FleetCor Signs Partnership Agreement with Visa Europe
NORCROSS, Ga. -- July 25, 2013
FleetCor Technologies, Inc. (NYSE: 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
“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
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
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