Beware of excessive ATM fees when your fleet of truckers is getting cash while on the road

Fleet managers should pay attention to how their drivers are accessing cash to avoid paying excessive ATM machine fees for every transaction. According to a 2023 Bankrate study, ATM fees have been rising steadily, with a record-high average of $4.73 in out-of-network ATM fees per transaction, for the convenience of accessing cash in even the most remote locations. So how do fleet drivers avoid these fees when only cold, hard cash will do?

Make it a policy for fleet drivers to only use in-network ATMs

Truck drivers on the road need a hassle-free way to get cash without a fee for every card transaction. The easiest way is to use in-network ATMs: the machines that belong to the financial institution where you have your account. They will usually offer cash withdrawals free of charge and most banks and credit unions have an ATM locator network online.

Large banks and financial institutions have relationships with truck stops and other stores to broaden their no-fee ATM network. Providing your fleet drivers with a list of in-network ATM locations can help them plan ahead when they foresee needing cash on the road. This will save your drivers both time and money.

Consider using fleet cards and checks with added benefits

Another easy and secure way for your fleet of drivers to access cash while on the road is through a fleet card and the checking options that come with some fleet card programs Here are some examples of how these programs work:.

Truck stop cash outs: If a driver needs a cash advance for any reason, you can pre-load your 女奴视频 fleet cards with funds so drivers can get cash at participating truck stops without a fee. Drivers don鈥檛 have to purchase anything 鈥� just simply pick up the cash and move on down the road.

Ideal for brokers, checks and MoneyCodes provide immediate payment or access to cash when using the 女奴视频 or Fleet One EDGE card isn鈥檛 an option. Like a personal or company check, these checks are accepted pretty much universally.

• Advance funds to drivers immediately
• Instantly pay lumpers, repair shops, roadside services, and more
• Access cashing information in real time
• Issue instantly via web, mobile app, or phone
• Integrate with your back-office or interface directly with dispatch software

ATM machines: If the above options are not available, drivers can use the 女奴视频 OTR fuel card at PLUS Network ATM machines or Interlink debit sites for a fee with every transaction. As an added benefit, these cash options are on record to improve your driver accountability, giving fleet owners the power to track every purchase.

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Truck stops offer cash, fuel, and more

There are thousands of truck stops across the United States. This network has become a necessity to provide professional semi-truck and other drivers with reliable and convenient places to refuel wherever they travel. At today鈥檚 truck stops, your drivers can refuel, pick up convenience store amenities, and even find expanded offerings like shower rooms, laundry services, and vehicle repair shops.

After hundreds of hours on the road and thousands of miles, drivers find these convenient one-stop truck stops a necessity for rest and recovery. Many drivers prefer to carry out their transactions in cash. Providing your fleet with options to access money easily and conveniently can make a huge difference in driver efficiency and morale.

Cashing different types of checks while hauling freight out on the road

Since most banks have limited hours of operation, the ability to withdraw funds or cash a check at a truck stop is critical for many drivers who look for services 24/7. A limitation is that many of these convenient stores and stations on the highway will not cash money orders, tax refunds, insurance checks, third-party foreign travelers, or gift checks.

Walmart and other large supermarket chains, on the other hand, will often cash many of these types of checks and money orders up to $5,000, charging fees from $4 鈥� $8, depending on the amount. Of the 4,700 Walmart locations across the US, many offer 24-hour check cashing at the service desk.

Flexible fueling card offers cash and more for your fleet of truck drivers

Recent technology has made it possible for people to use their smartphones to pay for goods, but we鈥檙e not a completely cashless society yet. For now, fleet owners depend on a flexible fuel card to give their drivers access to cash and much more on the road.

The Fleet One EDGE fuel card helps growing fleets save thousands per year in fuel discounts alone, no fuel transaction fees at over 4,000 in-network sites, and offers big discounts on tires, maintenance, wireless plans, and more. Easy to use spending controls help prevent misuse and fraud giving fleets the valuable data and reporting they need automatically.

