The 60-second answer
For owner-operators and small fleets, freight factoring is rarely the cheapest source of working capital on paper — but it is almost always the right one. Brokers pay net-30 to net-60, and a small fleet cannot survive a 45-day cash gap on diesel costs alone. The question isn't whether to factor, it's which factor.
- Apex Capital — smallest of the three but most owner-operator-friendly. Lowest published rate range, strongest non-recourse policy, fuel card and load-board integration. Best fit: 1–10 truck independents.
- RTS Financial — largest fuel-card network of the three, same-day funding, deep broker-credit database. Best fit: 3–30 truck small fleets that need credible broker-credit calls and aggressive fuel discounts.
- TBS Factoring — oldest of the three, broadest ancillary services (compliance, IFTA, ELD, dispatch), but typically the highest factoring fees and the most aggressive contract minimums. Best fit: new authority drivers who want the paperwork shop solved alongside the factoring.
How freight factoring actually works
You haul a load. You hand the broker the BOL and the rate confirmation. The broker promises to pay you in 30–60 days. The factor advances you 90–97% of the invoice today, minus a 1.5–3.5% factoring fee. When the broker pays the factor, the factor sends you the held-back reserve minus the fee.
The mechanic is identical across all three providers. The economic differences live in:
- The factoring fee — the headline 1.5–3.5% per invoice
- The ACH/wire fee — typically $5–$20 per funding event
- The reserve percentage — what's held back from the initial advance
- Recourse policy — who eats the loss if the broker doesn't pay
- Fuel card discount network — what you save per gallon
- Contract minimums — what volume commitments are required
- Broker credit database — how fast they tell you if a broker is a credit risk
Apex Capital — the owner-operator's pick
Apex is the smallest of the three by topline revenue but punches above its weight on small-fleet retention. The company built its reputation on transparent fees and treating 1-truck operators the same as 50-truck fleets, which the bigger factors are often accused of failing at.
Typical 2026 economics
- Factoring fee: 1.0–1.7% recourse, 1.5–2.5% non-recourse
- Reserve: 3–10% held back, released when broker pays
- Funding speed: same-day on credit-approved brokers
- Minimum monthly volume: $10K (often waivable for new authority)
- Contract length: month-to-month available on request
- Fuel card: Apex Fuel Card, $0.20–$0.30/gal discount at major chains
- Load board: free Apex load board integration
Where Apex pulls ahead
- Genuine non-recourse on credit-approved brokers (chargebacks are rare)
- No long-term contract pressure on new sign-ups
- Owner-operator focus — same account manager handles you whether you have 1 truck or 30
- Same-day funding on most major brokers' invoices
RTS Financial — the small-fleet workhorse
RTS (Riviera Transportation Services) is owned by Riviera Finance and is the most technology-forward of the three. The mobile app, BOL upload flow, and broker-credit lookup tool are noticeably more polished than the competition.
Typical 2026 economics
- Factoring fee: 1.8–3.0% (volume tiered)
- Reserve: 5–10% held back
- Funding speed: same-day if invoice submitted by 11am CT
- Minimum monthly volume: $25K typical for non-tiered pricing
- Contract length: 12-month default, 6-month on request
- Fuel card: RTS Pro fuel card, $0.25–$0.40/gal discount
- Broker credit database: real-time credit scoring on 600K+ brokers
Where RTS pulls ahead
- Largest fuel-card discount network of the three (TA/Petro deeply discounted)
- Real-time broker credit scoring inside the app
- Cleanest invoice upload UX (camera scan, OCR, broker auto-match)
- Same-day funding on a slightly more generous cutoff than Apex
TBS Factoring — the paperwork shop
TBS (Total Business Solutions, also called TBS Express) is the oldest of the three and has deliberately positioned itself as the one-stop shop for new authority drivers. The factoring is one product in a bundle that includes IFTA filing, ELD, compliance consulting, MC authority help, and dispatch services.
