The use of digital (cashless) payments in every sector is growing so fast that the fintech industry is hard pressed to keep up. Fintech’s established companies and startups alike are pouring money into financial technology and buying up all they can to bolster their capabilities. This surge in investment interest has an impact not only on the consumer world, but could also influence fleet payment and the trucking industry. According to Dealogic, a global consulting firm connecting investors to banks, global fintech-targeted mergers, and acquisitions, volume has increased rapidly over the last five years, and the value of those deals has hit a record high of $116.6 billion.
Clearly, technological innovation is causing intensifying consolidation in the electronic payment services market, while data on customers’ purchasing and behavior trends further drives fintech acquisitions.
— Dealogic associate Chisa Tanaka
For more than a decade, business has seen a decline in the use of cash in consumer spending as the use of credit cards, digital payment, and cashless transactions has soared. While cash is still king in some industries, the trucking industry is taking advantage of the cashless fleet payment technology that works harder for them. Digital fleet payments not only provide convenience to the driver, but also create process efficiencies and provide data that can be used to make smarter, more informed decisions. Fleet payments made with a fleet card have become the norm for most trucking companies, and for good reason.
Six ways to provide better fleet payment options:
1. Think about how you pay your own bills. Do you go to the water department and hand over cash? Do you write a check, address an envelope, and then realize you’re out of stamps? Probably not. Like the majority of bill-paying adults, you probably pay online.
2. When you email a customer their invoice, they have the power to review it and know exactly what they’re paying for. This works especially well for fleet customers. A business owner can receive an email with an invoice and pay the invoice before his employee even picks up the vehicle. This eliminates transposition errors for your cashier and long lines for your customers.
3. Much like emailed invoices, text messages can be highly convenient. Your customers can check out their invoice before they arrive so they have no surprises. Customers can also securely store credit card information to use for future payments.
4. Near-field communication (NFC) payments allow two devices (a payment terminal and a smartphone) to talk to each other when they’re in close proximity. NFC is the technology that enables the payment via tapping the smartphone on the payment terminal. While this means a customer is still paying at the point of sale, it’s much faster and more secure than a cash payment.
6. Credit and debit cards have gotten some recent upgrades. New standards by Visa, Mastercard, Discover, and American Express mean that customers don’t have to sign for their payment at the terminal. This change will significantly decrease wait times for your customers.
Digital payment leader EFS had been providing the industry’s best cashless solutions, developing technology to power insights, efficiencies, and growth. EFS on-the-road payment is specifically designed for over-the-road carriers. Custom products along with world-class systems and technology help to simplify complex business payments so that fleets can focus on the business of trucking and leave fintech to the experts.
Cashless Fleet Payments Provide Control and Put Your Data to Work
EFS/WEX’s innovative technology is informed by its expertise in payments and deep knowledge of fleets. These fleet payment solutions provide greater transparency and visibility into fleet purchasing and volume performance through powerful analytical tools. The EFS Mastercard Fleet Card is a single-card fleet payment solution for managing and controlling fuel purchases while allowing drivers and contractors to make additional purchases within the Mastercard Network—all on a single card.
The EFS Mastercard® Fleet Card offers a dual network solution that combines superior controls for fuel purchasing with Mastercard’s wide acceptance network for non-fuel purchases such as T&E expenses, emergency repairs, and more.
Among its attributes:
- Universal acceptance
- Cash price for fuel in the EFS truck stop merchant network
- Superior purchasing controls
- MCC/TCC categories/velocity limits in the Mastercard network
- Integrates with current systems
- Provides Level III data
The EFS Mastercard Fleet Card also provides access to a huge network of fuel and maintenance sites, and is accepted in the EFS truck stop network, plus anywhere Mastercard is accepted.
- 16,000+ EFS truck stop locations
- 10.3 million+ Mastercard locations
- 575,000 Mastercard fuel/maintenance locations
While the benefits of an over-the-road fuel card are tangible, there are even more intangible benefits when the OTR fuel card is combined with OTR analytics and reporting services. From fuel card purchasing behaviors to industry trends and auditing tools, these services will keep fleet managers informed and fleet operations efficient.
- Find opportunities to cut costs
- Accurately forecast and budget fleet expenses
- Identify purchasing anomalies and misuse
- Find out how you’re performing against your peers
- Take the work out of fuel tax reporting
With fleet payment advantages like these, it is easy to see why cash is no longer king and cashless is wearing the crown.