In a volatile market environment, it is an important issue whether a manufacturer with capital constraints should establish an online direct sales channel to encroach the retail market. In addition to loans from financial institutions, third-party logistics (3PL) financing provides an alternative way for the manufacturer to solve its capital difficulties. Considering that the manufacturer exhibits diversified risk preferences for uncertain demand, we build an analytical model to examine the financing and sales channel decisions of the manufacturer, retailer and 3PL. Further, the impacts of differentiated freight rates and portfolio financing on key decisions are explored. Our results mainly contribute to the literature in two aspects: In terms of financing strategies, the 3PL tends to conduct financial business at a lower interest rate under a single-channel strategy, but a reduction in the 3PL interest rate prevents the manufacturer from adopting 3PL financing. In contrast, a larger financing need promotes the 3PL to offer a loan with a higher interest rate under a dual-channel strategy, which in turn drives the manufacturer to enhance its preference for bank financing. 3PL financing is always more conducive to improving the retailer’s profit. In terms of sales strategies, a smaller establishment cost of the online channel or greater risk tolerance encourages the manufacturer to implement the dual-channel strategy, while lower price competition and online channel preference prevent the manufacturer from encroaching so that it only employs a single offline channel for sales. An increase in price competition between channels encourages the manufacturer to establish the online channel, and manufacturer encroachment weakens the retailer’s profit. Furthermore, differentiated freight rates reduces the participants’ propensity for 3PL financing, while portfolio financing enhances the manufacturer’s motivation to develop the online sales channel.