CloudTrucks Launches CT Credit to Unlock Cash Flow for Owner-Operators and Small Fleets
New Visa card advances credit allowing drivers to cover day-to-day expenses while building business credit and managing overall cash flow
SAN FRANCISCO, July 06, 2022–(BUSINESS WIRE)–CloudTrucksa leading trucking business management solution, launched today CT credit, a no-fee, no-interest Visa business card that offers owner-operators and small fleets an easy way to pay and track their everyday expenses. CT Credit provides owner-operators and small fleets who may not qualify for traditional credit cards with the advanced funds they need to seamlessly move loads, build business credit and easily manage cash flow of their business. Customers can save time and frustration often spent managing cash flow and stay focused on moving freight and growing their trucking business.
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CloudTrucks Launches CT Credit to Unlock Cash Flow for Owner-Operators and Small Fleets (Graphic: Business Wire)
“The CT Credit Card has been really helpful,” said Elizabeth O’Daire, Owner, Ellie O’Daire Trucking, LLC. “I use it to pay for my lumper services, which I can get reimbursed for later. CloudTrucks gave me a credit limit of $500 and I think the lower limit is great because it keeps drivers from overworking themselves In a normal economy, $500 would be enough to fill up too!”
CT Credit is designed to empower owner-operators and small fleets
Owner-operators and small fleets regularly have to pay for expenses such as fuel, repairs and services before they complete a job and get paid. Many of them might run out of money to cover initial expenses and may not have the credit required to qualify for traditional credit cards that can extend funds up front. As a result, business owners can cancel jobs or turn to loans with high fees and get stuck in a cycle where they can’t anticipate expenses and manage their cash flow.
CT Credit advances funds, allowing owner-operators and small fleets to better control their operating expenses and cash flow. Businesses can apply to start using CT Credit immediately. CloudTrucks will assess each application individually, and no rigorous professional or personal credit checks are required. Plus, purchases from our discount partners, including Road Ranger, Pilot Flying J and Love’s Maintenance, earn Cash Back to further support driver cash flow. The card can be used anywhere Visa is accepted.
On the CloudTrucks mobile and web apps, CT Credit customers can track their balances anytime, and team leaders can monitor spending and set limits for each cardholder. Drivers using CT Cash as a factoring solution can also have a complete view of the money coming in and going out of their business to stay in control of their finances.
Balance settlement is automatic and occurs twice a month with multiple notifications leading up to payment dates. Customers using CloudTrucks VC, Flex or Cash solutions can settle payments using their CT cash balance as well as their external bank accounts. CloudTrucks reports payments on time to credit bureaus so customers can build healthy business credit and prepare for future financial opportunities. Building a credit history with CloudTrucks can also unlock higher credit limits for CT Credit that increase as drivers’ businesses grow.
“We regularly hear from drivers how easy it is to get stuck in a cycle of paying business expenses out of pocket, especially now that the prices of essentials are rising,” said Tobenna Arodiogbu, co-founder and CEO of Cloud Trucks. “We created CT Credit with the goal of providing a simple solution that gives drivers more control over their cash flow and we remain committed to giving trucking contractors the tools they need to grow their business.”
CT Credit is now available to owner-operators and small fleets in the majority of the United States. Click here to learn more and request a map.
About Cloud Trucks
CloudTrucks is a technology provider enabling trucking contractors to get the most out of every ride. CloudTrucks’ powerful yet simple solutions, including virtual carrier authority, instant payment and schedule optimization, streamline administrative bottlenecks and make it easier for drivers to run their business and generate more revenue . Since the company was founded in 2019, CloudTrucks has raised $141.5 million from Craft Ventures, Menlo Ventures, Tiger Global and other leading venture capital firms, and facilitated the creation of over 45,000 jobs. in the USA. To join CloudTrucks’ growing network of small trucking companies and owner-operators, visit https://www.cloudtrucks.com/.
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