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FactorLoads Invoice Factoring Review
FactorLoads is a strong contender for the best invoice factoring company we’ve looked at. They work in the small buiness and trucking industries and offer a range of services, including collections, online reporting, fuel card programs, credit reports, digital invoice processing, 24/7 service, and more. They fund from $5k – $1M, and are based in Heber City, UT. They opened for business in 2001.
One of FactorLoads’s strongest aspects is they have non-recourse factoring. This means that the factoring company can’t issue a chargeback on money paid out if your client doesn’t pay their invoice. This setup ensures a reliable and predictable revenue stream that will help businesses grow.
FactorLoads is also strong in that they don’t have the same fees many other factoring services rely on. As a result, they gain a few points in our review because fewer fees means simplier and more predictable pricing for customers, which is a much better business situation.
Finally, they will frequently provide funding on factored invoices within 24 hours. This speed of deposit can really help protect the revenue stream of your business, and ensures you have the capital you need to complete projects and grow.
However, there are some issues with FactorLoads. The first is they have a bit of a cartoony feel to their website. This can turn off some customers who expect clear, professional services when dealing with financial products. We think that their efforts are actually smart branding, but we can see the point that others make here.
FactorLoads also suffers because their services are limited to the market they focus on. This reduces their broader appeal and take them out of contention for the best invoice factoring companies. It doesn’t mean that they’re necessarily bad, but a broad appeal is something we look for when determining the best factoring services for our readers.
Finally, they have their rates and fee information buried in their page, so users have to go through several different links and sub menus to find the information they are looking for. They get some relief from this because the rest of their services are so good.
FactorLoads may be the best invoice factoring company for trucking businesses we reviewed. They don’t have any hidden fees, and they have a wealth of resources and educational materials for customers who want to learn more about the invoice factoring process.