Builders merchant group Travis Perkins has launched a commercial payment card in collaboration with its sister business Toolstation and Barclaycard to address some of the cash flow issues among small construction businesses.
The new line of commercial cards targets small businesses in the construction sector with an extended interest-free period, meaning those who use the card to make purchases at Travis Perkins and Toolstation will not have to pay interest for 116 days.
Barclaycard’s research found that 20 percent of small construction businesses agreed that cash flow was among the largest day-to-day challenges to growth.
Paul Tallentire, CEO of Travis Perkins General Merchanting Division, said: “Managing cash flow is one of the biggest challenges for the trade. With this exciting new credit card built for the trade, Travis Perkins will make it easier for our customers to keep doing what they do best — building.”
“We’re excited to launch this partnership with Travis Perkins and Toolstation, two of the biggest names in the industry,” said Ian Reid, director of small business at Barclaycard, in a statement. “While cash flow remains one of the main challenges for any growing business, we know that the construction industry in particular is comprised of many sole traders and small teams that frequently make upfront investments before they themselves get paid. We hope our extended interest-free offer will be another way to help them take control of their cash flow.”