What you need to know about fleet expense management cards?
Fleet expense management cards provide a comprehensive solution to manage and keep track of all fleet related expenses ranging from vehicle repairs and parking fees, to food and lodging expenses for truck drivers along their journey to deliver shipments. Fleet cards for truck drivers resemble a debit or credit card and can be used to make digital payments or withdraw cash from an ATM to manage fleet operating costs.
Why do you need fleet expense management cards for payments?
In a complex industry as Logistics, the need to manage fleet operating costs is a major concern as most payments are made off premises while on the road at multiple stops by multiple truck drivers for various needs. Moreover, when truck drivers run out of the funds allotted to them, they pay from their own pockets and expect reimbursements which becomes difficult to handle when paper receipts are either lost or manipulated. Therefore, issuing fleet cards for truck drivers is the ideal solution to unify all fleet related expenses in a single card and keep track of purchase history.
How to choose the right card to manage fleet operating costs?
Most fleet expense management cards provide the option to set spend limits, send real-time notifications and generate monthly reports on purchases using the fleet card. Choose a card that offers real-time visibility, customisable controls and fraud prevention.
- Real-time visibility: Choose a fleet card that provides real-time visibility with notification and reports so that you can keep track of purchases. Moreover, the fleet card should generate monthly reports to analyze spending patterns and make necessary changes.
- Customisable controls: Setting transaction limits for specific drivers and other relevant parameters is of prime importance. Therefore, choose a fleet card that provides customisable controls.
- Fraud Prevention: Avoiding unnecessary purchases and fraudulent transactions is crucial. For instance, if the card is stolen or misused, provision should be made to lock the card temporarily or block it permanently from making further purchases.
The benefits of using fleet expense management cards from Axlerate
- Set Controls: Fleet expense management cards from Axlerate help logistics owners and fleet managers to set customized controls. Transaction limits can be set and the option to withdraw cash from an ATM can either be enabled or disabled based on the need. The settings can be made at an organization level where the same controls can be set as default for all the cards in a single click without having to set limits for each card separately.
- Request Fund: It is a tedious task for fleet managers to check the wallet balance of every truck driver. That is why fleet expense management cards from Axlerate allow truck drivers to request funds whenever they run out of balance in their fleet cards.
- Lock Card: The fleet cards from Axlerate provide an option to lock or block the cards for a brief period or permanently in case of stolen or lost cards.
Let’s Wrap Up!
Fleet expense management cards resemble a debit or credit card used to unify all fleet-related payments like parking, repairs, food and lodging for truck drivers. Fleet cards for truck drivers help to manage fleet operating costs with cashless payments, spend control and fraud prevention. Fleet expense management cards from Axlerate provide customized controls, fund request options and the ability to lock or block cards when needed.
Axlerate is a unified platform for Logistics and transport management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.