9 Best Factoring Company Reviews in 2022 | Choose the One Which Meets Your Needs

7 Top Picks

4 Reviewers

Over 30 Hours Of Research

19 Options Considered

Are you looking for a new factoring company? Or maybe you're not sure if factoring is right for your business. Either way, we've got you covered. Choosing the right company is essential because the wrong one can cost you time and money.

Triumph Business Capital capture
  • Fast payment
  • Great customer service
  • No hidden fees
Riviera Finance homepage capture
  • Long-standing company
  • Wide range of services
  • Good reputation
TCI Business Capital homepage capture
  • Fast payment
  • No hidden fees
  • Wide range of services

In this blog post, we'll give you an overview of the top factoring companies in the industry. We'll also provide some helpful tips on looking for a good factorer. So whether you're a seasoned pro or just getting started, read on to find out more about the right factoring company for your business. 

Top Factoring Companies Reviws

Triumph Business Capital capture

Triumph also invoice factoring .com provides an advance on your outstanding invoices in as little as 24 hours. It also offers a line of credit to small businesses in industries such as construction, manufacturing, and trucking.

The company fronts extra services such as credit protection and invoice management. Furthermore, its customer service is top-notch, with a team of experienced professionals who are happy to help.

  • Advance rate: 100%

  • Recourse and non-recourse

  • 1-4% discount rate

Pros

  • Fast payment
  • Great customer service
  • No hidden fees

Cons

  • Not available in all states
Riviera Finance homepage capture

Riviera offers same-day funding on your invoices. It also has a program for businesses that need help with their cash flow. The company has been in business since 1969. Its experience and reputation make it a good choice for businesses of all sizes.

It offers services in a wide range of industries, including the trucking industry, transportation, wholesalers, and manufacturing.

  • Advance rate: 90 to 95%

  • 2% discount rate

  • Both recourse and non-recourse

Pros

  • Long-standing company
  • Wide range of services
  • Good reputation

Cons

  • 90-95% advance rate
TCI Business Capital homepage capture

TCI Business Capital offers funding within 24 hours on your invoices. It also has a line of credit that can give you the cash you need to grow your business. It presents traditional invoice factoring as well as accounts receivable loans.

The company works with businesses in various industries, including construction, transportation, and manufacturing. It also has a team of experienced professionals who can help you with your factoring needs.

  • 90% advance rate

  • 1% to 3% discount rate

  • Both recourse and non-recourse

Pros

  • Fast payment
  • No hidden fees
  • Wide range of services

Cons

  • Not the highest advance rate
Porter Freight Funding homepage capture

Freight factoring companies work with the transportation industry. They purchase freight bills from trucking companies, railroads, and airlines. Porter Freight works with trucking companies to provide funding on their invoices. 

The company has been in business since 2011 and offers services in over 20 states. Porter can also bill non-factored loans for free, and you don't have to sign a long-term agreement with them.

Moreover, shippers and brokers may receive free online credit checks on motor carriers before granting them freight contracts.

  • Up to 100% advance rate

  • 1 to 3% discount rate

  • Both recourse and non-recourse

Pros

  • Offers services in many states
  • No long-term agreement required
  • Free loan billing

Cons

  • Not the highest advance rate
Porter Freight Funding homepage capture

altLINE is a newer company but has quickly made a name for itself in the factoring industry. It offers same-day funding on your invoices and works with businesses in various industries.

It also has a team of experienced professionals who can help you with your factoring needs. altLINE sources its funds from Southern Bank Company, not a third-party lender. It is not beholden to the same rules and regulations as other factoring companies. It's essential to note that altLINE doesn't work with transportation, trucking, or freight companies.

  • Up to 90% advance rate

  • 0.5 to 3% discount rate for the first 30 days

  • A recourse factor

Pros

  • Don't rely on third-party lenders
  • Same-day funding
  • Experienced professionals

Cons

  • Don't work with trucking companies
RTS homepage capture

RTS offers its services exclusively to trucking. The company differs from others in that they negotiate fuel discounts for their customers at fuel stations. It can save trucking companies a lot of money, which they would otherwise have to spend on fuel. The company also offers other services such as tire discounts and advances on loads. RTS has been in business since 1986 and is headquartered in Illinois.

