Trucking news and briefs for Friday, July 8, 2022:
"Virtual" trucking carrier CloudTrucks has launched a new credit card option for independent owner-operators and small fleets.
CT Credit is a no-fee, no-interest Visa business card that aims to help these businesses better manage expenses and build healthy business credit. It also doesn’t require a hard credit pull at application, the company added.
The card is designed to function for advances on a load's payment, with fairly low credit limits to cover expenses like fuel, repairs and meals. It's ideal in lieu of traditional credit sources individual business owners may not qualify for, CloudTrucks said.
CT Credit product manager Hali Mo said the CT Credit program is open to all owner-operators, even if they aren’t already doing business with CloudTrucks. “Owner-operators can choose to work with CloudTrucks how they wish,” Mo said -- whether that’s with the virtual carrier for leased operators, the CT Credit program, the CT Cash factoring program, or the CT Flex program for independent owner-operators.
“However, it is worth noting that if a CT Credit customer is also using CT Cash as a factoring solution, they can gain a more complete view of the money going in and out of their business to stay in better control of their cash flow and finances,” Mo added.
The card’s systems allow drivers and team managers to track balances at any time and provides a complete view of income and expenditures for those using the CT Cash factoring service. It also offers a cashback option from purchases made with CloudTrucks’ discount partners like Road Ranger, Pilot Flying J and Love’s Maintenance.
