How Highnote Leverages Mastercard to Drive the Future of Fleet Cards

Date
May 10, 2024
Author
Jillian Smith
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Fleet management is growing faster than ever. According to Global Market Insights, the fleet management market is projected to grow over 15 percent from 2023 to 2032. And the market isn’t only growing in size – it’s growing in sophistication, too. Between 2020 and 2022, venture capital funding for startups in the sector almost doubled – opening the door for a new generation of innovative fleet-focused software providers to emerge.

At Highnote, we know these providers need an equally modern card issuer processor and program manager to help streamline their customers' financial operations. We’re proud to work with Mastercard to leverage the scale of their network, technology, and services to deliver a product that promises enhanced operational efficiency, improved cost management, and many other benefits. Let's dive into the capabilities and advantages of Highnote's fleet card platform.

Cost Savings and Better Fleet Performance

Fleet managers face pressure to find ways to better manage fuel and maintenance costs while ensuring that drivers' fleets adhere to company policy. The more visibility they have into fleet spend they have, the more productivity and cost savings they can gain.

With the Highnote fleet card platform, fleet managers can leverage tools that are cost-effective, efficient, and keep them in control. These tools include:

Tailored Spend Controls

One of the standout features of Highnote's fleet card platform is its customizable spend controls. Businesses can set specific spending limits for each card to ensure drivers adhere to budgetary constraints. Furthermore, the cards can be configured to allow purchases only at approved merchant categories or locations, minimizing the risk of unauthorized transactions. Collaborative authorization, velocity limits, and telemetry also allow even greater control. This level of customization empowers businesses with unprecedented oversight of their fleet expenses.

Real-Time Insights and Reporting

Highnote's platform provides real-time insights into spending patterns and transaction details with a fleet-enhanced data summary report. Fleet managers can access comprehensive reports that detail fuel consumption, maintenance expenses, and other operational costs associated with each vehicle. This instant access to data enables informed decision-making, allowing businesses to identify opportunities for cost savings and optimize their fleet operations.

Automated Accounting

Advanced ledgering capabilities can greatly enhance the fleet business’s day-to-day spending details. Highnote’s API-driven ledger provides full visibility into all funds movements and activity tracking across a fleet business. The automated ledger handles posting and reconciliation automatically and in real time, meaning teams only have to audit the ledger records and handle exceptions rather than reconcile each transaction.

Widespread Acceptance and Support

Any cards managed by Highnote on the Mastercard network can be used anywhere Mastercard is accepted, offering unparalleled convenience for businesses. In addition, cardholders can access Mastercard's customer support services, ensuring assistance is always available, no matter where a fleet may go.

Empowering the Future of Fleet Management

Highnote's fleet card management platform, powered by Mastercard, represents a new era of fleet management. By combining customizable spend controls, real-time insights, and automated reporting, the Highnote platform delivers a comprehensive tool that addresses the complex needs of modern businesses. Whether you're looking to streamline operations or gain better control over your fleet expenses, Highnote's solution offers the flexibility, reliability, and innovation to drive your business forward.

Contact our sales team to find out if the Highnote fleet card management platform is right for you.

This card is issued by Community Federal Savings Bank, Member FDIC, pursuant to license by Mastercard International. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

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