In today’s fast-paced and competitive business landscape, efficient fleet management is essential for small to medium-sized enterprises (SMEs) that operate with a fleet of 5 to 10 vehicles. Managing multiple vehicles can be a daunting task, especially when relying on traditional credit card statements and manual paperwork. But fear not! There is a game-changing solution on the horizon: Level 3 data. This next degree of fleet information offers SMEs a newfound level of visibility and control over their fleet activity and costs. Buckle up as we explore how Level 3 data can supercharge your business operations.
So what is Level 3 data?
Level 1: Consumer debit/credit card statement
- Merchant name
- Total purchase amount
Level 2: Corporate credit card statement
- Merchant type
- Fuel grade
- Sales tax
Level 3: Fleet card All of the above data, plus:
- Driver/vehicle ID number
- Odometer reading
- Cost per mile
- Product category for every purchase
- Description of every purchase
Say goodbye to endless hours spent sifting through receipts and trying to match expenses to drivers and vehicles. Imagine this scenario: a transaction comes through your card statement for $100 at a fuel station. In the past, you would have been left in the dark, wondering what was purchased. But with Level 3 data, the purchase details are crystal clear. You instantly see that $75 was spent on fuel, $15 on oil, $5 on coolant, and $5 on a driver snack. Not only that, but you also know which driver made the purchase and for which vehicle. This level of detailed data empowers you to tightly control your business operations on a daily basis, ensuring transparency and accountability.
Now, let’s talk about the administrative burden that often plagues SMEs. Gathering paper receipts from your drivers and manually entering data into your accounting software can be a time-consuming and error-prone process. But Level 3 data comes to the rescue. Since it is captured electronically, there’s no need for paper receipts anymore. All the data is automatically sent to your online portal, streamlining your administrative tasks. You can seamlessly merge purchase data with your back-end accounting software, eliminating the need for manual entry. The result? Drastically reduced administrative time, allowing you to focus on what truly matters – growing your business.
But wait, there’s more! Level 3 data puts you in the driver’s seat when it comes to purchase controls. You have the power to set limits based on various parameters, such as dollar amount, fuel quantity, or category type. Want to prevent food purchases? No problem. Want to restrict spending on certain days of the week? Consider it done. These controls can be easily set up online, and your drivers are informed of their automatic limits. With Level 3 data, unexpected and undesired expenses become a thing of the past. And in case of a lost or stolen card, rest assured knowing that the unique driver or vehicle ID offers additional protection against fraudulent spending. You can quickly deactivate the card online, safeguarding your business from potential financial risks.
Keeping a finger on the pulse of your fleet’s expenses is crucial. That’s why Level 3 data offers real-time alerts. Set up alerts online and receive email or text notifications whenever unusual purchases occur. Whether it’s weekend fuel purchases or transactions exceeding a certain dollar amount, you will be informed instantly. By catching these outliers in real-time, you can take immediate action if needed, preventing any potential issues from snowballing. Stay proactive, stay in control.
Accessing your fleet data should be effortless. With Level 3 data, you can access it 24/7 via your online fleet card portal. The power of detailed custom reports lies at your fingertips. Every purchase is linked to a driver and vehicle, enabling you to identify efficient vehicles and discover opportunities to improve fuel efficiency or optimize your maintenance schedule. Armed with this comprehensive data, you can make informed decisions that propel your business forward.
Level 3 data is a game-changer for small to medium-sized businesses with a fleet of 5 to 10 vehicles. It provides a clear view of your fuel spend and fleet activity, giving you the power to create efficiency and drive growth. Don’t settle for outdated methods that offer limited insights. Embrace the vibrant possibilities that Level 3 data brings to the table. With its detailed information, streamlined operations, purchase controls, real-time alerts, and custom reports, you’ll be on the fast track to thriving in the fiercely competitive world of fleet management. Get ready to revolutionize your business and conquer the road ahead.
WEX is an innovative company that simplifies the business of running a business and has used AI to assist in preparing this content.