RTS Financial Review

By
Sean Peek
,
business.com writer
| Updated
Jun 23, 2020
Image Credit: wutwhanfoto / Getty Images

RTS Financial is a non-recourse invoice factoring company that specializes in the freight and trucking industry. Though it works with many different industries, its primary focus on the trucking industry is evident in its fuel card program, equipment leasing and various trucking-related software. For these reasons, RTS Financial is the best factoring service for freight and trucking companies. 

RTS Financial

RTS Financial

The Best Factoring Companies of 2020

The Verdict

RTS Financial provides more than just non-recourse factoring, including such services as a fuel card program, equipment leasing and trucking-related software that make this the best factoring service for freight and trucking companies.

See all our recommendations for factoring services on our best picks page.

RTS Financial Rates and Fees

Once you factor an invoice with RTS Financial, it will advance you up to 97% of the total amount. This is a higher amount than the vast majority of factoring companies we reviewed will advance to you, giving you more cash in hand to solve your cash flow problems. 

Another major benefit of working with RTS Financial is that it does not charge hidden fees, such as volume fees, ACH fees or invoice-upload fees. Unfortunately, though, it does not publish its fee for factoring your invoices on its website, and the customer support representatives we spoke to were unwilling to divulge this information without an application. The average rate for the industry is 1% to 5% of the total invoice value, which is what you should expect. The best factoring services offer rates below 1.5%. 

Because RTS Financial specializes in the freight and trucking industry, it offers some services beyond factoring for this type of company. For example, it has a fuel card program that saves an average of 18 cents per gallon and provides a line of credit up to $2,500 per truck per week. This program also provides fuel discounts at hundreds of stations across the country. 

Another noteworthy trucking-specific service that RTS Financial offers is its software. This trucking software is designed to help you with all the management of your trucking company, including your factoring agreement with RTS Financial. 

RTS Financial offers non-recourse factoring, which means you are not held liable if one of your customers or clients fails to pay their invoice. The alternative – recourse factoring – requires you to buy back unpaid invoices, which can severely limit your cash flow and set you back.

Minimum Requirements

While this factoring service states that it doesn't have a monthly minimum requirement for freight and trucking companies, a representative told us it has a monthly minimum volume of $150,000 for a factoring agreement with a non-trucking company. This means small businesses and startups outside of the trucking industry won't be able to work with RTS Financial.

Ease of Application

At the time of this writing, you can't apply for factoring on RTS Financial's website. Rather, you must contact a sales representative over the phone to discuss your business and your options. Most factoring services allow you to apply online before speaking with a representative of the company, which tends to be quicker and more convenient. 

Customer Service and Support

We contacted RTS Financial posing as a potential customer to test its customer service. The representatives we spoke to were helpful and provided some of the information we were looking for, though they didn't answer every question. We contacted the company several times over the course of six weeks, and no representative was willing to provide specific information regarding the company's fee structure. 

In addition to email and telephone support, RTS Financial offers a chatbot on its website that can connect you to a customer support representative. The company is responsive and will get in contact with you quickly.

Limitations

Unfortunately, RTS Financial does not readily publish its pricing and rates on its website. This lack of transparency means you have to contact a customer support representative to get specific information. Furthermore, we found a few negative reviews that indicated some customers struggled to get out of their contracts. 

Also, you can't apply to factor your invoices through RTS Financial online. You must contact a sales representative and discuss your factoring options over the phone, whereas many other factoring companies offer a quick online application process with fast turnaround.

Editor's note: Looking for the right factoring service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

RTS Financial

RTS Financial

The Best Factoring Companies of 2020

The Verdict

RTS Financial provides more than just non-recourse factoring, including such services as a fuel card program, equipment leasing and trucking-related software that make this the best factoring service for freight and trucking companies.

Sean Peek
Sean Peek
Sean Peek is a writer, small business owner and SEO specialist. He began his career in digital marketing as a freelance writer in 2013 and has over five years of experience in the B2B space. You can learn more at lightningmediapartners.com.