Overview
Liquid Capital is not a single factoring company in the usual sense. It is a franchise system. Clients deal with a local office run by a franchise owner, which the company calls a Principal, while a head office supplies the brand, the funding platform and central credit review. The company's own site says it is built on "a network of locally owned and operated Principal Offices" and that its Principals "are owners themselves who also participate in fundings." It lists two head offices: one on Yonge Street in Toronto and a US head office in Cedar Park, Texas.
The company says it has been in business since 1999, and its Better Business Bureau profile gives a business start date of January 1, 1999. A 2018 company press release credits Brian Birnbaum, Sol Roter and Barnett Gordon with conceiving the business in Toronto. Ownership has since changed. In October 2019 the Garrington Group of Companies bought the assets of Liquid Capital Corp. through a subsidiary called Liquid Capital Enterprises, and the release says the purchase included "the franchise agreements governing the relationship with the Liquid Capital franchise network." An ABF Journal report dated September 15, 2026 still describes Liquid Capital as a Garrington subsidiary and names Vince Mancuso as its new chief executive, a title the company's own leadership page also gives him.
The size of the network is hard to pin down, and the numbers the company has published have moved. A 2017 release about a new franchisee in New Jersey described "over 80 independently owned businesses across North America," and another 2017 release referred to "80+ franchisees." The 2019 Garrington release described a "45+ franchised office network," and a 2020 release about the Illinois Bankers Association described "a network of 45 sales offices spanning North America." We could not find a current count on the site. When we tried its Principal list page, it showed no individual offices without a postal code search. The company says it has deployed more than $3 billion in working capital across North America.
Factoring is the core product, but it is not the only one. The site also offers asset-based lending, purchase order financing, a purchase finance program, international factoring, equipment finance and leasing, top-up financing and working capital advances. Its homepage advertises deal sizes of "$20,000 to $20 million per funding." That upper figure applies to asset-based lending. Its factoring and rate pages put the ceiling at up to $10 million per funding.
How the franchise model works
The franchise structure is the most important thing to understand before you apply, because it shapes almost everything about the experience.
Your day-to-day contact is a local business owner rather than a call center. The 2019 Garrington release says the franchised offices "locally originate, manage, and fund" receivables and trade finance deals. The site's Principal Finder asks for your ZIP or postal code and points you to the nearest office. The company presents this as its main advantage: you talk to the person who funds your deal, who may know your local market and is personally invested in keeping you as a client.
Credit is not purely local, though. A 2017 release announcing a new Director of Credit Risk said the Toronto-based credit and risk department "reviews all new business opportunities to support 80+ franchisees across North America." So a Principal brings in and services the deal, while head office reviews the credit. The why-us page also says the network is "backed by an institutional lender," which is how the company says it can fund deals of up to $10 million.
What this means in practice is that two Liquid Capital offices may not give you the same answer. The company does not publish a rate card, and every quote comes through a Principal. Our editors expect pricing, response time and how well an office knows your industry to vary from office to office, because each one is run by a different owner with a different book of business. That is an inference from the structure, not something the company states, but it is the right way to approach any franchise lender. If your first local office is slow or seems unfamiliar with your industry, it is reasonable to ask head office whether another Principal handles your sector.
The other practical point is the paperwork. You will usually sign with a Principal's own legal entity. Company press releases name local entities such as Liquid Capital Alternative Finance Inc. in Winnipeg and Liquid Capital Funding Solutions in the Phoenix area. Read the agreement to see exactly which company you are contracting with, who holds the security interest, and who you would deal with if the local office closed or changed hands.
Rates, advances and fees
Liquid Capital does not publish factoring rates. Its factoring cost guide describes the pricing method instead. It says the company "always quotes one rate and there are never any hidden fees," and that it charges a 30-day rate for the first 30 days an invoice is outstanding and a daily rate after that. That structure is easier to model than a stepped tier schedule. Ask what the daily rate is and whether it has a cap, because a customer who pays in 75 days will cost you meaningfully more than one who pays in 30.
On advances, the same guide says the upfront advance is "typically around 80-85%" of the invoice. The FAQ and the industry guides say "up to 85%," and the main invoice factoring page says "80% or more." The FAQ's worked example holds back a $1,000 reserve on a $10,000 invoice. The remainder, less fees, is paid when your customer pays. The cost guide says reserves are released at least once a week, which is a useful commitment because slow reserve releases are a quiet way factors hold on to your cash.
Advances of 80% to 85% are on the conservative side. Trucking-focused factors often advertise advances in the 90s, and some go higher with no reserve. If you are in freight and your margins are thin, the lower advance means more of your cash waits on your customers. For most general B2B businesses, the range is normal.
The FAQ says invoices of 90 days and under are eligible. The invoice factoring page also mentions payment terms of at least net 30. Liquid Capital says it does not need to file registrations against your business until you are ready to formally apply, and the trucking guide says no credit checks are run at the first-contact stage. Once you apply, underwriting looks at your financial statements, bank statements and your customers' credit.
What we could not find was a published list of add-on charges. There is no schedule of wire or ACH fees, setup or due diligence fees, or lien search costs on the pages we read. The company says there are no hidden fees, which is a good starting point, but the protection that matters is in the contract. Ask your Principal for a written schedule of every charge, and see our guide to hidden factoring fees for the questions to bring.
