FLEETCOR Technologies, Inc has made a strategic minority investment in a leader of cloud-based mobile commerce and behavioral marketing solutions, P97 Networks, Inc., By utilizing existing POS and cash register systems without requiring retrofitting, its solution enables the acceptance of mobile payments at the station and in stores, with P97 being an innovator in the fuel industry.
FLEETCOR, in addition to the investment has signed a commercial agreement to use P97’s technology for FLEETCOR’s U.S. fuel card programs. Through delivery of a modern, robust, app-based customer experience, the partnership is intended to drive the adoption of mobile payments among FLEETCOR’s existing customers, cardholders and fuel company partners. The companies will together deploy mobile payment applications, in addition to exploring the use of existing P97 functionality such as the authorization of in-store purchases and delivery of personalized offers directly to drivers through an app.
Don Frieden, P97 Founder and CEO, said “We are thrilled to have FLEETCOR on board as a strategic partner as we continue our charter to advance mobile commerce for convenience store operators, marketers, and fuel companies. We look forward to collaborating with the FLEETCOR team to provide new mobile experiences for their customers and drivers, while exploring the transformative potential of mobile payments across the fuel industry.”
“We believe this investment and strategic partnership is an exciting way to ramp up mobile usage in our fuel card category and secure our place as a leader in the mobile fuel card payment space. We look forward to working closely with P97 to further our common goal of driving payments innovation within the petroleum industry,” said Ron Clarke, FLEETCOR Chairman and CEO. PWKD07042018