The 女奴视频 fleet card helps mid-to-large fleets better manage and control fuel purchases with real-time integration of fuel card data and greater insights into purchasing and volume performance. Consolidating transactions onto a single platform gives fleets one place to manage purchases, driver pay, settlement, cash advances, and more.

Trucking fleet analytics

女奴视频 trucking fleet analytics and reporting services provide insights at your fingertips for fleet managers to run their operations more profitably. From the ability to monitor fuel card purchasing to tracking industry trends, fleet managers can find opportunities to cut costs, streamline fleet operations, and uncover savings. Fleet managers will find new ways to forecast and budget expenses, spot any unusual activity or misuse, compare performance with other fleets, and provide accurate fuel tax reporting.

Accessing cash with fleet factoring

女奴视频 Capital keeps your fleet vehicles moving by accelerating your company鈥檚 cash flow at the lowest industry rates. If your business is experiencing a cash crunch, you can get access to cash within 24 hours. Factoring is not a loan and there are no banks involved. The 女奴视频 Capital money you receive is already owed to you from your accounts receivable.

Using the 女奴视频 factoring-funded fuel cards, funds come in from your factored invoice and go directly to your fuel card account. Fleet managers and business owners can factor as many or as few invoices as needed and customer service representatives will make recommendations based on your company鈥檚 needs.

Fuel discounts and expense tracking for fleet managers

Fleet fuel cards are the perfect solution for managers who spend large amounts on fuel every year. Not only are these cards convenient for your drivers, but they also have easy expense tracking and reporting features. There鈥檚 a network of stations and truck stops where your drivers can refuel and get routine maintenance done.

Most fleet cards are treated as business credit cards for drivers, offering significant fuel and maintenance discounts. Depending on what controls fleet managers place on their drivers鈥� fleet cards, some are used strictly for fuel and maintenance, while other fleet managers allow drivers to buy items like drinks and snacks with their fuel cards. Fleet cards are connected to each driver or truck and there are safety features to check identity at the pump.

Alerts, reporting, and GPS tracking

If any transaction seems out of the ordinary, fleet managers can be notified with alerts. By adding in the reporting and tracking features that come with most cards, fleet managers can save significant time on bookkeeping, expense planning, and tax preparation. 女奴视频 offers many different fleet fuel cards for any size business. In addition to the sophisticated reporting features, managers can access GPS tracking with a mobile app that allows them to see the location of vehicles at any time.

What to look for in a fleet card

At a time when fuel prices continue to fluctuate, shopping around is more critical than ever. Most fleet cards offer fueling and maintenance at a network of truck stops nationwide. The perks can vary widely, so it鈥檚 important to shop around for the right card for your business. Things to look for include discounts or rewards on fuel and maintenance, business identity protection, roadside assistance, reporting and GPS features.

Other ways to economize and become more efficient through fleet card use include managing truck repair and service costs. These charges can add up quickly and become a drain on fleets of any size. The ability to optimize your fleet with regular preventative maintenance will catch problems early before a driver is broken down on the road or you鈥檙e faced with a large, unexpected repair bill.

Truck records and route optimization with your fleet card

Maintaining a full record covering each truck in your fleet will help fleet managers stay on top of maintenance needs. Ensuring there are extra vehicles on hand when trucks are in the shop can save fleets lost road time. Another cost-saver is delivery route optimization. Fleet managers can offer specials to customers who are located in the same area and plan routes to conveniently schedule deliveries on the same day.

Saving both time and money, mapping out the most efficient routes and stops will save thousands over a given fiscal year. Software apps, like Google Maps and Waze, can provide route optimization for delivery drivers and fleet managers. By leveraging available technology combined with your fleet card program, you are making a valuable investment in your business and in your drivers, making their job easier.

