TBS Factoring Service

Overview

TBS Factoring Service, LLC is headquartered at 7740 NW 85th Terrace in Oklahoma City. The company says it has "over 50 years" of freight factoring experience. It describes itself as part of "the TBS family of companies." It does not name the other members or a parent company. Its main phone line is (800) 207-7661.

TBS factors for freight brokers as well as carriers. It offers recourse and non-recourse factoring. The website publishes no factoring rate and no advance percentage. It does state several other terms: no volume requirement, no sign-up fees, no reserve account on non-recourse, and no long-term commitment on non-recourse.

Services

• Freight factoring. Recourse and non-recourse, for carriers and freight brokers.
• Advance program. The advance program page says TBS can advance "up to 50% on any load you factor," subject to approval. Clients sign a separate advance program agreement, send the rate sheet and bill of lading, and receive the advance once the load is verified. No fee is published for it.
• Fuel cards. TBS offers an EFS card and a Comdata card. It says either can save "up to $0.90 per gallon" at truck stops nationwide. The cards are free to get, and the homepage says no credit check is required.
• TBS: Get Paid app. The app offers unlimited credit checks, analytics and a GPS-based VeriFast feature that verifies pickup and drop-off locations.
• Credit checks. Free online freight broker credit checks.
• Back-office services. Authority processing, first-time trucking permits and renewals, and bookkeeping. TBS says it provides free authority services to people starting a trucking business.

Industries served

TBS serves the trucking industry: motor carriers, owner-operators, people starting a trucking business, and freight brokers.

Published terms

TBS's rates page says factoring rates across the industry "primarily range from 1-5%" of the invoice. It says TBS has "absolutely no hidden fees" and avoids monthly minimums and transfer fees. The freight factoring page says recourse pricing "can vary by volume and debtor quality." It says recourse carries lower fees than non-recourse because the client takes on more of the risk.

Under non-recourse, TBS says that if a customer does not pay because of its own credit or funding problems, "TBS takes the loss" and will not seek repayment from the client. Under recourse, it says "you are on the hook for that money." The site does not define "long-term." It does not publish a daily cutoff time or say whether payment is sent by ACH or wire.

How to apply

TBS says non-recourse has no personal credit score minimum and recourse has no personal credit check. The FAQ says that once completed paperwork is submitted, "we process your payment within hours." It suggests pre-approving a freight broker's credit in the app before accepting a load. Applicants can call (800) 207-7661.