Best Factoring Companies

Backed by The Southern Bank Company, altLINE has provided more than $800 million in funded invoices since 1936. Unlike most factoring companies, it is backed by an established, reputable bank, making it our preferred choice for large invoice factoring because. As a direct lending company, altLINE doesn’t carry additional borrowing costs that can become expensive on large invoices. While we hear its upper limit on invoice value may be a bit lower than a few of its competitors, we still selected it as best for large invoices because it keeps its fees transparent and charges fewer of them, which lowers the cost for the business customer with a large invoice.

Its factoring rate can be as low as 0.50%. Other fees that may apply are for origination, wire transfers, and to speed up funding.

The company does not use credit score as a primary consideration. However, the specific rate will be determined partly by the customer’s credit and capacity to pay their invoices.

To work with altLINE, you may need to meet certain requirements around the amount of annual sales you have and the amount of invoices you need to factor.

You can request a quote on altLINE’s website. After completing the request, an altLINE specialist will work with you to determine if factoring is the right service.

The main drawback altLINE has compared to its competitors is the possibly slower funding timeline. It may take a couple of days to get your money, however, your experience may be more or less. The application process, however, is fast and does not require an application fee.

Minimum and maximum factoring amounts may apply.

Headquartered near Dallas, Texas, Triumph Business Capital has offered invoice factoring since 2004. The company launched MyTriumph.com which is an industry-leading web portal built for customers to manage their funding. Customers can stay up to date on their accounts from anywhere with real-time information by logging into their MyTriumph dashboard to view requests, payments, invoice searches, and to get immediate support from their customer service team.

Triumph offers an advance rate of up to 100%. Things such as the age of your business, yearly revenue, invoice examples, and more may be examined to determine your eligibility to be a Triumph customer. Business owners must also have business-to-business or business-to-government sales invoices to qualify.

Fees vary in size and form. In some cases, there are flat fees, and in others, there are variable rates. It depends on what you negotiate with Triumph. Triumph Business Capital works with the business to fit their budget and terms requirements. Once inside the portal as a client, you’ll have ready access to your invoice management fee structure.

Interested businesses may apply by phone or through a form on the company's website. Just like the other factoring companies, a specialist will be in contact after submission. Triumph says it provides same-day funding, but it could take longer in some cases.

The MyTriumph portal is robust and easy to use as you can see where your requests stand in the funding approval process. There is, however, no direct integration to sync your bookkeeping software, but you can download and upload files through an import and export process.

Triumph determines its invoice funding amount on a case-by-case basis. Triumph then recoups the money by collecting on your invoices.

RTS Financial, a factoring company founded in 1986, offers working capital solutions to businesses across multiple industries, but with a clear focus on the trucking industry. It offers apps for both web browsers and mobile and serves truck driving companies with same-day funding, a discount fuel card program, a solution for trucking companies operating in Mexico, credit reports for freight brokers, and comprehensive fleet management software.

The company does not disclose its pricing and rates until after you’ve applied. RTS does not charge hidden fees such as ACH fees or invoice-upload fees.

For the invoice factoring service, the company will advance up to 97% of the total amount within 24 hours of taking your application. 

Requirements for RTS will differ by industry (trucking and non-trucking) and if it is domestic or international among other possible factors.

To apply with RTS Financial, you need to submit the contact form online. A representative will then call you and take your application over the phone. In the application conversation, you’ll submit personal and business information, truck details, company ownership, and more. After the submission review, a representative from RTS Financial will contact you again to discuss your qualification and options. Funding can be as quick as 24 hours once approved.

The company provides a mobile and web application called RTS Pro to help clients access fuel discounts and available loads, upload invoices for factoring, access free credit data on brokers, and manage load history. They also offer a separate full-service trucking software called ProTransport that offers load management and tracking, two-way driver communication, and integrations with QuickBooks.

Funding minimum and maximum amounts are determined on a case-by-case basis depending on the company's full understanding of your financial picture. For Fuel Card allowances, RTS permits up to $2,500 per truck, per week. As customer invoices are paid, the remaining payments are made to the trucking business.

In its long history, eCapital has bought more than 12 million invoices and worked with 17,800 clients. With offices in California, Tennessee, and Ontario, Canada, eCapital's rates are relatively competitive. The company offers non-recourse factoring for bankruptcy protection and weighs the customer’s ability to pay far above the personal credit of the business owner.

Rates for small business factoring are 3.50% per invoice. For larger businesses and truck fleets the rate is likely cheaper. Its advance rate is up to 90%.

You may pay additional fees depending on your business and situation. Of course, additional services will likely carry additional fees too.

Starts can work with eCapital, which has no requirement for the length of time in business. It appears more concerned with the customer’s ability to pay the invoice than the credit history of the business owner as it says it works with those unable to get bank financing.

The process starts with a contact form which leads to a conversation with one of its representatives, and eCapital has the potential to advance your funds within 24 hours after signing the agreement.

The company offers its client portal login on nearly every page of its website, allowing you to easily view and manage your account as well as receive funds.

For small business factoring, the amount you receive must be less than $250,000.