RTS Financial is a factoring company that serves businesses in various industries, with a focus on the trucking and transportation sector. This organization aims to relieve cash flow challenges by purchasing a company’s invoices at a discounted rate, allowing clients faster access to working capital. Factoring with RTS Financial can help businesses avoid the need for loans, thus enhancing their financial management.
In recent years, RTS has received praise from clients for their responsiveness and support. For instance, customers emphasize significant responsiveness, flexibility, and individualized attention, which have contributed to building strong and enduring relationships. However, some users have raised concerns about certain issues, reflecting the variety of experiences clients have had with the company.
Taking these factors into account, it is essential for businesses considering RTS Financial’s factoring services to carefully assess both the pros and cons before making a decision. By examining customer reviews, analyzing industry expert opinions, and reflecting on their own unique requirements, companies can determine whether RTS Financial is the right choice for advancing their financial goals.
What is RTS Financial Factoring
Factoring Services
RTS Financial is a factoring company that provides working capital solutions to businesses across multiple industries. They offer accounts receivable financing which helps customers build the necessary cash flow to grow their companies. With their factoring services, RTS Financial purchases client’s outstanding invoices, providing them with immediate cash. This eliminates the waiting period for payment from customers and allows businesses to have access to funds quickly, which can be used for operational expenses, payroll, or growth.
Their services include:
- Invoice Factoring: RTS Financial purchases outstanding invoices from businesses, giving them immediate cash to support their growth.
- Same-Day Funding: Through their factoring services, RTS Financial can provide funding within 24 hours of receiving invoices, ensuring businesses have consistent cash flow.
- Fuel Program: RTS Financial offers a fuel program to help trucking companies save money on fuel expenses.
Industries Served
RTS Financial focuses on a variety of industries including:
- Trucking: RTS Financial is well-known as an invoice factoring company for trucking businesses. They provide financial solutions to support the growth of trucking companies and help them manage the financial challenges faced in the transportation industry.
- Oilfield Services: RTS Financial caters to the oilfield services industry, providing cash flow solutions to support their operations and growth.
- Distribution: Businesses in the distribution industry can benefit from RTS Financial’s factoring services to enhance their cash flow and support growth.
- Staffing: The staffing industry can rely on RTS Financial’s factoring solutions to manage their payroll and other operational expenses more efficiently.
- Textiles: Companies in the textiles sector can turn to RTS Financial to secure the working capital necessary to fund growth and expansion.
- Manufacturing: RTS Financial also provides factoring services to manufacturing companies, allowing them to have access to funds to invest in inventory, equipment, and other business needs.
By offering services across various industries, RTS Financial is able to support small businesses and help them contend with the financial challenges they face.
Features and Services Offered
RTS Financial offers a variety of services for businesses looking to improve their cash flow and manage their finances more effectively. This section takes a closer look at some of the key features and services provided by RTS Financial.
Advance Rates and Same-Day Funding
One of the main benefits of partnering with RTS Financial is their competitive advance rates. These rates allow businesses to receive a significant portion of the invoice value upfront, providing immediate access to working capital. Additionally, RTS Financial offers same-day funding for qualified clients, ensuring that businesses can maintain a steady cash flow without waiting for payments from their customers.
Fuel Card Program and Discounts
A valuable feature offered by RTS Financial is their Fuel Card Program, which provides participants with fuel discounts at select gas stations such as Pilot Flying J. These discounts can help businesses reduce operating costs and save money on one of their biggest expenses. By using these discounted fuel cards businesses can improve their overall cash flow.
RTS Pro
RTS Pro is a comprehensive online platform provided by RTS Financial, designed to give users access to a wide range of services such as invoice management, credit checks on customers, and the ability to submit invoices electronically. With its user-friendly interface and helpful features, RTS Pro simplifies the factoring process making it easier for businesses to manage their finances.
Line of Credit
In addition to factoring services, RTS Financial offers its clients access to a line of credit. This additional service allows businesses to secure short-term funding to cover expenses, purchase inventory, or invest in growth opportunities. A line of credit can be particularly helpful for businesses that may not qualify for traditional bank loans, providing them with an alternative financing option to support their operations and maintain a healthy cash flow.
Overall, RTS Financial provides a range of services designed to meet the diverse needs of businesses looking for effective cash flow solutions. By offering competitive advance rates, same-day funding, fuel card discounts, and additional services such as their RTS Pro platform and access to a line of credit, RTS Financial strives to support their clients’ growth and success.
Customer Experience and Satisfaction
Positive Feedback and Happy Clients
Many customers have praised RTS Financial for their factoring services, with some mentioning the transparency in their dealings and the punctuality of their service. For example, one client on March 1, 2023 mentioned that RTS Factoring was a wonderful partner to work with and Alfiya Negahban was particularly helpful in assisting with their needs. The same review highlighted the amazing support provided by the assigned team.
In another review on May 29, 2023, a customer praised RTS Financial’s prompt, timely, and punctual pay process, attributing it to their company’s success while they were in the business. Clients have also spoken highly of RTS Financial’s customer service, which they found to be excellent.