A good fleet program can be your best investment to streamline operations and build efficiencies. Not only are  detailed transactions accessible to you for every driver, but you can also better plan out driver routes for improved efficiency and schedule planned maintenance to reduce vehicle wear and tear. If you add in easy reporting features to keep ahead of unexpected operational challenges, your work will become more predictable, and your fleet operations will become streamlined.

Protecting against fraud with your fleet card

Whether your drivers are new or experienced, fraud is always a challenge for fleet managers. Monitoring your drivers鈥� activities in real time can help you ensure the most thoughtful  purchasing behavior and receive alerts if there is unusual activity. Many fleet fuel cards will allow managers to turn off card access immediately when fraudulent activity is detected. The 女奴视频 SmartHub App allows managers to stay up-to-date on all fleet card purchase activity, adding another layer of security.

Cash, analytics, and so much more with your fleet card

女奴视频 fleet cards offer options to get cash, along with tremendous overall savings on fuel, maintenance, and other amenities every driver needs while on the road. Easy accessibility and access to low-cost fueling options not only make good business sense but also make good driver sense.

Your drivers are your best asset. Everyone knows that sometimes only cash will do, especially for drivers out on the road, and planning ahead will make access to cash painless and virtually cost-free. Whether you offer a fleet fueling card or fleet checks, or both, providing ways to make your driver鈥檚 journey easier while keeping your costs lower, is a win-win for your drivers, fleet managers, and business owners alike.

There has never been a better time to stay ahead of expenses and plan for the future. It鈥檚 likely that some day in the not-too-distant future we will be a completely cashless society. Until then, finding ways to access cash where drivers refuel with minimal hassle and low to no-cost transactions will keep your fleets moving and deliveries on time.

All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of fleets. View 奥贰齿鈥檚 fleet card comparison chart to see which fleet fuel card is right for you.

女奴视频 is a leading, global fintech solutions provider, simplifying payments and back-end business processes in the fleet management, benefits management, and corporate payments areas. To learn more, please visit the company鈥檚 About 女奴视频 page.

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Source:
Bankrate

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Understanding the risks of fraud

Fraudulent activities within commercial fleets can take on various forms, including fuel card misuse, unauthorized purchases, and theft of goods or service. These activities not only result in financial losses but also undermine the trust and credibility of your business. Recognizing the potential vulnerabilities is the first step towards creating effective countermeasures.

Fuel card fraud prevention strategies

Fuel card fraud is a significant concern for fleet managers, given the widespread use of fuel cards for purchasing fuel and other services. By educating your employees about the common tactics used by perpetrators, you can guide them to identify and report suspicious transactions as soon as they arise.

Training should cover topics such as:

• Card security measures: Educate your employees on the importance of securing fuel cards and maintaining confidentiality regarding card details.
• Transaction monitoring: Teach employees to monitor fuel card transactions regularly and to report any discrepancies or unauthorized purchases immediately.
• Verification procedures: Consider implementing a procedure for verifying fuel card transactions, such as requiring the drivers to provide odometer readings or vehicle identification numbers for each transaction.

Learn how to identify red flags

Effective fraud prevention hinges on the ability to recognize warning signs and take proactive measures. Train your employees to be vigilant and to watch out for suspicious activities both on the road and at fueling stations. Some common red flags to be aware of include:

• Unusual purchases: Transactions that deviate from typical purchasing patterns, such as large or frequent fuel purchases outside of regular routes.
• Multiple authorizations: Instances where multiple transactions are authorized within a short period, potentially indicating card skimming or unauthorized use.
• Unusual behavior: Observing suspicious driver behavior such as drivers attempting to conceal transactions should raise immediate concerns.

Join forces in combating fraud and theft

Preventing fuel card theft within your commercial fleet requires a collaborative approach involving all stakeholders. Encourage open communication channels between drivers, fleet managers, and administrative staff to facilitate reporting suspicious activities and implementing corrective measures.