Typical 2026 economics
- Factoring fee: 2.0–3.5% (highest of the three)
- Reserve: 5–15% held back
- Funding speed: next-day standard, same-day available with wire fee
- Minimum monthly volume: $20K typical
- Contract length: 12-month minimum with volume penalties for under-performance
- Fuel card: TBS Fuel Card, $0.15–$0.25/gal discount
- Ancillary services: IFTA, ELD, dispatch, compliance, authority setup
Where TBS pulls ahead
- Best fit for first-year owner-operators who need help with all the paperwork
- Dispatcher network if you don't want to source loads yourself
- IFTA filing included for most plans
- Compliance team that catches FMCSA issues before they become fines
Where TBS lags
- Highest published factoring fees of the three
- Most aggressive 12-month minimum-volume contracts
- Smallest fuel-card discount network
- Bundle pricing can obscure the true cost of each component
Head-to-head: a 5-truck small fleet, $120K/month invoiced
For a Texas-based reefer operation hauling food-grade loads to credible brokers:
- Apex (non-recourse, 5 trucks) — 1.9% factoring fee = $2,280/month; fuel discount on 4,000 gal/month at $0.27/gal = $1,080 saved; no minimum-volume risk. Net monthly cost ~$1,200 after fuel savings.
- RTS (non-recourse, 5 trucks) — 2.1% factoring fee = $2,520/month; fuel discount on 4,000 gal/month at $0.35/gal = $1,400 saved; broker-credit lookup catches one bad broker per quarter = $4,000 in avoided losses. Net monthly cost ~$1,120 after savings.
- TBS (recourse, 5 trucks, bundle) — 2.8% factoring fee = $3,360/month; fuel discount on 4,000 gal/month at $0.20/gal = $800 saved; IFTA + dispatch in bundle = $400/month of services not paid elsewhere. Net monthly cost ~$2,160 after savings.
On pure cost, RTS and Apex are roughly tied (within ~$100/month) and TBS is ~$1,000/month more expensive. TBS is only the right call if you genuinely value the bundled IFTA + dispatch + compliance services and would otherwise pay $400+/month for them separately.
Decision framework — pick by fleet profile
- Are you a 1–3 truck owner-operator? Apex is almost always the right answer. Lowest non-recourse rates, best small-operator service, no contract pressure.
- Are you a 4–30 truck small fleet? RTS or Apex — the fuel-card and broker-credit features start to outweigh the marginal fee difference. RTS wins on technology, Apex wins on relationship.
- Are you first-year MC authority with no back-office? TBS makes sense — the bundled services often pay for themselves.
- Are you a 30+ truck fleet? All three will give you custom tiered pricing. Negotiate every component (fee, reserve, ACH fee, fuel discount, contract length) separately. The list price you see on the website is the worst-case offer.
The watch-outs all three share
- "Non-recourse" with exceptions — read the chargeback exceptions. Fraud, disputes, aged-out invoices, and bankruptcy of the broker often shift the loss back to you regardless of what the marketing says.
- Minimum-volume penalties — if you fall under the contracted minimum, the factor can charge a "missing volume" fee that effectively rewinds your fee structure to recourse pricing.
- Termination fees — leaving before contract end can cost a 60–90 day termination fee. Always negotiate this down to 30 days or waived before signing.
- Fuel card balance accelerations — if you cancel the factoring, outstanding fuel card balances often accelerate to immediately due. Plan the transition with the fuel balance paid down.
Frequently asked questions
- Which one is cheapest for a 1–3 truck operation?
- On pure factoring fee, Apex Capital tends to come in cheapest for small fleets (1.5–2.5% non-recourse, 1.0–1.7% recourse), followed by RTS (1.8–3.0%), then TBS (2.0–3.5%). But the fuel-card discount, ACH fee, and broker-credit policy often matter more in total monthly cost than the headline rate. Run a 3-load scenario through each one's terms before signing.
- Recourse vs non-recourse — which should an owner-operator pick?
- Non-recourse if you can get it. The credit check on the broker shifts from you to the factor, which means if the broker fails to pay, you keep the money. Apex and RTS both offer real non-recourse on credit-approved brokers. TBS markets non-recourse but the contract typically reserves chargeback rights for fraud, disputes, and aged invoices — read the fine print.
- How long does each one take to fund a new invoice?
- RTS funds the same day on credit-approved brokers if the load doc is in by 11am CT. Apex same-day on approved brokers. TBS typically next-day. All three are dramatically faster than waiting 30–60 days for the broker direct.
- What about the fuel card programs?
- RTS fuel card has the deepest discount network (~$0.30/gal off retail at TA/Petro, decent at Pilot/Flying J). Apex has slightly better small-fleet discounts and a more transparent fee schedule. TBS fuel card is fine but lags both on negotiated retail discounts.
- Are there long-term contracts?
- All three try to push minimum-volume contracts on new sign-ups. Apex and RTS both have month-to-month options if you ask — TBS is more aggressive about locking in 12-month minimum-volume agreements. Negotiate before you sign.