Manfred King
Lake Ariel, PA (USA)
Role(s):
Founder/Owner/Principal
FLEETpayUSA
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Startup
Location:
Lake Ariel
Industry:
Retail/Clothing
Year Founded:
2011
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Partnership
Description:
We are a financial transaction service provider focused on the heavy trucking industry.
Our service provides very low cost fuel purchase transaction processing with several direct and focused benefits.
Using a virtual proprietary payment card via "smart Phone" and the public communications network the company is positioned as an economical alternative to the existing high cost card and bank networks.
Our transaction fee is 35 cents per transaction vs. the competition of 16 to 17 dollars for the same transaction.
The defined size of our market is slightly over 1 million purchasing units, where each units performs a transaction about every other day at around 800 dollars per transaction. The gross market for the transaction portion of our niche is 54 million dollars per year. There are several other revenue streams that need to be implemented after FLEETpayUSA is generating revenue.
The principals were involved in the operation of trucking companies and have in depth knowledge of the inner workings from all points of the transaction.
We have tested the service concept with the leading trucking company association - Truckload Carriers Association(TCA) and with several executives from the largest trucking companies. They are ready to sign up and want to be first to use it. We have also met with truck stop chain and individual owners who fully understand the gains from their perspective.
Why the excitement? They have all been boxed in by a small group of payment processors who know that there are no alternatives to their services.
We will be ready to deploy when our applications software is completed and tested. Our initial development budget has quadrupled due to customer input. Our call today is regarding the pace of deployment. Using only our personal funds will mean about a year to deploy. With assistance, we can be operating in September.
An additional note - Our transaction background: We have build up an ATM portfolio from zero to over 500 units in the last four years and also provide credit card processing and prepaid phone services.