RTS Financial - Carriers Beware!

I don’t factor, but i do use one broker who takes 10%, but, i use him because hes got good loads.
so he makes $500, still have 4500 to the good.
If they go to adding charges verbally, I’d verbally tell them we’re through,

Now, Typically, unless you cancel your contract on the agreed upon end date and provide proper notification (usually 30 to 90 days before the renewal date), you can expect some cancellation fees. The fee you pay will vary depending on the company, but it is usually a flat fee.

If you want factoring use someone like Loves, who don’t do anything unless it’s in writing.
Unless it’s written down, it’s not happening.

 

6% on even 300k per truck is 18k a year you are pissing away…. On 400k it’s closer to 24k per truck

don’t factor, you already said the customer pays on time…

 

Some don't understand that 3% if paid in 30 days is actually 36% They just keep borrowing the same money every month.

 

Suddenly all these new financials people popping in(newbie’s).

 

Why would anybody use a factoring company that puts in their contract that you have to stay for a year, and have to give some BS notice like 90 days but not more than 120 days (WTF) to change? So essentially they do things like this and you can’t change factoring companies, it doesn’t make any sense. I would never sign a factoring agreement that has any sort of time term, you’re handing your business over to them. There are good factoring companies out there where you can switch whenever you want, it’s just not the big ones.

 

RTS is using your money, that 6%, to pay you and charging you for the privilege.

You said your customer pays on time, why factor?

Factoring is hard to escape.

Work with your business bank. Try to get a short term loan to pay off RTS. Use the 6% saved to pay off the bank loan.

Good luck.