Fleet One Factoring Company Review

Factoring customers receive a dedicated account manager from Fleet One, which is very important. Anyone that has ever engaged in alternative funding such as invoice factoring or accounts receivable financing realizes there will probably be some snags along the way. A dedicated account manager is huge (especially at larger invoice factoring companies) because otherwise your case may be handled by the next representative at the call center.

Speaking of call centers, Fleet One Factoring’s call center has been ranked in the top 25 for 5 straight years by Benchmark Portal. If you plan on factoring with any company, you will inevitably speak with someone at a call center (even with a dedicated account rep).

WEX Fleet One Factoring has a Deep Capital Source

Wex Inc. is the parent company of Fleet One, a publicly-traded corporate payments company based in Maine. This is why they’re referred to as Wex Fleet One Factoring. WEX shares listed on the New York Stock Exchange under the symbol, WEX.

With over one billion dollars in total revenue for 2016, WEX has access to the capital markets which allows it (and it’s subsidiaries like Fleet One Factoring) to benefit from a deep capital source- institutional investors.* This liquidity drives new innovation in Fleet One’s technology platforms, ensuring it will stay on the cutting edge going forward.

On May 1, 2017 Moody’s credit rating agency affirmed WEX Inc’s Ba3 rating on the company’s 1- Long Term corporate family rating 2- senior secured bank credit facility and 3- senior unsecured regular bonds.* More importantly, Moody’s upgraded the outlook on WEX Inc. from negative to stable which shows us that Wex Fleet One Factoring is remaining financially diligent, something that can be easy to do for publicly traded companies.

Fleet One Factoring has a Decent Reputation

We conducted some due diligence on what people are saying about Fleet One Factoring and it’s business practices. While no one is perfect, especially with the ease of today’s information overload, we did come across some pretty upset ‘customer reviews’ on some review websites. Here’s our take on them. The majority of the negative reviews had to do with extra costs and billing issues.

It is the ‘customer complaints’ that we focus on, of which Fleet One Factoring had 3 with the BBB. These are more ‘official’ complaints which allow the business to make a direct response. Fleet One did address all the complaints, one being a future scheduled response.

Fleet One Factoring is not rated by the Better Business Bureau (of Middle Tennessee) nor is it accredited. Keep in mind, businesses are under no obligation to become accredited by the BBB and not being accredited doesn’t necessarily mean it was denied such status.

One way to keep negative customer reviews to a minimum is by offering full-disclosure up front. Factoring contracts can be lengthy and often, small businesses don’t have the time or energy to read through the entire contract and fine print. Still, it is the small business’ responsibility to do so.

All else equal, we prefer shorter contracts to longer ones- in case a disagreement between the invoice factoring company and small business that leads to a strained relationship, the business can move onto a better fitting relationship.

Read our official Fleet One reviews page here.