Is there a fee for using CT Cash?
The CT Cash card is free to use and there are no fees associated with bank transfers. We do not have any registration or termination fees, unless we need to perform an account buyout from your prior factor.
What is the rate for Instant Pay?
How quickly can I get paid?
After you submit your Rate Con and POD to CloudTrucks, we pay you immediately after processing the documents.
Which brokers are approved for factoring?
CloudTrucks keeps a list of approved, credit-worthy brokers that we have worked with in the past. All CT Cash users have access to this list. If a broker is not on this list, you can email our team and we will run a credit check for you. If the broker is credit-worthy, you will be able to work with them.
What is the difference between recourse and non-recourse factoring?
In recourse factoring, factoring companies reserve the right to charge you for overdue invoices that the broker refuses to pay. At CloudTrucks we use a non-recourse model and take on the risk of aging invoice
How long does it take to setup CT Cash?
If you are not currently in a factoring agreement, we can set up your fleet with Instant Pay in 1–2 business days.
Is there a cutoff time for submitting documents?
No, we have a team working 24/7 to process payments.
Is there a minimum or maximum factoring amount?
No, we do not have a minimum or a maximum required amount to factor.
How does the CT Cash Card work?
We send all of our drivers a Visa card that is connected to their CT Cash Balance. There are no fees associated with the card, and it can be used anywhere that Visa is accepted.
Can I transfer from my CT Cash Balance to my bank?
Yes, you can initiate a transfer at any time to your bank at no charge. We do not require a minimum balance to be in your CT Cash Balance. Bank transfers typically take 2 - 3 business days. The “Payout to Bank” option allows you to transfer your balance to your personal bank account at no additional cost.
Do I have to use the CT Cash card?
No. If you prefer, you can always transfer your balance to your bank account after your earnings are paid. CT Cash is here so you can access your earnings without waiting the ~2 days for an ACH bank transfer.