TBS Factoring Service, LLC
TBS Factoring Service has more than 50 years of experience providing factoring to the transportation industry.
The company’s services make it easier for drivers to get established, find loads and get paid faster – all while remaining compliant.
Voted one of the best Oklahoma freight factoring companies to work for, TBS Factoring offers fair rates, friendly service and a variety of cash flow services to meet unique business needs.
In 2018, the Oklahoma City-based company surpassed $1 billion in annual funding.
TBS Freight Factoring Services
Freight bill factoring is a financial tool trucking companies can use to get immediate cash by factoring their invoices. Simply put, drivers or carriers sell their invoices at a discount, and they receive immediate cash in return.
TBS offers both non-recourse and recourse factoring.
Non-Recourse vs Recourse Factoring
With non-recourse factoring, TBS takes the bigger risk, but with recourse factoring, the customer takes the credit risk.
In the case of non-recourse factoring, TBS takes the loss if the invoice is not paid. While there’s less risk for the customer, TBS does charge higher fees to compensate for the potential loss.
In the case of recourse factoring, the customer takes the risk and enjoys lower fees as a result.
With TBS, rates are as low as 1.25%.
Non-Recourse
- 100% of the funds upfront with no reserve account
- No sign-up fees
- No volume requirements
- No long-term commitments
- Free online credit checks
- No credit score minimum
- Advance program
- FedEx program
- Fuel card
Recourse
- Competitive advance rates
- No sign-up fees
- Pricing based on volume and debtor quality
- No online credit checks
- No volume requirement
- Advance program
- FedEx program
- Fuel card
TBS will advance up to 50% of any load they factor, and they also offer discount fuel cards – Comdata or FTS Plus+, to boost fuel savings.
With the advance program, drivers simply have to submit their advance request to TBS along with a copy of the rate sheet and BOL. The advance money is added to your TBS Fuel Card or a bank account. Saturday advances are available for fuel cards.
In addition, TBS also offers access to the Search4Freight load board to help drivers find loads and get paid faster.
When working with TBS, you can also take advantage of their DDP Insurance Program, which allows you to defer up to 50% of your insurance down-payment, renewals or endorsements. The program creates more manageable policies that meet the needs of drivers.
TBS also has the Velocity Fuel Program, which helps drivers find the best fuel prices along their routes. It also gives them access to fuel discounts at more than 1,900 locations across the U.S., including Pilot, Petro, Flying J, Ambest, TA and more.
TBS will even process your authority for free.
How Does Freight Factoring Work with TBS?
TBS makes freight factoring as simple as possible.
- Preapprove credit before accepting a new load.
- Prepare the Schedule of Accounts form.
- Submit the paperwork to TBS.
- Get paid within hours.
TBS will need a copy of the rate sheet, proof of delivery and an Exhibit B form (an in-house form that TBS provides). From here, they will create the invoice, bill the customer, and send you your money. The money is sent electronically directly into your bank account or through ACH.
TBS also provides top-quality credit checks for free, so you can check each company you consider loading. The company offers customers the tools it needs to make smart business decisions.
Unlike other factoring companies for freight brokers, TBS will work with brand new companies. You don’t have to be in business for years to use their services. The only requirement is that you have your own authority.
Applications are typically approved within 24 hours.
TBS also allows customers to choose which companies they want to factor and which ones they do not wish to factor. This gives customers a level of flexibility that other freight factoring companies do not offer.
TBS Factoring Reviews
What do customers have to say about TBS?
Naturally, the company has glowing testimonials on their website from happy customers who claim that TBS saves them:
- Time
- Money
- Frustration
The company has a 4.5-star rating on Trustpilot, and customers on review sites are genuinely happy with their services. TBS says it has a 97% customer satisfaction rating.
To give the other side of the picture, our research also found multiple complaints about TBS too. To be fair, this is common in the freight factoring industry and something to consider when evaluating any business.
One customer did complain about being stuck in a contract with TBS, but the company makes no mention of any contract requirements on their website. In fact, their non-recourse factoring even says that there is no long-term commitment required.
It’s impossible to please everyone, but TBS Factoring has done an impressive job satisfying most of its customers.
The majority of reviews are positive. The company is praised for its high level of customer service and attention to detail. Customers claim that TBS representatives are helpful and happy to explain how everything works in detail.