|Will This Company Outpace MasterCard and Visa?|
FleetCor is a provider of fuel cards and related payment services. The company offers its products and services to businesses, commercial fleets, oil companies and government entities primarily in North American and European markets.
FleetCor's business is unique in several ways, compared to traditional payment solutions companies like MasterCard and Visa. First, FleetCor focuses on larger, commercial clients as opposed to individual consumers and personal use. The company has over 500,000 commercial accounts and over 800 partnerships with companies like Chevron, Shell and BP.
Second, FleetCor is diversifying its business to include a suite of repair services alongside fuel payments. Late last year, FleetCor announced that it had acquired Epyx, a UK-based operator of fleet maintenance programs. Most notably, Epyx has an extensive vehicle repair network consisting of approximately 9,000 service garages in the UK, which it uses to help customers manage their fleets more effectively and efficiently.
While this complimentary business is still very much in the early stages, there is no reason that company management could not incorporate a similar strategy in other markets.