Reflecting on my first 90 days at Synctera, I'm incredibly inspired to see the tremendous potential within our platform to empower companies in tackling complex banking and payments challenges. We've made significant strides in enhancing our offering and delivering solutions that are aligned with our customers' needs. 

For freight and logistics companies, tracking and controlling fleet expenses, including fuel and non-fuel purchases, and reimbursements such as maintenance and driver allowances, is often an arduous task. That’s why we’ve partnered with Marqeta, a modern card-issuing platform, to launch the Synctera Fleet Card. 

By combining Fleet Cards with our full suite of banking and money movement products, we provide a first-of-its-kind solution for companies to go beyond just fleet payments and offer a complete set of financial management products tailored to the fleet industry.

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What are Fleet Cards?

Fleet Cards are specialized credit cards, designed to provide fleet managers with better oversight of vehicle-related spending. Companies across the freight and logistics ecosystem, such as payment providers, fleet management software companies, and oil and gas firms have grown revenue and delivered better customer experiences by offering fleet cards. However, significant market opportunities remain untapped.

The American Transportation Research Institute’s 2024 Analysis of the Operational Costs of Trucking sheds light on the importance of managing fleet spending. In 2023, the average fuel and maintenance cost-per-mile represented >33% of total operating expenses. 

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Why Synctera Fleet Cards?

The Synctera Fleet Card provides companies with everything they need to build fleet-specific payments and expense management solutions for their freight and logistics customers while generating interchange revenue with every card swipe. 

Through Marqeta’s payment processing capabilities, the Synctera Platform ingests and provides companies with access to enhanced Level 2 and Level 3 transaction data, such as fuel cost, fuel type, quantity, product descriptions, and more. This data enables companies to offer their fleet customers simplified expense management tools and a better way to manage driver payments. 

Fleet Cards can be combined with Synctera’s wide range of banking and money movement products, enabling companies to offer:

• Personal bank accounts for drivers to power instant payouts or earned wage access
• Invoice factoring solutions that allow for instant access to funds
• Complete business operating accounts that include ACH, Wires, and Instant Payments

Using a single set of APIs, companies can access all of the components needed to build and embed a complete payments and banking experience directly into their existing platform. Then, the Synctera Console equips them with an intuitive dashboard to set custom spending limits, manage payment and compliance operations, and collaborate with their bank partner.

Working alongside our talented team and partners has been a fantastic experience. I'm excited for the future as we continue to drive innovation and value for our customers. While it's too soon to share details, the Synctera Fleet Card is currently being used by a disruptive fleet card provider with payments ramping up daily.

If you're interested in learning more about how we can support your fleet program, please contact our team.