What is a fleet card and how does it work?
A fleet card is a better version of debit or credit cards with regard to logistics payments. Fleet cards enable logistics owners and truck drivers to unify costs involved in logistics and make payments with a single card.
Fleet cards for truck drivers display the vehicle or driver’s name and a unique ID, company name and other necessary details. The admins can load money on the card via digital payment options and can also request a credit. Transaction limits can be set for every card and payment requires authentication. Notifications and alerts are sent via SMS or email for every purchase and detailed reports can be accessed through a dashboard.
Why are fleet cards the ideal solution for logistics owners?
Regardless of the size of your fleet, managing fleet operating costs is a struggle for logistics owners and drivers due to lack of cash for emergencies, fraudulent activities and multiple reimbursements. This is why fleet cards for truck drivers could be the game-changer.
According to a study, 50% of companies believe that technological advancements have a strong impact on the supply chain, logistics, and transportation operations (Forbes, 2018). Powered by technology and owing to its many benefits, fleet expense management cards are the ideal solution for logistics companies to unify and manage expenses.
How fleet cards for truck drivers can help to streamline and manage expenses?
Fleet management is a tedious process as it involves a ton of paperwork and movement of vehicles off premises. Fleet cards will be the ideal solution for unifying costs involved in logistics for every trip including tolls, parking, repairs, lodging and more. Let’s take a look at how fleet cards could be the smart choice to manage your expenses on the move!
- Simplified Billing: Settling bills with multiple invoices is a tedious process and is often prone to error. Truck drivers usually pay for fleet operating costs from their personal funds and request reimbursement from the owners. This leads to complex billing cycles especially when an invoice is manipulated or lost. Therefore, fintech companies simplify logistics payments by issuing comprehensive fleet cards to process all fleet-related expenses with recharge or credit options.
- Spend Control: Fleet expense management cards help you set limits for transactions and allot funds for drivers according to the distance of the trip or the reliability of the driver. You can track spending with instant notifications or alerts and monitor your transaction history through a dashboard or an online management platform that generates your reports.
- Secure Transactions: Truck drivers are often at risk of theft while on a trip. Mostly it involves stealing cash as truck drivers carry a huge sum of money to pay for fuel, tolls, parking, food, lodging and more. But it could often be stolen by strangers or misused by the drivers themselves. Fleet cards for truck drivers enable secure cashless transactions and even if the card is stolen it requires authentication for payment and the transactions cannot be manipulated.
How to choose the best fleet cards for truck drivers?
Fleet cards for truck drivers may or may not be restricted to a particular brand, product, service or location. It is important to consider your fleet size, needs and challenges to choose the right fleet expense management cards.
- Coverage: Choose a fleet card that covers all non-fuel expenses including parking, repairs, food and lodging. Fuel cards can be used for fuel purchases.
- Hidden fees: Check if there are hidden fees for the fleet cards, make sure you pay the right price for your cards by paying attention to terms and conditions.
- Control: Select a card that gives you control in terms of setting transaction limits and reviewing transaction history via reports or a dashboard.
Let’s Wrap Up!
Fleet cards for truck drivers help to unify operating costs involved in logistics with a single card while on the road. You can cover all expenses including parking, repairs, food and lodging. It simplifies billing, gives you control over spending and also provides secure transactions without the fear of theft or misuse. All you have to do is choose the best fleet expense management card by paying attention to the coverage, hidden fees and controls. Manage and monitor your fleet expenses on the move!
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.
