eCapital Review

eCapital Ratings at a Glance

eCapital's appeal lies in offering companies quick access to capital without needing a long process of credit approval. It simplifies funding for businesses by enabling them to use invoices and assets to acquire cash for operations.

Instead of determining a business's creditworthiness based on its performance and history, eCapital uses the credit strength of the business's client base to assess how much capital it qualifies for. eCapital determines client billing according to the volume of funding and services provided.

eCapital offers a wide range of products to meet the capital needs of companies across a broad range of industries:

Invoice Factoring

Commercial banks have restricted credit to small and medium-sized businesses, leaving SMBs struggling to secure the working capital needed to meet business goals. Invoice factoring provides an alternative funding solution to SMBs with creditworthy customers. It is not a loan, it is the selling of invoice receivables in exchange for immediate cash. Clients simply upload funding requests using an online portal to submit invoices for payment. eCapital expedites the funding process to quickly transfer funds, typically within the same day. 

If your business has creditworthy customers, qualification is fast and easy. The best part is that clients aren't required to use business or personal assets as security. Instead, their invoice receivables become the collateral. Invoice factoring is ideal for companies that want ongoing funding but don't want monthly payment obligations or the responsibility of chasing customers for invoice payments. This service is perfect for companies with expanding operations, recovering from financial difficulty, or facing challenges as a start-up enterprise.

Here's how invoice factoring works: Once a product or service is delivered, the business submits invoices and supporting documentation via a user-friendly client portal. eCapital promptly verifies the invoice and then transfers funds to the client's cash account.

eCapital provides an advance of up to 95% of the total invoice value (Transportation clients receive up to 100%) within 24 hours of clients submitting invoices and deducts its fees from the advance. Any balance owing (known as the reserve) is paid to the client as soon as eCapital receives the full invoice payment from the debtor. 

eCapital provides industry high advance rates, low factoring fees, and superior customer service to ensure fast, cost-effective, and reliable funding.

Freight Factoring

Freight factoring is a transportation-specific form of invoice factoring. Keeping trucks on the road and hauling loads without operational disruption requires access to cash wherever and whenever needed. eCapital's freight factoring converts freight bills into immediate cash, transfers funds to client accounts within hours, and provides complete control to spend and move money as needed.

eCapital's freight factoring enables trucking clients to receive advance payment (up to 100% of invoice total value) within hours at the industry's lowest factoring rates. The responsibility of collecting outstanding invoices is transferred from the client to eCapital. If the invoice is not paid within 90 days, the client buys back the invoice - this is referred to as "recourse factoring." Alternatively, the client can choose to pay a slightly higher rate to have "non-recourse factoring" in which case eCapital must accept the loss from any unpaid invoices.

The main difference between eCapital and competing factoring companies is that their freight factoring services provide faster funding, more money, more funding flexibility, and more control of capital management. 

eCapital transportation clients gain further benefits with additional services:

• Fuel Cards: providing discounted prices on the cost of diesel with extended credit to delay payments. The card also enables drivers to receive cash quickly and pay for repairs, hotel rooms, and other expenses incurred on the road.
• Revolving Line of Credit: automatic approval for freight factoring clients enables access to a revolving line of credit up to $2,500 for each truck whenever needed.
• InstaPay: gain complete control of capital management by accessing eCapital's proprietary online account management portal to request funds, track transactions, and move money 24/7.
• Credit Check Tool: access an extensive database of 25+ years of credit information to verify shippers' and brokers' ability to pay before you haul.
• Load Board: find freight posted in real-time for a variety of equipment types from a large pool of brokers and shippers.
• Dispatch Software: utilize a personal dashboard to easily view, track & manage your trucks, loads and business.
• Profitability tools: Profit and loss calculator, cost-per-mile calculator.

Payroll Funding

Payroll funding is a staffing-specific funding solution. Payroll is one of the biggest expenses for staffing companies, and the monthly challenge of paying staff can hamper a company's operations. eCapital understands that and offers a payroll funding solution to enable staffing companies to meet payroll, pay bills, and support growth.

Instead of waiting for clients to settle their bills so you can pay your staff, eCapital's invoice factoring and asset-based lending provide the funds you need before clients make payments. Terms are designed to meet your exact needs, and processes are streamlined to ensure funding is in place to meet the demands of payroll burdens. eCapital's knowledgeable teams provide expertise to maximize working capital and offer valuable insights gleaned from multiple data sources and years of experience.

eCapital keeps pace with staffing companies' growing operations with expanding credit limits and personalized attention. The company provides additional services, such as access to a staffing profitability tool to help support growth.

Asset-Based Loans

Using invoice factoring to unlock the value tied up in unpaid receivables is just one way to leverage company assets. Another way for you to access funds is via an asset-based loan. If you don't have outstanding invoices, you can use your assets as collateral for funds. eCapital evaluates the value of your assets and grants cash against them. Since assessing assets requires time, this financing method takes longer to approve than invoice factoring. 

eCapital's asset-based lending provides funding up to $30 million and offers fair rates. eCapital Connect enables you to have complete control of your funds by giving access whenever needed. The company’s industry experts are available to advise you about strategies to maximize working capital.

The period to receive financing approval depends on the type of solution you're looking for and the complexity of your business structure. But it's usually faster than applying for a bank loan because you can use your physical assets or invoices as collateral. 

