Is Apex Capital legit?
Bottomline: Apex Capital is a great option because it offers free credit checks, free fuel cards with discounts on fuel, and their support is good.
What is trucking factoring?
Freight factoring, also called transportation factoring, trucking factoring, or freight bill factoring, is a process in which the person or business that delivers a load sells their invoice to a factoring company. This is often a better alternative than waiting a month or longer for a broker to pay the invoice.
What is Apex America’s Favorite Factor?
Apex is different and it’s our people that make us different. We value honesty and integrity as much as the freight bills we buy. That’s one of the many reasons we’ve been voted as America’s Favorite Factor and have been one of the top companies to work for in Texas for 4 years. For more information call 800.511.
What does Apex Capital Corp do?
Apex Capital Corp provides trucking services. The Company specializes in freight factoring for small- to medium-sized trucking companies, as well as offers diesel fuel card, load board, and proprietary digital payment systems.
What is a good factoring rate?
Average factoring rates and advances
| Industry | Factoring rate | Advance rate |
|---|---|---|
| General Business | 1.15% – 4.5% | 70% – 85% |
| Staffing | 1.15% – 3.5% | 90% – 92% |
| Transportation | 1.15% – 5% | 90% – 96% |
| Medical | 2.5% – 4% | 60% – 80% |
Are factoring companies worth it?
While the business will lose a bit of money to the factoring company, it may be worth it to overcome a cash shortfall. Factoring companies tend to move much quicker than more traditional lenders such as banks, so if you need cash quickly, they can provide efficient solutions.
What is a factor company?
A factoring company is a company that provides invoice factoring services, which involves buying a business’s unpaid invoices at a discount. The business is advanced a percentage of the invoice, say 85%, within a few days, and the factoring company takes ownership of the invoice and the payment process.
How much does RTS charge for factoring?
The average rate for the industry is 1% to 5% of the total invoice value, which is what you should expect. The best factoring services offer rates below 1.5%. Because RTS Financial specializes in the freight and trucking industry, it offers some services beyond factoring for this type of company.
How do I get out of a RTS contract?
You need to consider the fees associated with switching before committing to the change. Once you’ve decided to leave your current factor, you will need to give notice. All factoring companies require written notice to terminate the contract. The expectation is usually 30 – 60 days prior to the renewal date.
What’s the best factoring company for truckers?
Quicklook: Best Factoring Companies for Trucking
- Best For Overall Factoring: Porter Freight Funding.
- Best For Fast Turnaround: RTS Financial.
- Best For Established Businesses: OTR Capital.
- Best For Customer Service: Apex Capital Corp.
- Best For Small Businesses: Thunder Funding.