Factoring companies provide a vital service to businesses that have cashflow issues that sometimes occur due to slow-paying clients.
They provide companies with needed cash to fund their immediate operations or business growth costs.
BlueVine is a popular factoring company that offers funds to small and medium-sized businesses.
BlueVine offers factoring solutions for businesses in a variety of industries, including manufacturing, construction, wholesale, and distribution.
It provides an online invoice submission, quick approval, and funding in as little as 24 hours..
They offer advances of up to 90% of the invoice value while their fees range between 0.25% to 1.35% per week.
Fundbox is a factoring company that specializes in small businesses.
They offer advances of up to $100,000, with fees ranging from 0.5% to 0.7% per week.
They also offer a range of other financing options, including lines of credit and term loans.
It takes two steps to get the necessary financing and does not charge early payment penalties.
The company also offers a 12 to 24-week repayment option.
3. Riviera Finance
Riviera Finance services a range of industries, including trucking, wholesalers, staffing, and manufacturing.
Riviera Finance factoring company offers advances of up to 95% of the invoice value.
They have a simple application process and flexible terms. Their fees range from 1.5% to 5% per month.
Riviera Finance offers flexible factoring programs including recourse and non-recourse factoring.
Its maximum fund rate is $2 million and the standard term is six months.
4. Paragon Financial
Paragon Financial is a factoring company that offers advances of up to 90% of the invoice value.
They have a quick application process and flexible terms, and their fees range from 1% to 3% per month.
The company provides a fast and streamlined approval process, competitive rates, and personalized customer service.
Paragon Financial Group also offers a range of other financing options, including lines of credit and term loans helping businesses to grow and thrive.
5. TCI Business Capital
TCI Business Capital is the next invoice factoring company that provides working capital solutions to businesses across a range of industries in the US and Canada.
It offers advances of up to 95% of the invoice value that may range between $50,000 to $10 million. Also, their fees are competitive ranging between 1% to 3% per month.
To get factoring from TCI Business Capital, you can fill out a simple form on the company’s website or call and speak with a business representative.
TCI Business Capital can provide you with a pricing quote in as little as 15 minutes and fund applications within 24 hours.
altLINE is one of the best factoring companies on the US market.Its leadership in the factoring market is due to being backed up by The Southern Bank Company.
Operating under the umbrella of the Southern Bank Company, altLINE reduces the need for any intermediary accessing funding.
For clients, this means lower costs, reliability, and trust.
altLINE provides funds up to 90% of the total amount of the invoice and, typically, charges a fee between 0.5% to 5%.
The company does not use credit scores as a primary consideration. However, the specific rate will be determined partly by the customer’s credit and capacity to pay their invoices.
7. Triumph Business Capital
Triumph Business Capital is the next factoring company that offers invoice freight factoring to freight brokers, trucking companies, owner-operators, and mid-sized and larger fleets.
Their factoring services include recourse and non-recourse factoring, invoice processing, and credit monitoring.
Triumph offers an advance rate of up to 100%.
Applications are processed within 24 hours. And they offer same-day funding.
They can fund a business with a maximum rate of $6,000,000.
Their fees are variable and often depend on what you negotiate with Triumph.
Triumph works with businesses to fit their budget and terms requirements.
Interested businesses may apply by phone or through a form on the company's website.
A specialist will contact you after submission.
To determine the business's eligibility as a Triumph customer, they consider the age of the business, yearly revenue, invoice examples, and more.
They don't publish their exact qualification requirements online. However, they do indicate that eligibility degerminators are based on the creditworthiness of the business clients.
Once accepted as Triumph's customer, the business gets access to its MyTriump web portal.
This portal provides businesses with the possibility to monitor the status of their invoice payments.
Triumph's customers can stay up to date on their accounts from anywhere with real-time information.
By logging into their MyTriumph dashboard businesses can view requests, payments, and invoice searches, and get immediate support from their customer service team.
8. RTS Financial
RTS Financial is a factoring company that has a clear focus on businesses in the trucking industry.
It also offers mobile apps and web browser apps for better integration with its platform.
RTS Financial will advance up to 97% of the total on invoices uploaded through its web-based portal RTS Pro.
After that, they provide funding in as little as 24 hours. Also, they don't charge any hidden ACH or invoice-uploading fees.
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.
eCapital is another factoring company for small and medium-sized businesses.
The company has been in the industry for quite a long time. Their expertise makes them one of the most reliable choices for many businesses.
For example, they provide comparatively low rates helping companies to get the needed funds to fix their cash flow problems.
ECapital allows you to factor invoices as large as $30 million.
The funding process is fast.
You can get the necessary cash within 24 hours after application on their website.
They offer an advance of 90% of the total amount of the invoice. And the fees are up to 3.50%.
Start-up businesses can work with eCapital.
eCapital has no requirements for length of time in the business. eCapital is more concerned with the customer's ability to pay the invoice than the credit history of the business owner.
It works with those unable to get bank financing.
Choose the best factoring company for your needs
The above list of popular factoring companies should be just the beginning of your research.
You want to go through each factoring company's website and look for potential invoice factoring risks for your business.
If that is the case, exclude that company from the list.
Choose the factoring company with the least risk for your business needs.