Saint John Capital Reviews
Pros
- Get paid directly from your cell phone, no invoicing or mailing BOLs.
- Don’t require all invoices be to be factored with them.
- Receive cash advances same day when freight bills submitted by noon.
- 40% advances for pick-ups and 100% upon delivery.
- Fuel cards offered at 5200 truckstops, a 24/7 call center and short, 30-day contracts.
Cons
- 1.95% factoring fee is a bit steep.
- Credit card rates can be high and are variable.
- Fuel card must be used where Visa is accepted.
Saint John Capital Reviews
See above info for Saint John Capital reviews. If you are a current or former Saint John customer, we’d like to hear from you. How was your experience? Are you a repeat user?
Located in Park Ridge, Illinois, Saint John Capital is a freight factor, providing a wide variety of services to the trucking industry. Their 100% Cash Advance Program provides advances to truckers who normally must wait 30, 60 or 90 days for payment. The advances (40% for pick-ups and 100% on deliveries) can be sent right to a bank account or fuel card. Saint John has been factoring invoices since 1997 and competes with a number of trucking factoring companies including Triumph Business Capital, Fleetone and OTR Capital.1
Additionally, St. Johns offers load boards, fuel cards, debit and small business credit cards. The load board reportedly provides access to millions of offers unlimited posting, searches and users. It also offers broker credit checks, and information on millions of real-time loads. Hesitant customers should enjoy the free 30-day free trial.
Fuel Cards
The Saint John Capital fuel card offers discounts which can save truckers thousands at the pump over the course of a year. The card also links customers with Saint John’s network of 35,000 repair facilities. Finally, money can be sent directly onto the fuel card, avoiding bank wire fees and charges. It is one of the more impressive cards we’ve come across, comparing well with the Fleet card. Once approved, the money can be sent directly to a business checking account or right onto your fuel card, same day. Of course, additional documentation may always be required so don’t rely on that time table.
How is Saint John Capital Different from other Factoring Companies?
Cancellation Policy
What we noticed right away with Saint John was their willingness to cancel factoring contracts at any time without penalty. Such a practice is unheard of in the invoice factoring space. This cancellation policy is also available for the fuel card program.
Virtual Dispatcher
Saint John’s load tracking technology also allows customers the ability to track loads though periodic emails (every 15 minutes) relaying pausing, proof of pickup and delivery information. As they mention, it eliminates the need for an in-house dispatcher, potentially reducing operating costs (sorry dispatchers).
Modern Invoicing
Saint John customers have the ability to receive payment directly from your cell phone for pick-ups and deliveries. Previously, customers needed to create an invoice and physically mail in the Bill of Ladings. Today, most invoices can be uploaded into most major business accounting software programs. Potential customers should visit saintjohncapital.com and click on get started today.
While not one of the larger trucking invoice factoring companies, Saint John Capital is nevertheless one of our favorites in the trucking space and is a great option if you located in Illinois or the greater Midwest area (even though they operate nationwide). While the factoring fee could be a bit lower (~2%) the high advance rates improve cash flow and net working capital while keeping trucks on the road.
Saint John Capital Pros and Cons
In addition to the Saint John Capital reviews above, we reiterate some key pros and cons:
Main Pros:
· Get paid directly from your cell phone, no invoicing or mailing BOLs.
· Do not require all invoices be to be factored with them.
· Receive cash advances same day when freight bills submitted by noon.
· 40% advances for pick-ups and 100% upon delivery.
· Fuel cards offered at 5200 truckstops, a 24/7 call center and short, 30-day contracts.
Main Cons
· 1.95% factoring fee seems a little steep.
· Credit card rates can be high and are variable.
· Fuel card must be used where Visa is accepted.
For more information on Saint John Capital:
Who Uses St. John?
Where does financial backing come from?
Are there other financing options?
Similar Factoring Companies or Online Lenders to Consider:
· National Business Capital reviews
· Fundbox
· Bluevine
· Loan Me