Fleet Card Payments

Craig Fuller explains how fleet cards work in the trucking industry - a specialized payment system for managing large fuel purchases and maintenance expenses for truck drivers.

Key Points:

• Purpose of Fleet Cards:

  • Manage fraud for large fuel purchases (200+ gallons per fill-up)
  • Handle over-the-road maintenance expenses
  • Control driver expenses ($6-8k per month per driver)

• Transaction Scale:

  • Fuel purchases: $1,000-1,400 per fill-up
  • Maintenance costs: Up to $20,000 for breakdowns
  • Tire expenses: Thousands of dollars

• Business Model:

  • Provides fraud management for trucking companies
  • Handles both fuel spending and maintenance expenses
  • Targets companies with large fleets (example: US Express had 9,000 drivers)

• Key Value Proposition:

  • Protects companies from fraud
  • Manages high-value transactions
  • Centralizes expense management for fleet operations

The business generates high margins at scale but requires significant capital investment during growth phases due to technology infrastructure needs.