Complaints and Negative Reviews
Despite the positive feedback, RTS Financial has also faced some complaints and negative reviews. One Better Business Bureau® profile indicated dissatisfaction from a client with a particular RTS Financial service. The main issue revolved around unmet expectations and unresolved issues. However, RTS Financial responded to the complaint, expressing their regret and willingness to work with the client should they reconsider in the future.
In terms of customer satisfaction, RTS Financial has an average rating of 3.5 out of 5 stars, showing that while some customers have had positive experiences, there might be room for improvement in certain aspects such as communication and addressing miscommunication between the company and its clients.
It is essential to note that customers looking for other factoring services may also consider providers such as eCapital, Triumph, Breakout Capital, and Capital Funding. These companies cater to different industries and may offer additional solutions like staffing services and support for veterans.
Comparing RTS Financial to Other Factoring Companies
RTS Financial vs Triumph
- Factoring Services: Both RTS Financial and Triumph offer factoring services to businesses, with a special focus on the trucking industry. Triumph, however, tends to be limited to trucking, while RTS Financial offers solutions across multiple industries.
- Fees: RTS Financial offers a competitive factoring rate, with truckers and owner-operators receiving up to 97% of their invoice value upfront. On the other hand, Triumph’s fees may vary based on factors such as the credit ratings of your clients, invoice size, and payment terms.
- Customer Service: Roberts Transport Enterprises LLC had a positive experience with RTS Financial, praising their prompt, timely, and punctual service. Triumph also claims to have a knowledgeable and responsive customer service team.
RTS Financial vs E Capital
- Industry Expertise: Both RTS Financial and E Capital cater to a variety of industries. However, RTS Financial has a more prominent focus on the trucking industry compared to E Capital.
- Factoring Fees: RTS Financial provides a competitive factoring rate of up to 97% of the invoice value upfront. E Capital’s factoring fees may differ depending on several factors and their Advance rate ranges up to 90%.
- Paperwork and Invoice Uploading: Both companies offer convenient invoice uploading options, but E Capital may charge invoice-uploading fees, whereas RTS Financial does not explicitly mention such fees.
RTS Financial vs Break Out Capital
- Factoring vs Other Financing Methods: RTS Financial primarily focuses on factoring, while Break Out Capital offers various types of financing services, such as lines of credit, term loans, and merchant cash advances, in addition to factoring.
- Customer Service: Both RTS Financial and Break Out Capital have positive customer service reviews. While Roberts Transport Enterprises LLC lauds RTS Financial for their punctual service, customers appreciate Break Out Capital’s personalized approach to financing solutions.
- Transparency: RTS Financial has been criticized for a lack of transparency in pricing, while Break Out Capital prides itself on its clear, transparent pricing and fee structures.
Important Considerations and Tips
Rate Verification Policy and BOL Requirements
When considering RTS Financial for invoice factoring, it’s essential to pay attention to their rate verification policy. Ensure you understand how the rates will be determined, and if they are reasonable for your business needs. Also, be aware of the Bill of Lading (BOL) requirements for invoice factoring. Proper and accurate documentation is crucial in speeding up the financing process.
Damages and Bank Account Details
Before partnering with RTS Financial, inquire about their policies on damages. Make sure you’re aware of any potential consequences for delayed or non-payment. Additionally, understand the process of updating your bank account details with the factoring company. Timely and accurate communication regarding any changes to your account information is crucial in ensuring a smooth factoring process.
Contracts and Payment Process
When working with RTS Financial, the contracts you sign will lay out the terms and conditions. Review these agreements carefully and be certain that they align with your business goals. Familiarize yourself with their payment process to ensure that you receive funds promptly once your invoices are factored. Make sure to ask about any additional fees or hidden charges related to the invoicing and payment process.
Remember, the factoring solutions provided by RTS Financial may help your business improve cash flow and manage accounts receivable more efficiently. However, keep these tips in mind to ensure you’re making a well-informed decision that benefits your enterprise.
Conclusion
RTS Financial is a factoring company founded in 1995, providing non-recourse factoring services primarily to small and medium-sized freight or trucking companies and owner-operators. While there are some negative reviews about the company, many customers have praised RTS Financial for their prompt, timely, and punctual services.
Factoring Fee and Services: RTS Financial offers factoring fees ranging from 1% to 4% on invoices. This competitive pricing and their approach to customizing funding solutions to fit clients’ needs make them an attractive choice for many in the transportation industry.
Customer Service: Most customers highlight the company’s dedicated and professional customer service representatives as a significant positive factor. With a team committed to exceeding expectations, RTS Financial proves itself as a reliable and trustworthy partner.
Overall Client Satisfaction: While some clients have experienced issues, the majority seem satisfied with the services provided by RTS Financial. By offering customized funding solutions and prioritizing customer service, the company has built a reputation for helping the transportation businesses it serves grow.
In summary, RTS Financial is a reputable factoring company that has been offering tailored factoring solutions to the trucking industry for almost three decades. Though clients should assess the company critically and compare it to other available options, RTS Financial’s focus on customer service and competitive fees could make it a viable choice for those needing a financial partner.