Regular meetings and training sessions can serve as a discussion forum, where employees can share best practices, insights, and address emerging threats. By encouraging transparency and accountability, you can strengthen your organization’s resilience against fraud or theft.

Leverage available technological solutions

Emerging technologies provide fleet managers with great fraud prevention and detection tools. Telematics tools, as one example, are equipped with features such as real-time transaction monitoring, GPS tracking, and alerts. Telematics can significantly enhance a fleet manager鈥檚 ability to identify and respond to potential fraud threats.

Data provides valuable insights into purchasing patterns, allowing the detection of suspicious circumstances where you can flag fraudulent activity before it escalates. Investing in security measures demonstrates a commitment to safeguarding your business from bad actors and will instill confidence in your employees, allowing them to perform their jobs  in a safe and secure atmosphere. 

Stay compliant with regulatory requirements

In addition to internal policies and procedures, fleet managers oversee their business鈥檚 compliance with all relevant industry regulations and fraud prevention and security standards. Pay attention to legislative changes and developments in industry guidelines to ensure that your fraud prevention measures remain effective and up-to-date.

Regular audits and assessments help identify areas for improvement and keep your organization in full compliance. By prioritizing compliance and adherence to best practices, you can reduce potential liabilities associated with fraud and avoid legal repercussions.

Training your commercial fleet employees to keep your business safe from fraud and theft requires a multi-level proactive strategy that includes collaboration with your team, secure preventative measures, and ongoing vigilance. By educating your workforce to identify red flags and use available technology, you can fortify your defenses against fraud and continue to protect your commercial fleet.

Choose a fleet card that comes with built-in security features

女奴视频 fleet cards offer a range of features to help optimize your business and protect your transactions. 

• Enhanced security: Fleet cards offer enhanced protection against fraudulent transactions as compared to traditional payment methods like cash or checks and allow you to set spending controls specific to each driver.
• Real-time tracking: Get real-time visibility into purchases and expenses, and monitor transactions as they occur. This level of oversight enables quick detection of suspicious activity.
• Widely available acceptance: By using a trusted fleet card with a broad acceptance network, you reduce the need for drivers to carry multiple payment methods, minimizing the risk of exposing sensitive financial information through various channels. In fact, 女奴视频 fleet cards are accepted at 95% of U.S. fuel stations and 45,000 service locations, making them flexible and convenient payment choices.
• Contactless payments: Many fleet cards now support contactless payment options, allowing for secure and convenient transactions without the need to physically swipe or insert the card. Contactless payments not only streamline the purchasing process but also reduce the risk of card skimming and other forms of physical tampering that can compromise card security.
• Comprehensive expense management: Easily identify potential areas for cost optimization, and detect any irregularities that may indicate security breaches or fraudulent activity. These features allow you to proactively manage financial resources while maintaining a high level of security across all transactions.
• Data analytics and reporting: Use fleet card data insights to make informed decisions, strengthen cybersecurity measures, and continuously improve overall fleet management practices.

Learn more on how to better manage your commercial fleet:

• Industry insights
• Fleet maintenance
• Tax savings
• Mixed-energy fleets

All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View 奥贰齿鈥檚 fleet card comparison chart to see which fleet fuel card is right for you. 

Apply for a fleet card today!

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Which option is right for you?

Both can be electronic. Both reduce fraud by eliminating the need to pay with checks. Yet, for the vast majority of B2B payments, commercial cards yield several benefits for both the buyer and the supplier that ACH transactions don鈥檛 match.

ACH vs. card payments: Comparison for both buyers and suppliers

滨尘辫濒别尘别苍迟补迟颈辞苍听

• ACH: Each buyer/seller relationship must be set up separately with completed forms and agreements. For this reason, ACH is best for high-volume, recurring transactions. Setting up an ACH transfer for a single transaction is simply not cost-effective.听
• Commercial cards: Whether for one-time or recurring payments, these methods only require providing the supplier with the card number. And, if you鈥檙e using virtual cards, you can set up even tighter controls around the card number鈥檚 use, such as the specific charge amount, dates valid, MCC codes, and more.

