This initiative is designed to address the challenges faced by companies in the freight and logistics industries, particularly in managing fleet expenses such as fuel, maintenance, and driver allowances.
The new Synctera Fleet Card, developed in collaboration with Marqeta, integrates with Synctera's suite of banking and payment products to provide a comprehensive financial management solution. This partnership allows companies to not only facilitate fleet payments but also offer a complete range of banking services tailored to the fleet industry.
Fleet Cards are specialized credit cards that provide fleet managers with enhanced control and oversight of vehicle-related expenses. These cards have been adopted by various entities in the freight and logistics sector, such as payment providers, fleet management software companies, and oil and gas firms, to improve revenue and customer experience. However, there remains a considerable opportunity for growth in this market.
According to the American Transportation Research Institute’s 2024 report on trucking costs, fuel and maintenance expenses made up more than 33% of total operating costs in 2023. This highlights the importance of efficient fleet expense management.
The Synctera Fleet Card offers a range of tools for companies to create fleet-specific payment and expense management solutions. With Marqeta's payment processing technology, the Synctera platform provides access to detailed transaction data, including fuel costs, types, quantities, and product descriptions. This enables businesses to simplify expense management and improve driver payment processes.
Additionally, the Synctera platform supports the integration of various financial products, such as personal bank accounts for drivers, invoice factoring solutions, and comprehensive business operating accounts that include ACH, wires, and instant payments. All these services can be accessed through a single set of APIs, allowing companies to embed a complete payments and banking experience into their existing platforms. The Synctera Console further provides a dashboard for managing spending limits, payment operations, compliance, and collaboration with banking partners.
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