Contract terms
Contract flexibility is one of the stronger points in Liquid Capital's published terms. The FAQ says it does not require a long-term contract and that your contract "can be exited at any time without penalties or exit fees." It adds that Liquid Capital does not auto-renew and has no exit penalty fees. Many factors use 12-month auto-renewing agreements with a notice window and an exit fee, so that is a meaningful difference if it holds in your contract. Because the agreement comes through a local office, check the document you are actually signing for a notice period, any minimum term and how the lien is released.
The company also describes a "flexible factoring" option. The FAQ says it lets you start and stop at any time "with no minimum requirements and no termination penalties," and that you are "in total control of which customers and invoices to fund and when to fund them." That amounts to selective or spot factoring, which suits businesses that only need cash in certain months. The cost guide contrasts this with traditional or full factoring, where all of a customer's invoices are factored continuously. Ask which of the two your offer is based on, because the pricing will likely differ.
Liquid Capital's site does not say whether its factoring is recourse or non-recourse. The cost guide says amounts later found to be in error, such as invoices for defective products or invoices in dispute, are charged back to you. If a customer goes out of business without paying, assume you carry the risk unless your agreement says otherwise. Our guide to recourse vs non-recourse factoring explains what to look for.
Funding speed and service
The company says approved clients "often receive fundings in under 24 hours." Its rate request page repeats that approved customers can receive funding in under 24 hours. The invoice factoring page is more cautious and says funding can come "sometimes as quickly as one day." Setting up a new account takes longer. The FAQ describes a full approval at the first application, after which later fundings run within the credit limit you were approved for, so you do not reapply for each invoice.
Liquid Capital handles collections from your customers. The invoice factoring page promises transparent reporting, the trucking guide mentions a 24-hour online reporting system, and the site links to a client login portal. The company says that even during the 2008 financial crisis it did not miss a single client funding. That is the company's own claim, and we could not verify it independently.
On reputation, the BBB profile for Liquid Capital Enterprises Corp. in Toronto shows an A+ rating, accreditation since March 17, 2022 and zero complaints filed in the last three years at the time we checked. That profile covers the head office entity. It does not necessarily capture complaints filed against individual franchise offices in the US, which may trade under their own names.
Who it's for
Liquid Capital fits established small and mid-sized B2B companies that want a local relationship and are comfortable with a mid-range advance. Its industry page lists dozens of sectors, from staffing and security to manufacturing, apparel, telecommunications and government contracting. It is also one of the few networks that bundles factoring with asset-based lending, purchase order financing and equipment leasing under one brand, which matters if you expect to outgrow factoring.
It is less suited to owner-operators in trucking who want high advances, fuel advances, free broker credit checks and app-based funding at any hour. We found no fuel program on its trucking guide. It also suits poorly anyone who wants to compare published prices before talking to a salesperson. The smallest businesses should note the $20,000 starting point on the homepage.
Pros and cons
Pros
- Local, owner-run offices, so you deal directly with the person who funds your account
- No long-term contract, no auto-renewal and no exit fees, according to its FAQ
- Flexible factoring with no minimums and a choice of which customers and invoices to fund
- Simple pricing method: a 30-day rate, then a daily rate, with reserves released at least weekly
- Factoring, asset-based lending of up to $20 million and purchase order financing under one brand
- A+ BBB rating for the head office entity, with no complaints in the last three years when we checked
Cons
- No published rates, and quotes and service can vary by local office
- Advances of about 80% to 85% are lower than many freight specialists offer
- Recourse terms are not stated anywhere we could find
- The network has shrunk on the company's own figures, from 80+ franchisees in 2017 to about 45 offices in 2019 and 2020
- No published schedule of setup, transfer or other add-on fees
- No fuel program or trucking-specific tools for carriers
How it compares
The closest comparison is Riviera Finance, which also works through local offices in the US and Canada but sells non-recourse factoring and, in our review, publishes advances of up to 95%. Liquid Capital's edge is its stated no-contract, no-exit-fee policy. Riviera, in our review, uses a six-month standard term. 1st Commercial Credit serves a similar spread of industries and is unusual in publishing a rate range, which makes it easier to benchmark a Liquid Capital quote. Bay View Funding is now bank-owned and covers several of the same sectors with advances of 70% to 90%. If you are deciding between a local network and a centralized factor, get written quotes from both and run them through our calculator.
Frequently asked questions
Is Liquid Capital a franchise?
Yes. Clients are served by locally owned offices run by franchise owners the company calls Principals. The 2019 Garrington purchase included the franchise agreements with that network, and head office in Toronto reviews new deals for credit.
Who owns Liquid Capital?
The Garrington Group of Companies has owned Liquid Capital since it bought the business's assets in October 2019. A September 2026 trade report names Vince Mancuso as chief executive.
How much does Liquid Capital advance?
Its factoring cost guide says the advance is typically around 80% to 85% of the invoice. The rest is held as a reserve and paid to you, less fees, once your customer pays.
Does Liquid Capital require a long-term contract?
Its FAQ says no. It states that there is no long-term contract, no auto-renewal and no exit penalty fees. Confirm that the agreement your local office sends matches this.
How fast does Liquid Capital fund?
The company says approved clients often receive funding in under 24 hours. Your first funding takes longer, because a new account needs a full approval before ongoing fundings run within your credit limit.
Will every Liquid Capital office offer the same terms?
Not necessarily. Each office is owned by a different Principal and the company does not publish rates, so compare a written quote against at least one other factor before you sign.