Comparing our services with HaulPay? We agree with your approach. 

Your factoring company is an extension of your team. And just like you'd vet new employees, you must vet your factoring company. Before signing the contract, you should understand the benefits or downsides of the factoring company's platform, integrations, and financial solutions. 

While we can claim we're the best factoring company for you, we want to let our offerings do the talking. 

Let's compare Denim vs. HaulPay and see which offers the best invoice factoring services.

Denim vs. HaulPay: Overview  

Since its inception in 2019, Denim has swiftly climbed the ranks in the factoring business world. After rebranding and securing a $126 million in Series B funding from well-respected investors like Crosslink Capital, Anthemis, and TruckVC, Denim has become a reliable factoring partner for over 200 freight brokers and fleets looking to scale. Its standout features? Flexible factoring and back-office automation tools that slash invoicing time by a staggering 75%. Plus, it's worth noting that Denim has been honored in the FreightTech 100 for two consecutive years, underscoring its innovative contributions to the industry.

On the flip side, HaulPay began its journey as ComFreight, a load board, back in 2011. Fast forward to 2023, and ComFreight was acquired by Dakota Financial. This acquisition led to a significant rebranding to HaulPay, the name of their payment product. HaulPay casts a wide net, offering its services to carriers and freight brokers, making it a versatile player in the field.

While Denim and HaulPay both provide customized factoring solutions tailored for freight brokers and fleets, a closer look reveals some key differences between their offerings:

• Recourse versus non-recourse factoring
• Factoring minimums
• QuickPay fees
• Platform features
• Integrations

Keep reading to find the perfect factoring partner that aligns with your unique needs, whether you're leaning towards Denim's innovative approach or HaulPay's comprehensive solutions.

Denim vs. HaulPay: Factoring 

For small freight businesses, cash flow is king. That's where Denim and HaulPay come into play, offering a lifeline through freight factoring. Though both companies aim to solve cash flow challenges, their approaches have some key differences.

Non-Recourse vs. Recourse Factoring 

Denim provides recourse factoring, where the broker might have to pay back the advance if the client fails to pay on time. This arrangement allows Denim to offer lower fees and more flexible credit lines by reducing their risk. To help prevent any surprises, Denim also offers complimentary credit checks and monitoring, minimizing the likelihood of chargebacks.

HaulPay opts for non-recourse factoring, offering a layer of protection against the financial instability of shippers. However, it's important to note that this protection doesn't extend to all scenarios, such as contractual disputes or billing inaccuracies. HaulPay's policy is to seek repayment if the documentation provided by the broker is incorrect or lacks appropriate paperwork.

Minimum Requirements 

Denim and HaulPay offer the flexibility to factor load by load or shipper by shipper. 

Here's where freedom meets restriction. With Denim, factor what you want, when you want, no strings attached. HaulPay sets a minimum bar. Don't hit their monthly factoring minimum; you'll receive a fee. Factoring minimums can be a significant consideration during slower business periods.

QuickPay

QuickPay services focus on expedited payments to carriers. Denim simplifies this process, offering next-day payments without additional fees for the broker or carrier. Denim customers have the option to monetize the QuickPay option to their carriers as they see fit. This service also provides the option to select the payment timing for further flexibility.

HaulPay’s approach to QuickPay involves a fee and set payment timelines. The model allows for flexibility in payment timing but introduces additional costs, which can be passed on to the carrier or shared. The company’s fees range from 1-3% depending on payment timing.

While both Denim and HaulPay aim to ease cash flow for freight brokers and carriers, their approaches and services offer distinct choices. Understanding the differences between recourse and non-recourse factoring, minimum requirements, and QuickPay options is essential for selecting the best financial partner for your needs.

Denim vs. HaulPay: Platform and Features

Leveraging technology to boost efficiency and reduce costs is essential in the logistics industry. Denim and HaulPay each offer unique platforms with automation tools to support small freight businesses. Here's how their offerings compare:

Denim Platform Features

• Flexible Factoring: Denim puts you in charge, allowing you to adjust the payment dates for both your advance and your contractor's. The longer the delay, the lower the cost. 
• Analytics Dashboard: A comprehensive dashboard provides insights into your business performance, featuring trend analysis, real-time alerts, and crucial metrics like account balances and days sales outstanding (DSO).
• Early Invoicing: With only proof of delivery, you can kickstart the payment process, ensuring faster cash flow while handling contractor invoices.
• Document Management: Securely request and manage documents within Denim's platform, simplifying paperwork and ensuring easy access to important files.
• Document Audit: Instantly verify the accuracy of key documents, enhancing operational efficiency.
• Denim for Teams: Facilitate collaboration across your team with tailored roles and permissions, safeguarding sensitive data.
• Carrier Portal: Empower carriers with a self-service portal, giving them control over their finances.

HaulPay’s Biggest Platform Features (that’ve we’ve identified)

• Loadboard: A dynamic tool for brokers to post loads, search for trucks, and access market rates. The platform supports QuickPay and allows for private or group postings.
• Mobile App: Handle payment requests and invoice sales on the go, with added functionalities like credit checks and a comprehensive view of your financial transactions.

Both platforms offer a range of features to streamline freight business operations. Whether through advanced analytics and document management with Denim or the convenience of mobile access and a dedicated load board with HaulPay, each service provider brings something valuable.

Denim vs. HaulPay: Integrations

Denim and HaulPay are at the forefront of using technology to streamline operations for small freight businesses. They feature open APIs, allowing seamless integration with your Transportation Management System (TMS). This capability is essential for automating data synchronization, saving valuable time, and minimizing manual entry errors.

Denim stands out with many integrations, supporting connections with 9 different TMS and 3 additional partners. This extensive network offers businesses increased flexibility and efficiency in their operations. Denim's integrations include:

• Ascend
• EKA
• EZ Loader
• Logistically
• MyCarrierPortal
• Port TMS
• QuickBooks
• Quote Factory
• TAI
• Turvo
• Zapier
• ZUUM

HaulPay offers valuable integration capabilities as well, with a total of 6 platforms, including 3 TMS. These integrations provide crucial tools for businesses to enhance their efficiency. HaulPay’s integrations include:

• Aljex
• Cargo Chief
• Descartes
• MyCarrierPortal
• TAI
• Trans Credit

Denim distinguishes itself further with two-way integrations for platforms such as Turvo, Quote Factory, and EKA. This feature facilitates a seamless flow of information—Denim not only pulls payable and receivable data effortlessly but also sends back updates on payments and collections directly to your TMS. Two-way integrations ensure real-time insight into the financial status of your operations, significantly enhancing management efficiency.

Denim vs. HaulPay: Which factoring company is best for you? 

If your brokerage is growing, you need a financial partner that will increase your business and one you can trust. You'll require a team of experts to monitor your customer's credit scores and payment timelines and answer questions whenever you run into an issue. 

At Denim, we are the best factoring company for your business. We offer flexible factoring solutions that put you in the driver's seat. At the helm, you can choose which loads to factor and even delay advances for additional cost savings. With our back-office automation tools, you can save hours on manual data entry to focus on what matters most: growing your business and building carrier relationships. 

Denim takes the stress out of factoring. If you want to switch factoring companies, check our pricing FAQ and schedule a demo today.