6 Best Invoice Factoring Companies for 2023

FundThrough is our choice as the best overall invoice factoring provider because of its financing terms as it offers the highest advance rate out of all the providers on our list. The provider also has a quick application process and doesn’t require you to factor receivables for any minimum length of time.

You can get a 100% advance on your outstanding invoices up to $10 million. You can create an account or utilize the provider’s integration with QuickBooks or OpenInvoice to select which invoices you’d like to fund. The provider will then verify the invoices with your customer, after which you can receive payment as fast as the next day.

To be eligible, you’ll need outstanding invoices of at least $100,000 to one of your customers, and your invoices must be for work that has been fully completed. FundThrough does not issue funding for construction or real estate, but you can review our guide to the best construction factoring companies for these options.

Most of the clients FundThrough works with have a presence in either Canada or the United States. Its clients typically invoice large businesses in industries like oil, gas, manufacturing, staffing services, wholesale, retail, technology, agriculture, building supplies, and automotive.

To start the process or learn more, you can visit the FundThrough website. If you decide to apply, you’ll need to provide articles of incorporation for your business or other proof of business, a government-issued photo ID, and a voided check for your business banking account. You’ll also need to provide permission for the provider to review your business tax returns.

For businesses in the transportation industry, eCapital is an excellent option to consider for invoice financing. While it can work with companies in a variety of industries, its fastest funding speeds and flexibility in qualification requirements are typically offered to transportation companies.

From the time you apply, transportation companies can get approvals within 48 hours, with funding to occur almost instantly once the loan has been approved. For other types of businesses, approvals can take up to several weeks depending on the complexity of the transaction, with an additional 24 hours for funding.

As with many invoice factoring companies, some loan terms are determined on a case-by-case basis. Loan amounts and credit limits are based on a review of your company’s customers. Similarly, rates are determined by invoice volume, creditworthiness of your customers, and whether you’re looking for recourse or non-recourse factoring terms.

To learn more or to complete a loan application, you can visit the eCapital website.

Riviera Finance has no minimum requirements for revenue or time in business, making it a good option for startups. It also provides low rates and a reasonable funding speed. For instance, highly qualified businesses can get rates that start as low as 2% for every 30 days. It also offers a high advance rate of up to 95% of the outstanding invoice amount.

One downside is that Riviera Finance only offers up to $2 million in funding. That’s the lowest amount on our list. It also requires a minimum six-month commitment to factoring invoices, so this provider may not be the best choice if you need short-term funding. You can get repayment terms of up to 60 days, which is slightly shorter than some other providers that offer 90 or 120 days.

Like many invoice factoring companies, qualification requirements focus on the ability of your customer to repay rather than that of your own company. As a result, your own credit score isn’t a factor, and Riviera Finance doesn’t require any minimums for annual revenue. While there’s no minimum time in business requirement, at least three months is recommended to improve your chances of getting approved.

If you have questions, you can contact the company by using its toll-free number or submitting an application on its website.

altLINE works mostly with clients who can commit to factoring a large amount of receivables regularly. It also offers a high advance rate and low fees, making it our pick as the best provider for businesses seeking large recurring factoring products.

If you expect to factor at least $15,000 to $20,000 on a monthly basis, altLINE could be a good fit. Many of its clients factor a significantly larger amount each month, and you’ll be required to commit to a minimum of 12 months for factoring. Otherwise, it’s relatively easy to qualify as there’s no time in business requirement.

If you meet altLINE’S requirements, you could get $4 million in funding up to 90% of the outstanding invoice. Customers have up to 90 days to pay the invoice, and rates start as low as 0.5% for the first 30 days.

You can visit altLINE’s website to learn more or to start your application.

TCI Business Capital is one of few providers that doesn’t require any minimum commitment for factoring. It also provides competitive pricing, has large amounts of funding available, and can advance a large percentage of outstanding invoices.

Invoice factoring with TCI Business Capital can be done on a monthly basis with rates as low as 2% for a 30-day period. There are no contractual time requirements, so you can get funding effectively on an as-needed basis. This flexibility also extends into its other terms. Repayment terms can go for as long as 120 days, and funding amounts are available up to $10 million.

This provider has no requirements for time in business, but to qualify for invoice factoring, you’ll need to have at least $50,000 in monthly invoices. Your likelihood of approval will also depend on an evaluation of your customer’s ability to repay.

You can contact the company by submitting an application online or by calling its toll-free number.

Universal Funding can offer some of the most competitive pricing. However, its qualification requirements can be very strict, and it does require a minimum of a 12-month contract.

This provider’s factoring product has many similarities to that of altLINE with regard to pricing and contractual requirements. However, Universal Funding tends to have more flexibility for amounts to vary from one month to the next, whereas altLINE’s clients typically factor a minimum of $15,000 to $20,000 regularly. You may be able to negotiate terms in your contract, but Universal Funding may end up offering the best overall pricing if you end up factoring smaller amounts than what altLINE may otherwise require.

Pricing starts as low as 0.55% per month and can go as high as 3% or more depending on the details of your application. Funding amounts range from $25,000 to $5 million, and the provider can advance up to 95% of outstanding invoices.

Universal Funding can also work with startups as there is no minimum time in business requirement. However, to be eligible for invoice factoring, you’ll need to have at least $25,000 in outstanding monthly invoices. If approved, eligible invoices can have a repayment period of up to 90 days.

If Universal Funding sounds like it may be a good fit for your business needs, you can visit its website for more information. There, you can find a toll-free number you can call to learn more about its programs. You can also complete an online application to begin the process.