OTR Capital Transportation Factoring Services
OTR Capital delivers solutions and success to the transport industry. The company understands the importance of fast, reliable payments. OTR Capital works to build long, strong relationships with partners in the following industries:
- Trucking & Owner-operator
- Freight brokerage
- Government contracting
- Construction & manufacturing
- Staffing & payroll
Who is OTR Capital?
OTR Capital was founded in 2011 with the company’s headquarters in Roswell, GA. The company provides small business funding and invoice factoring services. Transport factoring allows the company’s clients to have money to pay their employees and keep their trucks on the road.
A fast-growing company, OTR Capital’s employees are seasoned veterans in the factoring industry, with several employees from Noble Transportation Group.
The well-respected and experienced company works with:
- Small businesses
- Medium-sized businesses
- Large businesses
OTR Factoring provides the immediate cash that businesses need when they can’t wait for an invoice to be paid. Working on net-30 or net-90 terms leaves operations struggling to pay for gas, pay drivers or even pay owners.
Through OTR, it’s possible to be paid quickly for invoices so that your business can pursue other opportunities or make payroll fast.
OTR Factoring Services
OTR Capital’s factoring services are designed to help small- to large-sized businesses improve working capital and cash flow. The company knows that charging clients on a net-30 to net-90 payment makes it difficult for business owners to operate.
Sometimes, transportation companies cannot wait to have their invoices paid – money needs to steadily flow in and out of a business.
When you work with OTR Capital, the company offers:
- Immediate cash flow boost
- No long-term contracts or commitments
- Fuel advances of up to 50% of the load with fuel cards
- Non-recourse and recourse programs
- Back office support to handle all collections and invoices
- Payment options within 24 hours of submitting a POD
- ACH and WIRE transaction options
OTR doesn’t want to hold your business back from growth. The company has no monthly minimum requirements, so you don’t have to continue factoring your invoices when cash is flowing into the company.
ACH fees are just $1 if the invoice is received by noon, so it’s a negligible fee.
Credit facility is between $10,000 and $10 million.
When you need money, the company will fund up to 90% of completed contracts. You would receive $9,000 on a $10,000 completed invoice.
OTR Capital’s financing rates are 2% flat fee if you use Nolan Transportation Group.
The company’s information on their site is sparse, so it’s best to contact them to discuss your factoring needs and any changes that may have been made to their fees.
The company does require several forms of documentation, including:
- Certificate of Insurance
- Corporate documents
- State of incorporation
Basically, you will have to prove to the company that you run a legitimate operation – it’s standard business practice.
Signing up is easy thanks to an online form. You can fill out the form, and the company will contact you back with basic information that they’ll need you to fill out.
Fuel advances are great because they allow you to advance fuel for up to 50% of your linehaul, with a $3,000 maximum. Cash can continue flowing even when you don’t have the cash to pay for fuel.
Three forms of documentation will be requested when you ask for a fuel advance:
- Request form
- Bill of Lading
- Load rate confirmation
Processing the advance will cost between $15 and $24, so keep this in mind.
But you will need to keep a close eye on OTR Capital’s fees in this case. When you’re going through the company’s factoring for the load, they will not assess you a fee for the fuel advance. When you’re not factoring the load, you will have to pay a $200 fee, which is quite expensive.
Proof of delivery information will be required within 48 hours of dropping off the load.
OTR Capital’s basic factoring information and process is standard in the industry. Fuel advances are definitely a perk, but it’s important to watch out for fees when not factoring with the company.
OTR Capital Reviews
OTR Capital seems to run a solid operation with a standard set of fees – that we could find. A lot of factoring companies will require an application and want to discuss fees on the phone.
When digging deeper into the company’s online reviews, you’ll find that:
- The majority of reviews are good, with people praising the company
- A small subset of reviews are negative, with some employee complaints
- The Better Business Bureau had one complaint resolved, but the rest of the reviews on the page were very positive
Reviews do show that in the transportation industry, owners love OTR Capital.
The company has rave reviews, with customers praising customer service and the overall experience when factoring invoices.
Many reviewers claim that they switched to OTR from competitors and won’t even consider other invoice factoring companies because OTR Capital exceeds their expectations.
For more information visit OTRCapital.com.