When comparing the best freight factoring companies, it's essential to assess key features such as funding capacity, pricing structures, and service management agreements, along with required business commitment levels. A strategic partner should understand your business operations and provide financial support, especially during extended periods.

Here are eight main features to evaluate:

1. Funding Limit: Assess the minimum and maximum funding capacities, as companies seeking significant funding need to understand their limits.

2. Advance Rate: Consider whether the factoring company will advance all or only a part of your invoice amount upfront. Most firms offer between 80% to 95% upfront funding.

3. SLAs: Review the billing speed and payment intervals before signing any contracts. Fast processing and same-day funding can enhance operational efficiency.

4. Factoring Fees: Look beyond the discount rate to identify hidden fees. Evaluate all terms and conditions to avoid unexpected charges.

5. Level of Commitment: Understand the contractual obligations. Long-term agreements can provide more control over which invoices to factor.

6. Experience: A factor's industry experience can significantly affect their efficiency. Ensure they understand your industry-specific needs.

Evaluating these features allows you to choose the best freight factoring company that aligns with your business requirements, ensuring optimal financial support and flexibility.