RTS Financial is an invoice factoring company that provides financial solutions primarily to businesses in the transportation industry. It offers fuel card programs, equipment leasing, and trucking software that help you control costs and improve efficiency. It provides high advance rates of up to 97% and is best for trucking and freight companies.
RTS Financial Pros and Cons
Offers same-day funding
Caters to limited industries
Has high advance rates (up to 97%)
Does not publish costs and fees on its website
Gives fuel card discounts
Has complaints about difficulties in getting out of contract and the cancellation fees
Provides mobile and web applications as well as trucking software
Who RTS Financial Is Best For
- Businesses in the freight and trucking industry: For more than 25 years, RTS Financial has been dedicated to supporting the transportation sector. It helps you build cash flow, manage back-office tasks, perform customer credit checks, and improve operations.
- Those looking to save on fuel costs: Its fuel card program lets you save an average of 25 cents per gallon at more than 1,800 fuel stations. Additionally, you can get as much as $2,500 line of credit per truck, per week—without having to pay an annual fee.
- Trucking companies operating in Mexico: Through its international brand, RTS International, the lender can provide factoring services beyond the southern border. It offers same-day funding in pesos, with no limit to the amount of funding available.
RTS Financial Costs and Terms
No limit on the amount of funding available
Up to 97%
Repaid as invoices are paid
RTS Financial’s exact costs are not published on its website. However, it claims to have no hidden charges like minimum volume, automated clearing house (ACH), and invoice upload fees. It offers advance rates of up to 97%, which is relatively higher compared to that of similar providers.
Additionally, the lender is capable of same-day funding and lets you upload your invoices online for faster transactions. Moreover, it has a fuel card program that gives you discounts on fuel, tires, maintenance, lodging, tax services, medical clinics, and more.
Do You Qualify for RTS Financial Financing?
Minimum Credit Score
Not a factor
Time in Business
Not a factor
Gross Annual Revenue
Just like most invoice factoring companies, RTS Financial qualifications are also heavily based on your customers’ credit, not your own or your business’ history. While it doesn’t indicate specific business tenure and revenue requirements on its website, a third-party source states that it needs a monthly minimum volume of $150,000 for nontrucking businesses to qualify for funding.
RTS Financial Application Process
To start your application with RTS Financial, you will need to prequalify and submit an online application form. Here, you will be required to provide your personal and business information, equipment or truck details, company ownership specifics, and more.
It would also help expedite your application if you can include documents, such as truck insurance certificates, a W-9 form, articles of incorporation, a voided check, and a photo ID. After you submit your application, an RTS Financial representative will get in touch to discuss your qualifications and options.
RTS Financial Alternatives 2020
Invoice Factoring Companies
(Best overall) Self-service, next-day factoring with no limit
Quick invoice factoring up to $5 million
Nonrecourse factoring up to $10 million
Monthly contract factoring up to $20 million
Short-term invoice factoring up to $5 million
Freight factoring up to $20 million
What Business Owners Should Know About RTS Financial
- It provides helpful trucking-related software: It developed a mobile and web application (RTS Pro) that lets you manage your factoring account, view fuel discounts, generate credit reports, and more. It also has a fleet management software (ProTransport) that includes functions, such as safety, dispatch, accounting, reporting, driver communication, and more.
- It offers nonrecourse factoring: This means you do not need to buy back unpaid invoices if your customer does not pay RTS Financial. This gets the risks away from your business and ensures a steady cash flow.
Most Helpful RTS Financial Reviews
RTS Financial has a mix of positive and negative reviews online. Clients who gave positive ratings like its fast and easy process, as well as its knowledgeable support staff who gives unbiased advice. However, those who wrote negative feedback complained about unrefunded overpayments, long holdbacks, and difficult contract cancellations.
Provides quality service regardless of your company size
One customer who left a positive review of RTS Financial on Trustpilot commended its customer service team for providing him with excellent and personalized assistance. He added that the lender offers quality service even to businesses with only a small fleet like his company.
Long holdbacks due to account cancelation
One client who wrote a negative review on Trustpilot said that RTS Financial held his money for one month right after he notified it of his account cancelation. He added that the lender also sent letters to his customers, asking that all their payments go through them.
RTS Financial Frequently Asked Questions (FAQs)
Does it cater to businesses outside the trucking industry?
Yes, it also works with companies in the oilfield, textile, staffing, distribution, and manufacturing industries.
Which fuel stations can I use my fuel card?
You can use your card and get discounts from more than 1,000 Pilot Flying J and Speedway stations nationwide as well as from fuel stops like Sapp Bros. and Casey’s, among others.
Does RTS Financial have physical branches?
It has six offices located in Texas, Kansas, Illinois, and Tennessee.
Freight and trucking companies will best benefit from the many great offers RTS Financial has. These include same-day funding, free collection and back-office administration, high advance rates, fuel discounts, zero hidden fees, and trucking-related apps and software. On the other hand, it also has major drawbacks, such as having limited industry scope, complaints about contract cancelations, and no transparency when it comes to its factoring costs.
If you aren’t sure if RTS Financial is right for you, then this article on the best invoice factoring companies is a review of our top choices. In this guide, we compared the top providers according to their maximum funding amount, expected APR, and funding speed.