The company provides a mobile and web application called RTS Pro to help clients access fuel discounts and available loads, upload invoices for factoring, access free credit data on brokers, and manage load history. Funding can be as quick as 24 hours once approved.
After the submission review, a representative from RTS Financial will contact you again to discuss your qualification and options. In the application conversation, you’ll submit personal and business information, truck details, company ownership, and more. A representative will then call you and take your application over the phone. To apply with RTS Financial, you need to submit the contact form online. Requirements for RTS will differ by industry (trucking and non-trucking) and if it is domestic or international among other possible factors. RTS does not charge hidden fees such as ACH fees or invoice-upload fees.įor the invoice factoring service, the company will advance up to 97% of the total amount within 24 hours of taking your application. The company does not disclose its pricing and rates until after you’ve applied. It has apps for both web browsers and mobile and serves truck driving companies with same-day funding, a discount fuel card program, a solution for trucking companies operating in Mexico, credit reports for freight brokers, and comprehensive fleet management software. RTS Financial, a factoring company founded in 1986, offers working capital solutions to businesses across multiple industries, but with a clear focus on the trucking industry. It then recoups the money by collecting on your invoices. Triumph determines its invoice funding amount on a case-by-case basis.
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There is, however, no direct integration to sync your bookkeeping software, but you can download and upload files through an import and export process. The MyTriumph portal is robust and easy to use as you can see where your requests stand in the funding approval process. Triumph says it provides same-day funding, but it could take longer in some cases. Just like the other factoring companies, a specialist will be in contact after submission. Interested businesses may apply by phone or through a form on the company's website. Once inside the portal as a client, you’ll have ready access to your invoice management fee structure. Triumph Business Capital works with the business to fit their budget and terms requirements. It depends on what you negotiate with Triumph. In some cases, there are flat fees, and in others, there are variable rates. Business owners must also have business-to-business or business-to-government sales invoices to qualify.įees vary in size and form. Things such as the age of your business, yearly revenue, invoice examples, and more may be examined to determine your eligibility to be a Triumph customer. Triumph offers an advance rate of up to 100%. Customers can stay up to date on their accounts from anywhere with real-time information by logging into their MyTriumph dashboard to view requests, payments, invoice searches, and to get immediate support from their customer service team. The company launched which is an industry-leading web portal built for customers to manage their funding. Headquartered near Dallas, Texas, Triumph Business Capital has offered invoice factoring since 2004. Minimum and maximum factoring amounts may apply. The application process, however, is fast and does not require an application fee. It may take a couple of days to get your money, however, your experience may be more or less. The main drawback altLINE has compared to its competitors is the possibly slower funding timeline. After completing the request, an altLINE specialist will work with you to determine if factoring is the right service. You can request a quote on altLINE’s website. To work with altLINE, you may need to meet certain requirements around the amount of annual sales you have and the number of invoices you need to factor. However, the specific rate will be determined partly by the customer’s credit and capacity to pay their invoices. The company does not use credit score as a primary consideration. Other fees that may apply are for origination, wire transfers, and to speed up funding. Its factoring rate can be as low as 0.50%. While its upper limit on invoice value may be a bit lower than a few of its competitors, we still selected it as best for large invoices because it keeps its fees transparent and charges fewer of them, which lowers the cost for the business customer with a large invoice. As a direct lending company, altLINE doesn’t carry additional borrowing costs that can become expensive on large invoices. Unlike most factoring companies, it is backed by an established, reputable bank, making it our preferred choice for large invoice factoring because. Backed by The Southern Bank Company, altLINE has provided more than $1 billion in funded invoices since 1936.
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