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QuikQ, a provider of fuel payment solutions, announced Love’s Travel Stops and TravelCenters of America each has invested in the company, with TA providing about $20 million. The Love’s amount was not disclosed.
QuikQ will continue to operate as an independent company.
“With Love’s and TA as investors, QuikQ brings immediate competition in the fuel payments marketplace while minimizing costs for our merchant and trucking company customers,” QuikQ CEO Dean Troester said in a release.
Love’s investment builds on its five-year relationship with the company. During that time, Franklin, Tenn.-based QuikQ refined its system of processes, including support of Love’s private label payment platform, Love’s Express.
“With the financial support of two of the truck stop industry’s largest players and nationwide merchant acceptance of its products, QuikQ is positioned to add competition to the fuel payment industry, improve customer service, and reduce fees to merchants and fleets,” said Andy Rebholz, CEO of TA. “Competition is needed, and QuikQ is positioned to positively impact merchants and trucking companies alike.”
Frank Love, co-CEO of Love’s and Speedco, agreed. “QuikQ offers trucking companies another choice.”
QuikQ’s products include fuel payment card, SmartQ; an RFID-based cardless system; cardless payment solution Start Code; Q-Checks; cash advances; payroll cards and a mobile app. — Transport Topics