Security

• ACH: Transfers require the buyer to have the supplier鈥檚 bank account information. Suppliers may hesitate to share their sensitive bank account information, especially with infrequent buyers.听
• Commercial cards: The supplier uses the buyer鈥檚 encrypted or tokenized card information, which reduces security and fraud risks. In addition, card payments for one-time use do not require suppliers to keep the card numbers on file, which eliminates Payment Card Industry (PCI) compliance issues.

ACH vs. card payments: Comparison for buyers

More security听

• ACH: The buyer has a risk associated with maintaining and updating the supplier鈥檚 bank account information. If current banking account information isn鈥檛 maintained, the ACH transfer will not occur or the wrong account may be credited. Additionally, with ACH transactions, the buyer assumes overhead and risks associated with validating the supplier鈥檚 bank account information to comply with and .听
• Commercial cards: The buyer isn鈥檛 required to store any supplier banking information. The merchant bank handles all of those requirements for the buyers.

Cash float

• ACH: There is limited cash float; it only takes 2鈥�3 business days for the vendor to receive funds from the buyer鈥檚 debited checking account. Some banks even require the buyer to have sufficient funds available before the ACH payments are even processed.听
• Commercial cards: There is an average of 20 days鈥� float, depending on where in the statement cycle the charge is posted and the statement payment terms.

ACH vs. card payments: Comparison for suppliers

Transaction disputes听

• ACH: If there is a dispute over services or returned merchandise, ACH payments can be reversed by the buyer, simply removing the money from the merchant鈥檚 account. Although suppliers can pay for the extra service of blocking ACH debits, this requires using multiple checking accounts along with additional costs and reconciliation time.听
• Commercial cards: While buyers can dispute a commercial card transaction, the process allows for input from the merchant before the transaction is reversed.

Transaction costs

• ACH: Suppliers often think ACH transactions have lower costs than credit card transactions, but there are monthly charges for using ACH. In addition, ACH transactions are subject to if there aren鈥檛 enough funds in the buyer鈥檚 account, and fees for NSF transactions typically range from $20鈥�$35 per transaction. More costs include additional employee time required to set up the ACH transactions for each buyer and employee time spent manually processing each transaction.
• Commercial cards: Sellers pay a processing fee for each commercial credit card transaction. Additionally, there are costs to issuers for producing and mailing physical cards.听

Remittance advice听

• ACH: The remittance advice sent with ACH payments is usually insufficient for automatic processing and, therefore, requires manual intervention. Some banks cannot display all the available information on the remittance advice, while others charge additional fees to display details. Also, with ACH, the remittance data is usually sent separately from payment, which complicates the reconciliation process.听
• Commercial cards: Transactions come with complete detailed information and typically do not require any manual processing. Plus, with card payments, remittance details in different formats are provided free of charge; with ACH transactions, receiving remittance details electronically typically requires a separate charge to the supplier.

Cash flow听

• ACH: ACH funds typically take 2-3 business days to appear in your bank account, and it may take 3-4 business days before you receive notice of a rejected transaction. In addition, suppliers can take advantage of reduced credit risk with card transactions over ACH.听
• Commercial cards: Cash flow, always a concern for accounts receivable, is improved by card acceptance. Since commercial card transactions clear in real-time, you will know immediately if a charge is approved or declined. The funds then appear in your bank account the next business day.

