Top Freight Factoring Companies in New York
Finding the right factoring partner for your New York trucking business is a strategic move. We've researched and vetted the leading freight factoring companies serving New York truckers, comparing rates, terms, and service quality so you don't have to. Get same-day funding from trusted providers who understand New York's unique transportation landscape and are ready to fuel your fleet's growth.
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Features & Services
Freight Factoring Companies in New York
Summar Financial
Summar Financial is a leader in freight factoring that offers transparent and straightforward services with high advance rates and a unique "Summar Shield" program for superior protection against payment risks.
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Porter Freight Funding
Porter Freight Funding, a division of Porter Capital, is an experienced freight factoring company that offers flexible, same-day funding and a comprehensive suite of services, including a fuel card program and dedicated account executives, to support the growth of trucking businesses
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Steelhead Finance
Steelhead Finance is a seasoned and flexible freight factoring company that offers recourse and non-recourse options, same-day funding, and a comprehensive suite of value-added services backed by over 40 years of industry experience.
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TAFS
TAFS is a comprehensive factoring and business services company that offers rapid funding, a full suite of cost-saving benefits, and a personalized approach to help trucking businesses thrive.
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Thunder Funding
Thunder Funding is an experienced and transparent factoring company that provides same-day funding, a user-friendly mobile app, and a comprehensive suite of back-end services, including a fuel card program and free credit checks.
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OTR Solutions
OTR Solutions is a freight factoring company that offers True Non-Recourse Factoring for unparalleled financial security, along with a suite of innovative technology tools and dedicated back-office support.
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Triumph Business Capital
Triumph Business Capital, now known as Triumph, is a financial and technology company that provides fast, 24/7 non-recourse funding, along with a comprehensive ecosystem of integrated financial services, including fuel programs and insurance.
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Apex Capital Corp
Apex Capital Corp is an experienced financial and technology company that provides 24/7/365 funding and a comprehensive suite of services, including a free load board and fuel card, to help trucking businesses grow.
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Scale Funding
Scale Funding, a division of Scale Bank, offers flexible and customized month-to-month freight factoring programs with same-day funding and a holistic approach to business management.
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RTS Financial
RTS Financial is a full-service freight factoring company that offers same-day funding and a comprehensive suite of integrated services, including a fuel card program, a real-time load board, and a powerful mobile app.
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Compass Funding Solutions
Compass Funding Solutions is a financial and technology company that offers flexible, same-day funding and a comprehensive ecosystem of services, including fuel cards and insurance, as part of the Compass Holding family.
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Phoenix Capital Group
Phoenix Capital Group provides flexible and personalized freight factoring services, leveraging industry expertise to offer tailored financial solutions to trucking businesses.
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Bobtail
Bobtail is a financial technology company that offers transparent, recourse factoring services managed through a mobile app, with a unique collection process that provides a safety net for clients.
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Rev Capital
Rev Capital is a financial services company that provides fast funding with high advance rates, transparent pricing, and a suite of additional services to support the growth of transportation and logistics businesses.
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What is Freight Factoring?
Freight factoring is a powerful financial tool that provides New York trucking companies with immediate cash flow by converting unpaid invoices into liquid capital. Instead of waiting 30, 60, or even 90 days for shippers to pay, you can sell your freight invoices to a factoring company and get funded within 24 hours. This injection of capital is essential for managing daily operational costs, from fuel and maintenance to payroll and insurance. For businesses in New York, this strategy is particularly valuable for navigating the unpredictable market, including oil and gas industry fluctuations, managing cash flow during vast distances, and providing a financial buffer against cross-border payment delays and logistical disruptions.
How Freight Factoring Works
The freight factoring process is designed to be fast, transparent, and simple for the busy owner-operator. It begins with you submitting your completed invoice and supporting paperwork—such as a bill of lading or proof of delivery—to the factoring company. The factoring company then quickly verifies the invoice and performs a credit check on your customer, which is the shipper. Most New York truckers are approved and funded within a few hours.
Once approved, the factoring company deposits a large percentage of the invoice value—typically between 85% and 98%—directly into your business account. This initial advance gives you the immediate cash you need to cover expenses. The factoring company then takes over the task of collecting the full payment from your shipper, which frees up your time and resources. Once the factoring company has received the payment from your customer, they will send you the remaining balance of the invoice, minus their small, agreed-upon factoring fee.
