By Sterling Pratz, Founder & CEO, Car IQ
July 24, 2024
To run your fleet effectively and efficiently, you need data. You need to know what each vehicle is doing, what it’s costing you, what issues may pop up and more. Traditionally, there’s been one way to do this—fuel cards—but now with Car IQ, there’s a better, faster, easier option that any fleet can use.
Fleet data – the old way and the new way.
To get all the important information from your fleet, managers are currently relying on many sources of data, then cobbling everything together on the backend. Physical fleet cards only offer transaction data, merchant details and time stamps. To get vehicle data like mileage and GPS—that’s a whole different data set.
With multiple sources flooding a company’s back office, it leads to inefficiencies, inaccuracies, and increased opportunities for risk. Fraud falls through the cracks. Time is spent cleaning up the data instead of other important tasks. And oftentimes, even if some issues are caught, it’s not until much later because invoices and card statements don’t arrive until the end of the month. That lag time and fragmented data sources leave the door open for unauthorized use of fuel cards, falsification of mileage for personal gain, or even continued use of fuel cards by terminated employees.
The system isn’t great, but it’s all fleet managers have to work with. Until now.
Connected data from Car IQ is the new standard for fleets.
Car IQ reimagines every facet of fleet payments and accounting. By tying expenses directly to each vehicle using unique IDs, you can now capture vehicle data and daily spend; manage merchants and set spending controls; view receipts instantly; and issue immediate payment credentials for each vehicle.
Transactional data and vehicle data are no longer separate – it’s all rolled into one real-time stream that gives you the ultimate in visibility. No more physical cards to lose or be stolen. No more time spent reconciling different data sets. By using connected data, everything is easier for your drivers and easier for your back office.
Car IQ can identify the specific vehicle using telematics and then verify payment credentials and enable purchases against your Car IQ credit line, eliminating the need for a fuel card or PIN. Granular smart controls let you manage the type, amount, location, and time of any purchase, including tolls.
What are the key benefits of using connected data?
Companies who switch to using connected data for their fleets see the advantages almost immediately.
- Enhanced fraud detection and risk mitigation: Connected data opens the door to better ways of identifying fraud quickly—like smart controls that decline purchases when crews aren’t working, and algorithms flag anything suspicious. Fleets save thousands a month in fuel fraud, with some even seeing a 100% reduction in fraudulent charges.
- Real-Time insights for optimized fleet utilization: With everything together in a central dashboard, you get more sophisticated insights and effective recommendations for your fleet. Fleets have reported up to 20+ hours in reconciliation saved each month.
- It can eliminate physical fuel cards: Connected data also allows you to get rid of a big hassle for fleet managers: fuel cards. No more worries about them being lost or stolen. No more 5am calls when your drivers get locked out of the system for forgetting their PINs.
When you finance vehicle expenses with credit from Car IQ*, you allocate funds from your credit line directly to your vehicles. Drivers pay with their car, not a card. You get better control of and up-front visibility into fleet expenses.
Is there a better way to stop fraud than traditional industry methods?
There is. Car IQ has an innovative two-part solution designed to enhance security, accuracy, and efficiency in fuel transactions, saving fleets up to 12%:
Part 1: Pre-Transaction Validation
- Vehicle Selection: Authorized drivers simply select a vehicle assigned to them.
- Spend Controls: All spend rules & controls are pre-set by the fleet manager.
- Proximity Check: Vehicle’s location is checked to determine if the vehicle is near the station.
- Dynamic Pre-Authorization: The vehicle purchase is limited by things like local fuel prices, and how much fuel the vehicle needs based on fuel tank level and capacity.
- Offline Mode: This ensures a vehicle can get fuel if the telematics aren’t available. Fleet managers can set additional purchasing restrictions for the offline mode if desired.
Part 2: Post-Transaction Validation
- Fuel Validation: After the transaction is completed, Car IQ estimates how much fuel the vehicle received and compares that to receipt data from the merchant.
- Premium Fuel Report: Highlights any transactions that were made for any premium fuel purchases.
- After-hours Report: Highlights any transactions made outside of typical working hours or during the weekends.
Data insights that set you for the future.
Once you grant access to your fleet’s telematics and enroll your vehicles, it typically takes 60 days to analyze your fleet’s fuel usage, culminating in a detailed fuel report that highlights potential fraud and inefficiencies. You’ll see how you can optimize your fleet management strategies, enhance fuel efficiency, and get your fleet running smoother than ever before. Car IQ’s 60-day trial is a simple way to get started and begin to map out where you can reduce risk, and save money and time.
Visit https://www.cariqpay.com/ to learn more.
*Car IQ is a financial technology company and not a bank. Credit Card Services are provided and issued by Lewis & Clark Bank, Member FDIC.
