Vanguard selects Nuvei as payment partner to accelerate their business

Rhea-AI Summary

Nuvei (Nasdaq: NVEI) has been selected by Vanguard Truck Centers as a payment provider to enhance their operations across the U.S. commercial truck dealer group. This partnership aims to optimize business-to-business payment processing, benefiting from Nuvei’s end-to-end solutions.

The U.S. trucking industry was valued at $732 billion in 2020, demonstrating significant market potential. Vanguard operates in 24 locations and offers a range of services, including truck sales and leasing. This collaboration is expected to improve payment processes and customer experiences while supporting Vanguard's growth strategy.

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• Selected by Vanguard Truck Centers to enhance payment processing.
• Partnership expected to support Vanguard's growth strategy.
• Nuvei's technology aims to optimize interchange credit card processing rates.

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• None.

Montreal and Atlanta, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), tomorrow’s payment platform, announces today that it has been selected by Vanguard Truck Centers as a payment provider to help accelerate the growth of their multi-regional, full-service U.S. commercial truck dealer group.

Nuvei’s end-to-end payment solutions accessed through a single integration supports Vanguard’s entire business-to-business payment processing needs as they grow.

Trucking is responsible for most of the overland freight movement in the U.S. with the market being worth $732 billion in 2020[1] with more than 10 billion tons of freight transported by trucks in the same year.[2].

Vanguard, which has more than 900 employees, owns and operates full service commercial truck and leasing centers in 24 US locations including Georgia, South Carolina, North Carolina, Texas, Missouri, Illinois and Arizona. As well as heavy truck sales of brands such as Mack, Volvo and US Autocar, Hino and Isuzu, the Atlanta-based business provides truck leasing and rentals, service and repairs, over-the-counter and online parts, along with finance and insurance services.

Nuvei is helping Vanguard optimize levels of interchange credit card processing rates and fees. Other support includes next-day funding, weekly reporting of daily transaction analysis, functionality to help minimize fraud and payments handling for higher-value transaction security, stream-lined PCI compliance support and a dedicated relationship management and business-to-business support team.

“The digitalization of payments has become a business priority across our industry, which often has complex operational structures and payment processes built on older technology,” said Will Blue, CFO of Vanguard Truck Centers.

“Our business is constantly assessing and optimizing how we can both improve the customer experience and support the bottom line. From the outset, Nuvei understood the complexity of our business model and continues to demonstrate the agility to optimize costs of our digital payments while providing high-quality, hands-on consultative service,” Blue added.

Commenting on the partnership, Nuvei Chair and CEO Philip Fayer said: “With our payment technology expertise, we help Vanguard increase acceptance rates. We are excited to be on this journey with Vanguard as it focuses on driving new sales.”

About Nuvei 

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is tomorrow’s payment platform. Designed to accelerate customers’ business, Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 570 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. 

For more information, visit www.nuvei.com.

About Vanguard Truck Centers

Vanguard Truck Centers owns and operates full service commercial truck and leasing centers in the United States, representing truck manufacturers such as Mack Trucks, Inc., Volvo Trucks North America, Isuzu, Hino, and Autocar. Vanguard offers comprehensive transportation solutions through 24 locations in Arizona, Georgia, Illinois, Missouri, North Carolina, South Carolina and Texas. The Vanguard mission is to exceed customer expectations through its entire product and service offering, including new trucks, premium used trucks, lease & rental, all makes parts, service & body shops and finance & insurance services.

For more information, please visit https://www.vanguardtrucks.com/

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[1]  Statista: Trucking industry in the U.S. – statistics & facts

[2]  American Trucking Association – Economics and Industry Data

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• Vanguard selects Nuvei as payment partner to accelerate their business

FAQ

What is the significance of Nuvei partnering with Vanguard Truck Centers?

The partnership allows Nuvei to enhance payment processing for Vanguard, supporting their operational growth and improving customer experiences.

How much was the U.S. trucking market worth in 2020?

The U.S. trucking market was valued at $732 billion in 2020.

How many locations does Vanguard Truck Centers operate in?

Vanguard Truck Centers operates in 24 locations across the United States.

What solutions does Nuvei provide to Vanguard Truck Centers?

Nuvei provides end-to-end payment solutions, including optimizing credit card processing rates and supporting next-day funding.

What is the stock symbol for Nuvei Corporation?

Nuvei Corporation trades under the stock symbol 'NVEI' on Nasdaq and TSX.