Lines of Credit

A solid financial strategy will include contingency planning to prepare for the unforeseen circumstances that businesses often encounter. A line of credit is a financing solution that helps you manage your business's short-term cash flow needs without taking money out of savings. eCapital's line of credit is the smart, simple way to cover ongoing and unexpected operational expenses with funding on your terms and accessible whenever you need it.

Gain security & confidence with access to extended credit. eCapital's line of credit adds an additional layer of safety to help prevent your credit rating from becoming adversely affected due to returned payments and ensure no checks or payments are returned due to insufficient funds.

Qualification is quick and straightforward, rates are competitive, and fees are only charged on what you use.

Equipment Financing

Companies in growth mode need funds for expansion, improvements, marketing, or R&D. Utilize your highly-valued equipment assets to inject cash into your business and restructure your debt according to your current and future requirements. eCapital provides equipment financing for a range of equipment types across multiple industries to raise working capital. eCapital's experienced team has the knowledge, resources, and innovative approach to guide clients and reveal options to turn hard assets into cash. 

Visa Commercial Card

Another way eCapital grants hassle-free access to cash to its transportation and staffing clients is via its Visa Commercial Card. The card enables client companies to manage funds from their eCapital cash account and use it wherever Visa is accepted, including ATMs. The benefit of the card is that companies can use it to send money or issue cards to their employees or departments with enhanced spending controls and to report. The card is linked to your eCapital dashboard, so it's a convenient way to transfer funds whenever needed, track expenses, and base decisions on transaction history. The best part about using this card to manage funds from their eCapital cash account is that it doesn't incur annual fees or interest rates.

eCapital provides world-class customer support to all its clients. Each client is assigned a dedicated account manager to answer questions, streamline funding, and facilitate special requests. 

The most common questions clients have are answered in the company's FAQ. Otherwise, you can contact the customer service team via phone or email. Response to customer enquiries is fast and knowledgeable. Representatives are intimately familiar with each of their customer accounts, experienced in the industries we serve, and available with helpful advice and expertise. eCapital's online chat enabling users to type their questions is ideal for immediate response to website inquiries.  

The only reason that eCapital doesn't get a perfect rating is that it lacks 24/7 customer service. A live chat service is provided online during regular business hours, but some people wish to communicate via chat 24/7. A chat box should pop up whenever a user visits the home page, enabling instant communication with a representative. 

Every client that signs up with eCapital receives a portal to a personal account. You'll need to enter your details to access the dashboard. Two-factor authentication is another layer of security for this platform that should be included. That feature will make customers feel their accounts are even safer.

Otherwise, eCapital doesn't share client information with anyone and ensures it remains protected from hackers by installing firewalls.

eCapital provides competitive rates ensuring small and medium-sized businesses receive cost-effective ongoing funding. Opting for invoice factoring might be the most affordable option because you sell your outstanding customer invoices to eCapital at industry-low rates and receive complete control of capital management to move your money anywhere at any time. 

Asset-based loans provide a significant injection of capital to meet immediate financial obligations, purchase equipment, or support expansion. This lending incurs charges such as up-front closing costs, maintenance, and audit fees. Interest rates are also included in this financing method.

eCapital charges fees for its funding solutions. Fees vary for each product and each client - everyone's needs are unique, as are the complexities of each business. Fees are low, advance rates on factored invoices are high, as are asset valuations for asset-based lending.

Although it's difficult for eCapital to state exact fees on its website because it offers customized solutions, it would be convenient for new users to get an idea with an example.  

eCapital's fintech platform provides flexible financial solutions to over 80 industries with specialized transportation, staffing, and healthcare services. No matter what industry your company serves, eCapital provides industry-leading tech-enabled services to maximize fast access to working capital. Constantly pushing the envelope to develop faster, more accessible, and more transparent avenues to capital resources, eCapital's tech team collaborates with specialized processers and partners to innovate higher levels of treasury management. This approach has led eCapital to develop a one-platform solution for client companies to get money, move money, spend money, and save money.

eCapital provides a platform that's easy to navigate and secure access to a dashboard that provides companies with tools to manage their business and funds. Mobile users can opt for the convenient app.

A robust client portal allows companies full transparency to monitor transactions in real-time, check balances, credit limits, and histories, and produce detailed reports as needed. The platform also contains several great features that are free and enable freight companies to protect their bottom line by running credit checks on clients and helping them find loads.

eCapital provides phone and email support, plus a live chat option so that users get instant access to representatives and prompter replies.

eCapital vs. Competitors

eCapital’s mission is to empower companies by accelerating access to capital. Business owners need immediate access to their funds to continue operations in a positive and profitable cash flow manner. With eCapital's ever-advancing financial technology, clients are put in control of their funds and given access to more money above and beyond what they're generating. The company’s core proprietary platform allows eCapital to provide more money, cheaper, faster, and with more control of capital management than competing lenders can offer.

eCapital receives a well-deserved 4.5 out of 5 stars for enabling businesses to access cash quickly. It offers customized funding solutions and competitive rates to ensure companies avoid operational disruptions, fuel growth, and have the capital to acquire other companies.

Their platform assists transportation companies, staffing companies, and other industries by offering invoice factoring, asset-based lending, and other cash flow solutions. eCapital’s services enable companies to smooth out cash flow, reduce credit risk, and gain complete control of capital management.

eCapital commits to providing competitive rates and industry-leading customer service. The company has offices throughout the contiguous United States, Canada, and U.K.

Frequently Asked Questions