Fleet One Reviews

9

Overall

9.0/10

Funding Speed

8.9/10

Cost

8.6/10

Experience/Reputation

8.8/10

Service and Support

9.6/10

Pros

  • Offer Non-Recourse factoring.
  • Numerous technology assets for customers.
  • Same day funding.
  • Recourse factoring rates advertised as low as 1%.
  • Edge card accepted at an extensive network.

Cons

  • Application/Approval process can take a few days.
  • Fees can be high if you’re not careful.
  • Some mediocre reviews by both employees and customers.

Fleet One Reviews 

See above info for Fleet One Reviews. If you are a current or former customer, we’d like to hear from you. How was your experience? Are you a repeat user?

WEX Fleet One Factoring (a.k.a. Fleet One) is a freight factor based in Nashville, Tennessee. An industry veteran, the company has been factoring receivables since 1988. Three decades in business is a testament to their operation.

The WEX Acquisition

Wright Express (‘WEX’) acquired Fleet One back in 2012 for a reported $369 million in cash.1 The acquisition provided some synergies between Fleet One’s factoring services for truckers and WEX payment systems. But, as with many acquisitions, especially from a publicly traded company, there’s going to be growing pains for customers.

First, there are essentially two headquarters for Fleet One, Nashville and South Portland, Maine (WEX headquarters). This has reportedly caused confusion among employees seeking guidance on company issues.

On the client side, the policy change that’s angered the most truckers on The Truckers Report seems to be a $75 late fee for invoices that are overdue. This apparently has been instated following the WEX takeover. There is also a $75 late fee reportedly if you are late on a nominal $6 monthly account fee. Still, other Fleet One customers had no such problem, claiming their invoice payments were auto-deducted just fine.

All fees and penalties are usually spelled out in a factoring agreement. There is no evidence that the company was charging anything not in their agreements. Contracts are something customers need to watch with any company that provides small business funding, whether that’s an alternative lender or commercial bank. Fleet One provides a large amount of self-service information and documents on their customer service webpage.

How is FleetOne Different from Other Factoring Companies?

Fleetone falls into the trucking factoring companies category with names like OTR Capital, Apex Factoring , Interstate Capital and Triumph Business Capital.

Freight factoring in general, isn’t a cheap source of funding, especially when you add on fees. But it provides quick funding and credit and collections services. Still, FleetOne advertises rates as low as 1%, for recourse factoring. 

Fleetone is able to provide enough value through their ancillary services to keep customers happy and coming back for more. Thirty years in the business is a testament to this and is considerably more than most factoring companies (OTR Capital was established just in 2011).

Fleet One Edge Card

Fleetone stands out with their fleet card program that saves customers on everything from fuel to tires. This is where the WEX deal shines for customers-on the payment side. It’s called ‘Edge’ and is available to use at more locations than 8000 locations. This is a great value for customers. Edge highlights:

·       Average savings of 15 cents per gallon on fuel.

·       Duel discounts given at over 3600 truck stops.

·       Accepted at over 8,000 locations.

·       Savings on maintenance and tires.

Fleet One Reviews & Pros and Cons

In addition to the Fleet One reviews above, we reiterate these key pros and cons:

Main Pros:

·       Offer Non-Recourse factoring.

·       Numerous technology assets for customers

·       Same day funding

·       Recourse factoring rates advertised as low as 1%.

·       Edge card accepted at an extensive network.

 

Main Cons:

·       Application/Approval process can take a few days.

·       Fees can be high if you’re not careful.

·       Some mediocre reviews by both employees and customers,

 

For more information on the company, visit our Fleet One Factoring spotlight page where we answer:

Who Uses Fleetone?

Where does FleetOne’s funding come from?

Do they offer specialty financing options?

 

1https://www.crunchbase.com/acquisition/wright-express-acquires-fleet-one–7e9ed8d8#section-overview