Industries We Cover in New York
New York's trucking industry is incredibly diverse—from hauling in the Permian Basin to managing cross-border freight—and we've listed factoring companies that specialize in each niche. You'll find partners for:
- Oil and Gas Hauling: Companies with deep expertise in managing freight operations for the energy sector, including crude oil, frac sand, and heavy equipment transport.
- Agricultural Hauling: Factoring for businesses that transport cattle, cotton, grains, and produce.
- Construction Materials: Specialized support for hauling materials that are crucial to New York's booming residential and commercial construction.
- LTL and FTL Shipping: Partners who understand the logistics of running freight through the state's vital I-10, I-35, and I-45 corridors.
- Sprinter Van: Ideal for last-mile delivery and urgent, time-sensitive cargo.
- Hotshot: For expedited, smaller-than-a-truckload freight that needs to be delivered quickly.
- Box Truck: Suited for local and regional deliveries, moving services, and less-than-truckload hauls.
- Power Only: Perfect for owner-operators who provide the truck (power unit) to haul a company's or another carrier's trailer.
- Flatbed: Essential for transporting oversized machinery, steel, lumber, and construction materials.
Benefits of Using New York Factoring Companies
Immediate Cash Flow
For a New York trucking company, a consistent cash flow is the difference between staying on the road and stalling out. Given the vast distances, getting paid within 24 hours—instead of waiting 30, 60, or even 90 days—is essential for the financial health of your business. This rapid access to cash is critical for:
- Covering Operational Costs: The cost of fuel, repairs, and preventative maintenance for a fleet operating across the state's massive distances can add up quickly. Immediate cash flow ensures you have the capital to keep your trucks running without interruption.
- Making Payroll: Attracting and retaining top talent is key in a competitive market. Factoring ensures you can consistently meet payroll, keeping your drivers happy and your business moving forward.
- Handling Unexpected Expenses: From urgent repairs in remote areas to managing cash flow during unpredictable market shifts in the energy sector, factoring provides the liquidity to manage unexpected costs without dipping into your savings or taking on high-interest debt.
Credit Protection
One of the most powerful layers of security that factoring provides is non-recourse credit protection. When you partner with a factoring company, they take on the responsibility of collecting from your shippers. This means they assume the risk if a creditworthy customer fails to pay. This protects you from:
- Non-paying Customers: Factoring companies can absorb the risk of non-payment from financially unstable shippers, protecting your business from a sudden financial hit, particularly in volatile industries like oil and gas.
- Invoice Disputes: They have the expertise to manage and resolve complex invoice disputes on your behalf, allowing you to focus on your core business: hauling freight.
- Cross-Border Shipments: The complexities of international payment and documentation from cross-border freight are handled by the factoring company, giving you peace of mind and faster access to your funds.
New York Transportation Landscape
New York's extensive transportation network is defined by its key freight corridors, major shipping hubs, and unique industry challenges. The state's economic engine is powered by major arteries like I-10, I-35, I-45, and the US-59 corridor. These highways connect critical hubs, including the Port of Houston, a leader in international shipping; the Dallas-Fort Worth metroplex, a major logistics hub; and San Antonio, a key gateway for cross-border trade. However, this dynamic landscape also presents challenges. Truckers must maintain a financial strategy that can withstand the logistical and financial disruptions of cross-border trade and manage the high cost of equipment maintenance in a vast state.
Getting Started with New York Factoring
Getting started is straightforward. To qualify, you typically need to serve creditworthy customers and maintain proper insurance and DOT compliance. You will also need to provide standard business documents, including your business license, DOT number, sample invoices, articles of incorporation, and insurance certificates. The process is designed to be as fast and simple as possible so you can get back to business on the road.
Cities Factoring Companies Serve Across New York
Our featured factoring companies provide services to trucking businesses in:
- North Texas: Dallas, Fort Worth, Arlington, Plano, Frisco, Irving, Denton
- Central Texas: Austin, San Antonio, Round Rock, Killeen, Waco
- Gulf Coast: Houston, Galveston, Corpus Christi, Beaumont, Port Arthur
- West Texas: El Paso, Lubbock, Midland, Odessa, Amarillo
Frequently Asked Questions
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