Conclusion

When making corporate payments, it鈥檚 important to weigh your options 鈥� and the pros and cons of each 鈥� to ensure that you鈥檙e maximizing accounts payable efficiencies for your organization. If you鈥檇 like to learn more about commercial card payments and electronic AP, contact us today.听

Stay up to date on the latest in business payments by subscribing to our blog! Simply click 鈥淪ubscribe鈥� above.听

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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As an HR representative or benefits decision-maker, you have a responsibility to support your employees鈥� mental health wellbeing. But what can your employees do to raise mental health awareness in the office, especially during Mental Health Awareness Month? Let鈥檚 explore some ideas and activities you can implement in office this May!

Organize mental health activities

Employees can organize mental health activities in the office to raise awareness and reduce stigma. This could include lunch-and-learns on mental health topics, yoga and meditation sessions, or mental health first aid training. Encouraging participation in these activities can help employees learn about mental health, reduce stress, and build supportive relationships with their colleagues. That鈥檚 why it鈥檚 just important to make sure these activities are integrated into the workday and there鈥檚 buy-in across leadership for anyone to take part, no matter what department they鈥檙e in.

Invite employees to start the conversation

One of the most important steps in raising mental health awareness is to start the conversation. Employees can initiate discussions about mental health by sharing their own experiences or asking others how they鈥檙e doing. One way to spark conversation is through weekly discussions around an open-ended topic throughout May covering mental health. Creating a safe and supportive environment where people feel comfortable talking about their mental health is crucial to breaking down stigma and encouraging help-seeking behaviors. Watch our Benefits Buzz podcast episode below to learn more about the value of these conversations and how you can help remove any stigma around mental health in your office.听

Sharing resources

There are many resources available to help people learn more about mental health and how to support themselves and others. Consider posting a bulletin board in-office dedicated to sharing mental health resources. Common resources include Employee Assistance Program (EAPs) or mental health hotlines. Make sure that your colleagues know that they can turn to help through these resources if they need support.听

Encourage self-care

Encourage your colleagues to prioritize their own mental health by practicing self-care by yourself and with colleagues. Throughout the month of May, encourage you and your peers to:听

• Take self-care breaks
• Go for a walk with colleagues during lunch
• Take a mental-health day when needed听

To further support these initiatives consider providing quiet spaces, meditation rooms, or even a relaxation room. By normalizing self-care, you can help reduce the stigma around taking care of one鈥檚 mental health.听

Address workplace stressors

Workplace stress can have a significant impact on mental health. If you notice that certain workplace stressors are contributing to poor mental health, speak up and advocate for change. Encourage colleagues to voice concerns with open dialogue, promoting inclusivity and openness. Some topics involving addressing these issues can include:听

• Employee workload听
• 颁辞尘尘耻苍颈肠补迟颈辞苍听
• 尝别补诲别谤蝉丑颈辫听

Want to learn more about how you can support your employees? Check out our below!

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.听

女奴视频 receives compensation from some of the merchants identified in its blog posts. By linking to these products, 女奴视频 is not endorsing these products.

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Understanding reskilling and upskilling

Reskilling and upskilling are vital parts of talent development, aimed at enhancing the capabilities of employees. Reskilling involves teaching employees new skills that are different from their current roles. For instance, reskilling could include training fleet managers in data analytics to optimize route planning and fuel efficiency or training new drivers on how to use fleet cards.

Upskilling, on the other hand, focuses on improving existing skills to meet evolving business needs. For example, upskilling drivers to handle advanced telematics systems for real-time vehicle monitoring and optimization can enhance operational efficiency.

Both approaches are important for adapting to industry changes such as emerging technologies, trends, and changing customer preferences.

Why is employee development important for small businesses?

In a small business setting, the impact of employee development initiatives can be especially strong. Unlike in larger companies where employees may have more specialized roles, small business employees often wear multiple hats and perform many different tasks. Reskilling and upskilling enables your staff to tackle new challenges, take on additional responsibilities, and contribute more effectively to the company’s success. These practices also keep employees engaged, providing opportunities for growth and development.

