Jul 30, 2013
While the utilization of a corporate bank card streamlines the number of cards a fleet operator needs to keep track of and the number of reports a fleet manager needs to analyze, it is more advantageous from both a fiduciary and reporting standpoint to apply for a fleet fuel card from FleetCardsUSA. In addition to the savings and rebates that can reduce expenses by thousands of dollars annually, the level III reporting that FleetCardsUSA's fleet cards provide to clients allows for the greatest control and transparency of all fuel related expenditures.
Level III Transaction Data
When looking at a personal bank statement attached to a debit card, a consumer is able to view the basic information about purchases: date and time, name and location, and total cost. This is referred to as Level I (1) data. The next available data is Level II (2) reporting and is available for most corporate cards, this report provides a greater amount of visibility of purchase details: line item detail of non-fuel purchases, type of merchant, fuel grade, number of gallons, and cost per gallon. The pinnacle of fuel transaction data is provided within a Level III (3) report. With the number of drivers vehicles that most fleet managers have to oversee, level III data is crucial for a business to keep track of all fleet related expenses. This third level of reporting provides full transparency of every purchase placed on the fleet card; odometer reading, vehicle ID number, Driver ID number, and a full description of the product type. Expense reporting of this depth allows managers to have control over spending that is not available with a corporate card.
Fleet Card Control Features
Through the wide selection of cards FleetCardsUSA has available, fleet managers have the capability to limit the expenditures being placed on the account. These controls can restrict a card holder to the acquisition of a select few product types like fuel and lubricants, or to purchase time of day or day of week. In addition to this, since level III reports contain driver ID and vehicle ID numbers, if these two values don't match what was provided to the system by the manager, the card will be declined. This goes for lack of alignment with all of the controls as well. For example, a card has been set to fuel and fluid purchases only between eight and ten in the morning on Tuesdays, Wednesdays, or Thursdays, if a driver comes in at noon on Friday to top off the tank of their fleet vehicle and wants a snack as well, the card will be declined.
This vast range of control over a company's finances is only available to fleet card holders; corporate cards might reduce the weight of a fleet operator's wallet, but through unwarranted expenditures and lack of fuel expense savings options, corporate cards lead to a reduction of the bottom line.