuel card programs and equipment financing, all of which are designed to help carriers reduce costs and improve their overall financial health.
Plus, eCapital clients get instant access to modern, cost-effective freight tools such as a TMS to better manage your freight. With dedicated account managers and personalized customer support, eCapital ensures that each client receives the attention and assistance they need to optimize their cash flow and grow their business.
However, it’s worth noting that some reviewers take issue with hidden fees and some delays in the funding process.
Why choose eCapital:
- Same-day advances with approved invoices
- Network of 400,000+ shippers, brokers, and carriers
- User-friendly online platform
- Thorough credit checks on potential shippers
- Dedicated account manager
10. Orange Commercial Credit (OCC)
Known for their flat-rate factoring with no minimum volume requirements, OCC ensures that carriers receive transparent and predictable pricing, free from hidden fees. OCC offers competitive, above-average advance rates, and their seamless invoice uploading process further simplifies the factoring experience.
A dedicated account executive is assigned to each client, offering personalized support and tailored financial advice. This individualized attention helps carriers navigate the complexities of the factoring process and optimize their cash flow management strategies. Additionally, OCC provides access to payment trend alerts, enabling carriers to stay informed about the payment behaviors of their shippers and make informed decisions about their business relationships.
OCC has also partnered with a fuel card provider to help carriers save on fuel expenses. However, the network of stations is relatively small, with just under 2,000 locations, which may limit the convenience and savings potential for some carriers.
One area where OCC could improve is the informativeness of its website. Some customers have found it challenging to fully understand the scope and details of OCC’s offerings when comparing their options.
Why choose Orange Commercial Credit:
- Transparent, no obligation rate proposal
- Competitive, above-average rates
- No minimum volume requirements
- Dedicated account manager
- Access to payment trend alerts
Streamline your non-recourse factoring with OTR Solutions
When it comes to factoring, there are numerous options available, but at DAT, we believe OTR Solutions stands out as the premier choice. Partnering with OTR Solutions ensures that you get paid quickly while benefiting from competitive rates, exceptional customer service, and complete transparency, all without hidden fees or restrictive contracts.
Additionally, our partnership with OTR Solutions allows you to see which brokers are pre-approved directly in the DAT load board, streamlining your operations. Start factoring with OTR Solutions today to enhance your cash flow and drive your business forward!
Optimize your factoring experience with OTR Solutions
Choosing the right non-recourse factoring partner is crucial for maintaining a healthy cash flow and protecting your business from credit risks. OTR Solutions offers transparent pricing, same-day invoice processing, and peace of mind, making them an excellent choice. Sign up with OTR Solutions today to take control of your payment schedule and optimize your financial management!
