The catalog page for the Serial-USB Module has this …
Does anybody know where I can find documentation about the ‘minor hardware changes’ to implement handshaking?
Check two Jumpers (J1, J2). By default these are open and RTS and CTS lines are not connected. You need to solder a wire or “close” the jumpers. That is all.
Edit: Here is the link for schematics
http://www.ghielectronics.com/downloads/schematic/Serial_USB_Module_SCH.pdf
@ Architect - you are to darn fast! I was getting ready to post and your answer popped up. Thanks as always!
You are welcome! 
Documentation updated!
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