(Editor’s note: the final paragraph has been changed to more accurately reflect the 30-day offer.)
Pilot Co. and RTS Financial are teaming up to provide factoring services to Pilot customers, an arrangement that the truckstop giant has with no other factoring company.
The two companies announced earlier this week that they were creating a “fuel and factoring partnership.” In the prepared statement accompanying the announcement, as well as in response to questions from FreightWaves, the specifics of the program were somewhat vague. But one thing was unambiguous: This is a unique arrangement between the two companies, and they don’t have it with any other fuel/factoring commercial relationship.
“The two companies will work together to provide customized fleet solutions that combine fuel savings, maintenance and tires, loyalty perks and other services across Pilot Company’s vast network of commercial fueling locations with RTS’ exceptional factoring offerings and best-in-class customer support,” they said in the prepared statement
In response to questions from FreightWaves, a spokeswoman for Pilot said the “foundation” of the initiative involves the “long history” that RTS has “of providing the working capital solutions that carriers need to cover their fuel and other operating expenses.” In response to a question of whether the partnership would involve RTS feeding funds straight into the account of a driver or fleet at Pilot, the spokeswoman said, “As this partnership evolves, we will continue to build additional solutions that will further support fleets.”
In response to a question about whether the Pilot/RTS partnership would speed up payments, the spokeswoman said that RTS “provides multiple funding options depending on the needs of the carrier. This includes same-day or next-day funding, as well as the flexibility to direct payments to their fuel card.”
RTS was founded in 1986. Its website says it processes more than 70,000 transactions each week. It is part of Shamrock Trading Corp., which also includes 3PL Ryan Transportation.
In a statement on the company’s website, Bill Ryan, the founder of Shamrock, said RTS and Pilot “will now have an even greater impact on the trucking industry with this unprecedented partnership.”
Pilot customers who sign up for the RTS/Pilot program will be able to take advantage of RTS’ 30-day free financing, which RTS has offered in the past to new customers, the Pilot spokeswoman said.
More articles by John Kingston
Drilling Deep: What invoices are telling us about the strength of the freight market
Aggressive growth targets for TriumphPay laid out
US Bank rolls out cafeteria-style payment system for carriers
