RTS Financial - Carriers Beware!

First time posting on here, not sure if I am posting this in the right place, but all advice/help would be appreciated. I am seriously unhappy with the way RTS has handled our account, and I feel compelled to share my experience to caution other carriers.

Initially, we agreed to a 3% fee, which was reasonable. However, RTS later added a 3% collateral hold, which we accepted despite the negative impact on our cash flow. Our company runs partials and power-only loads with team drivers for our two trucks. Despite having no claims in the past year, RTS has now imposed a 10% cap on loads we can handle with any single broker. This restriction is detrimental to our established broker relationships and makes it difficult to maintain our business operations.

The brokers we work with are reliable and pay on time. The existing 3% collateral hold already mitigates any risk. The additional 10% cap is unnecessary and overly restrictive. When I requested these changes in writing, their mgmt representative promised over the phone to provide the details in writing. He made this promise not once, but three different times. However, when it came time to deliver, he sent an email stating, "Due to the sensitive nature of our conversation, we would prefer to discuss all measures verbally."

This behavior is extremely shady. It’s not just that rep—it's apparent that RTS trains their staff to be evasive and non-transparent. Even our factoring representative who supposedly handles our account directly (I've maybe spoken to him like 4 times in the year we started factoring because he does not want to help at all from what it seems like) agrees that the 10% cap is unreasonable, but management has been uncooperative. We’ve maintained a positive relationship with RTS, and any rare short pays have been promptly covered from our reserves. We are proactive in following up with brokers for payment, often securing replies faster than RTS can.

The new policy is unfair and disrupts our business. I am very disappointed with RTS's lack of flexibility, transparency, and support. I strongly advise other carriers to be cautious and consider these issues before choosing RTS for their factoring needs. Their practices are not only inconvenient but also highly questionable and untrustworthy.

 

What about my post could've possibly been a good sales pitch? I'm pitching for y'all to STAY AWAY from RTS..

 

I'm already looking to change ASAP to say the least.

 

Never said it was slowing me down, just that it impacts cash flow and was inconvenient as opposed to having full access to my funds at all times. It's a total of 6% being held from us off each load we do, with the 3% collateral PLUS 3% factoring fee.