FleetCor Signs Partnership Agreement with Visa Europe
Jul 25th 2013 4:49PM
Updated Jul 25th 2013 4:52PM
FleetCor Signs Partnership Agreement with Visa Europe
NORCROSS, Ga.--(BUSINESS WIRE)-- FleetCor Technologies, Inc. (NYS: FLT) , a leading global provider of fuel cards and workforce payment products to businesses, announced today that it has signed a long-term agreement with Visa Europe.
Under the terms of this new agreement, FleetCor will utilize its Global FleetNet ("GFN") fuel card processing system together with Visa Europe's EMV standard chip and PIN intelligent technology to deliver new fuel card solutions across Visa Europe territories.
The companies plan to develop new fuel card propositions together with the first planned implementation in FleetCor's Allstar business in the UK.
Allstar will be the first to offer this Visa Europe chip and PIN technology in the commercial fuel card space.
This Allstar fuel card implementation will create new benefits for Allstar's commercial clients, including:
- Enhanced security and fraud protection: The chip technology will make fuel cards nearly impossible to clone
- Enhanced convenience: The Allstar cards will be usable both inside the shop and outside at the pump
- Enhanced control: The cards will have improved purchasing restrictions to eliminate the purchase of non-approved fuel grades or other out-of-policy items
"We are excited to combine our specialized fuel card expertise with Visa Europe's intelligent EMV chip technology to help us further capture more European fuel card spend," said Ron Clarke, FleetCor's Chairman and CEO.
Steve Price, Head of Business Development at Visa Europe, commented, "We are delighted to have concluded a partnership with FleetCor to deliver products to the fleet and fuel card marketplace. We believe there is a real need for new solutions that help reduce costs and extend payment functionality. The combination of Visa's payments expertise together with FleetCor's specialist fuel industry expertise makes for a powerful combination. I look forward to extending the partnership beyond this first implementation."
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FleetCor's beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. Examples of forward-looking statements in this press release include statements relating to the delivery of new fuel card solutions, planned implementation, and the creation of new benefits for commercial clients. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement, such as the risks and uncertainties identified under the caption "Risk Factors" in FleetCor's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 1, 2013. FleetCor believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this press release are made only as of the date hereof, and FleetCor does not undertake, and specifically disclaims, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
FleetCor is a leading global provider of fuel cards and workforce payment products to businesses. FleetCor' s payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FleetCor serves commercial accounts in North America, Latin America, Europe, and Australia/New Zealand. For more information, please visit http://www.fleetcor.com.
About Visa Europe
Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 36 countries across Europe.
Visa Europe works at the forefront of technology to create the services and infrastructure which enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees.
Since 2004, Visa Europe has been independent of Visa Inc. and incorporated in the UK, with an exclusive, irrevocable and perpetual licence in Europe.
For more information, please visit www.visaeurope.com
KEYWORDS: United States Europe North America Georgia
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