  • Up to 97% advance rate

  • Discount rate not available for public

  • Non-recourse only

Pros

  • Negotiates fuel discounts
  • Offers other services

Cons

  • Advance rate not available to the public
Factor Funding Co homepage capture

Factor Funding has been in business since 2007 and offers funds to companies in various industries. It also has a team of experienced professionals who can help you with your factoring needs. The company offers non-recourse funding, as well as accounts receivable financing. It further provides free quotes to get an idea of how much funding you can get.

  • Up to 95% advance rate

  • 0.5 to 3% discount rate

  • Non-recourse

Pros

  • Offers free quotes
  • Experienced professionals

Cons

  • No-recourse only
Blue Vine homepage capture

BlueVine offers invoice factoring and business lines of credit. It provides funding to businesses in various industries and has a team of experienced persons who are available to help you with your needs.

Bluevine works with B2B companies only.

  • Up to 90% advance rate

  • 3% discount rate

  • A minimum credit score is 530

  • Recourse and non-recourse factor

Pros

  • Offers business lines of credit
  • Experienced professionals

Cons

  • Work with B2C companies
eCapital homepage capture

eCapital is a leading provider of "accounts receivable financing, purchase order financing, and working capital loans." The company has been in business for over 20 years and offers a wide range of services to businesses in various industries.

eCapital also offers unlimited credit checks on both recourse and non-recourse factoring.

  • Up to 100% advance rate

  • 1% to 5% discount rate

  • A non-recourse factor

Pros

  • Offers a variety of services
  • Unlimited credit checks for free

Cons

  • Fees and rates may be determined as per your income

How Do I Choose the Best Invoice Factoring Company?

Here are a few considerations to keep in mind when choosing a factoring company:

Reputation and Experience

Invoice factoring companies should have a good reputation. You can learn about a company's reputation by reading online reviews or talking to other businesses that have used their services. It's also helpful to choose a company that has been in business for many years. It shows that they're stable and have a good track record.

Financial Strength

You also want to make sure that the factoring company you choose is financially strong. It means they have the money to pay your invoices right away. You can check a company's financial strength by looking at its credit rating. The higher the rating, the better. 

Customer Service

The customer service of a factoring company is essential. You want to talk to someone when you have questions or problems. Choose a company that has friendly and helpful invoice factoring services.

Pricing

Of course, you'll also want to compare pricing when choosing a factoring company. Make sure to read the fine print so you understand all the fees involved. A good company will have transparent pricing and no hidden factoring fee.

Speed

You also need to consider the speed of the company. Ideally, you want a company to pay you within 24 hours of receiving your invoice. Also, make sure the factoring company has a sound system in place so that you can easily submit your invoices.

Now that you know what to look for, it's time to start shopping around for the right factoring company. With these tips in mind, we're sure you'll find the perfect one for your business.

So, Which Factoring Company is the Best?

It depends on your needs. If you're a trucking company, RTS Financial is a good choice. If you're looking for non-recourse funding, Factor Funding Co. is a good option. And if you need a business line of credit, BlueVine is a good choice.

For small business owners, the best factoring company is the one that offers the services you need at a price you can afford. So, take some time to compare the different companies and find the one that's right for you.

FAQ

Q. Who is the biggest factoring company?

A. There is no one "biggest" factoring company. Each company has its strengths and weaknesses, so it's essential to choose the right one for your needs. Factoring companies vary in size, but some of the largest include BlueVine, ecapital, and Factor Funding Co.

Q. Are factoring companies worth it?

A. Factoring companies can be a great way to get the cash you need to grow your business. They offer advances on invoices, which can help you pay for supplies, hire new employees, and more. However, it's important to remember that fees are associated with using a factoring company. These fees can range from 1% to 5% of the invoice value, so it's important to factor them into your decision.

Q. What is the average advance rate for a factoring company?

A. The average advance rate is between 70% and 90%. However, some companies offer rates as high as 100%.

Q. What is the discount rate?

A. The discount rate is the fee that the factoring company charges for its services. This rate typically ranges from 0.5% to 3%.

Q. What is the difference between recourse and non-recourse funding?

A. Recourse funding means that the factoring company can come after you for the money if the invoice is not paid. Non-recourse funding means that the factoring company cannot come after you for the money if the invoice is not paid.

Conclusion

The right invoice factoring company can be a great way to get the cash you need to grow your business. However, it's important to remember that fees are associated with using a factoring company. There are also various factors to consider when choosing a factoring company. You'll need to decide what services you need and then compare the different companies to find the right one for you.