Banking on TRUSS for financial support

By Emma Peterson. 

Learn about how a contractor-specific bank can serve you and your business goals better. 

In the new MetalCast™ episode, Karen Edwards sits down with Matthew Smith of Truss to talk about why having a dedicated banking partner in the industry is key to business growth. Matthew is the CEO and co-founder of TRUSS. He explained the company’s mission, saying, “We're building a banking solution for the construction industry.” 

One of the motivations for building TRUSS was a gap Matthew saw between the tech world and the contracting industry. He explained, “Almost all companies in the tech world do not use traditional banking. Folks are using virtual card programs, digital banking to be more efficient.” But the contracting industry isn’t digitalizing at the same pace, and it means they are missing out on improvements such as lower costs for accounting. TRUSS is designed to create a bridge, allowing contractors to move away from the traditional methods like mailing an invoice into things like nearly instant, online payments.  

So why choose TRUSS rather than another digital bank? TRUSS is designed for the contracting industry specifically. Matthew used the example of company credit cards to illustrate how the company serves contractors specifically. He explained, “If you're a construction company, oftentimes you're sharing one or two credit cards with your staff, and you have this big security vulnerability and you might not be tracking those expenses properly.”  

Using TRUSS’ system, a contractor can issue either virtual or physical cards to staff members and control the amount of money on each from a cell phone. This helps ensure the business’ money is being used responsibly and lowers the risk of card theft. When it comes time to record payments, TRUSS is improving the traditional as well. Matthew explained, “It sends them reminders to upload receipts and it all pushes to your accounting system.” Overall, building a partnership with TRUSS means getting a system designed to work for the contractor.  

Read the transcript, Listen to the podcast or Watch the episode to learn more about how TRUSS takes care of the contractor.