Streamlining Fleets, Supporting Sustainability: Versatile Payment Cards for Fuel and EV Charging

The world is undergoing rapid digital transformation, challenging traditional paradigms and introducing new technologies across industries. Nowhere is this transformation more pronounced and demanding than in the field of fleet management payments. Fleet managers are increasingly faced with the task of balancing the needs of conventional internal combustion engine (ICE) vehicles with the transition to electric vehicle (EV) technology.

We developed the Highnote platform not only to address current needs but also to anticipate emerging demands. That’s why our team created a new class of fleet payment products that streamline fleet management while promoting sustainability. Cards issued through Highnote's cutting-edge payments platform offer a seamless experience for both traditional fuel and EV charging transactions, incorporating robust security features and data analytics to empower fleet managers.

Payment Challenges of EV Fleet Transitions

Historically, a few incumbents with card control systems tailored for traditional fuel-powered vehicles dominated the fleet payments industry. The cards supported purchases exclusively related to gas or diesel and were often limited for use at specific fuel brands or maintenance centers.

However, experts estimate EVs may make up 10 to 15 percent of commercial and passenger fleets by 2030. In this new reality, the older payment systems fall short. Consider a scenario where a driver starts their day charging up their fleet vehicle at a roadside charging station. Later that night, after a full day of deliveries, the driver returns home and charges the vehicle at their local charging station.

A traditional fuel payment card, with its merchant category codes (MCC) controls and closed-loop systems, cannot handle such varied transactions. These incumbent systems lack the flexibility to adapt to novel use cases, reducing their ability to take advantage of emerging technologies that reduce fraud and boost efficiency.

The Highnote Advantage

Highnote's fleet product is not just for typical fuel or EV charging cards. The platform's purposeful design meets the unique needs of modern fleet card programs, setting it apart in several ways:

- Versatility: Highnote's platform features a capability called collaborative authorization, allowing card program operators to evaluate transactions in real time. Card program operators can approve or deny fuel and maintenance purchases, EV charging, or business-related expenses as each fleets’ daily needs dictate. Highnote's fleet product is as adaptable and dynamic as the businesses that rely on it.

- Widespread Acceptance: Highnote’s fleet product supports payment cards that operate on an “open-loop” network. Highnote-issued fleet cards are accepted anywhere, at any merchant, but maintain purchase controls supported by Highnote’s platform based on an individual fleet manager’s business logic. In contrast, many legacy fleet cards operate on “closed-loop” networks. The limited acceptance impedes the purchasing power of legacy fleet cards to only one store type or fuel brand as a default, with no ability to change these restrictions as a business evolves.

- Security Controls: All fleet managers need tools that strongly emphasize reducing risk. Highnote’s platform includes state-of-the-art security controls to prevent fraud and unauthorized usage. Highnote's fleet product supports real-time transaction monitoring, purchase restrictions, spend limits, velocity controls, and the ability to instantly lock or unlock cards.

- Data-Driven Insights: One of Highnote's most compelling features is the ability to provide a wealth of data to fleet managers. Every transaction is logged and categorized within our advanced ledger, offering valuable insights into fuel and energy consumption. The enhanced data can identify cost-saving opportunities, optimize routes, and make informed decisions about transitioning to cleaner energy sources.

Payments Innovation: Driving Us Toward a Sustainable Future

Highnote is at the forefront of transforming fleet management by enabling versatile payment card programs that cover both fuel and EV charging needs. With a focus on security and data-driven insights, Highnote empowers fleet managers to streamline operations, reduce costs, and embrace sustainable transportation solutions. As the world progresses toward a greener future, Highnote's innovative approach offers hope for the fleet industry, showcasing how technology can make transportation more efficient and environmentally friendly.

Talk to us if you’d like to learn more about how Highnote’s modern, purpose-built card can transform your fleet’s efficiency while helping meet your sustainability goals!