Create a culture of continuous learning

Creating a culture of continuous learning will help empower your employees. This is done by creating an environment where learning and development are valued and encouraged at all levels of the organization. Leaders leading by example, demonstrate their commitment to personal growth and professional development.

Identify skill gaps with your employees

To introduce reskilling and upskilling programs, small businesses can start by identifying the skill gaps within their workforce. This can be done through various methods including:

• Employee assessments
• Performance reviews
• Feedback gathering
• Talking to experts

By understanding where improvements can be made, small business owners can tailor their training to address their employees’ specific needs and areas for growth.

Take advantage of technology and online learning platforms

Today, many tools for learning new skills can be found online where there鈥檚 a wide range of educational solutions with flexible and cost-effective options. Depending on your needs, these programs can deliver content to your employees, regardless of their location or schedule. From webinars and virtual workshops to interactive learning and e-courses, the possibilities for reskilling and upskilling are vast.

Provide hands-on learning and mentorship

While online learning has its advantages, interactive, hands-on training and mentorship can be more effective and engaging for your employees. Small business employees can leverage expertise across the team and learn from one another. By pairing new employees with experienced ones, guidance, support and real-world knowledge specific to the business are communicated. Additionally, cross-training programs and job rotations help employees gain new perspectives and skills that will allow them to provide a back-up when colleagues are out of the office. 

Development starts at the top

Effective leadership is one of the most important factors driving organizational growth and employee motivation. Small business owners should invest in themselves, developing their leadership and managerial skills, and ensuring they can continue to support their team at a high level. Leadership development can include communication skills, decision-making skills, conflict resolution, and other essential business skills. 

How to measure success and the return on investment (ROI) of reskilling and upskilling initiatives

To justify the investment in reskilling and upskilling initiatives small business owners should establish clear metrics to measure success. These can include: 

• Employee performance
• Employee satisfaction
• Engagement
• Retention rate
• Increased revenue
• Customer satisfaction

Ultimately, improvements in operational metrics such as reduced maintenance costs and increased customer satisfaction serve as tangible indicators of the return on investment (ROI) in employee development efforts.

Overcoming limited resources and employee pushback

While there are many benefits to reskilling and upskilling, small businesses may face challenges in implementing training programs due to limited resources, time constraints, and resistance to change.

There are many creative ways to invest in employee development without breaking the bank. Here are some strategies for overcoming those challenges, especially with limited resources. 

• Prioritize and focus: When resources are scarce, it becomes important to prioritize areas of training that align closely with the businesses鈥� strategic objectives. Focus on skills that are critical for the company’s growth and success. By concentrating your efforts where they will have the most significant impact, small businesses can maximize resource effectiveness.

• Use available free resources: Fortunately, there are many low-cost or free training solutions available online, on sites such as YouTube, Coursera, Udemy, and Khan Academy. These resources offer a library of courses, tips, and tricks of the trade encompassing a wide range of topics and self-paced learning. 

• Leverage your existing employees: Every employee brings his or her own experiences, skills, and knowledge to the business. Identify the existing expertise and encourage your team to share their knowledge with each other. This can also help strengthen the bonds and camaraderie within the business.

Empowering employees through reskilling and upskilling will help small businesses with a fleet of commercial vehicles stay competitive and adapt more easily to industry changes as they arise. By embracing continuous learning, leveraging technology, and investing in leadership development, small businesses can unlock full workforce potential and drive sustainable growth for their business.

Learn more on how to better manage your small business:

• Marketing tips
• Trends
• Sustainability
• Artificial intelligence

女奴视频 speaks the language of small business operators. Whether you鈥檙e looking to modernize your insight and reporting efforts, save on fuel costs or take advantage of the latest GPS tracking technologies, 女奴视频 offers solutions to simplify the business of running a business. To learn more about 女奴视频, a dynamic and nimble global organization, please visit our About 女奴视频 page

Apply for a fleet card today!

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Are virtual cards the same as ghost cards? 

No. While they operate very similarly (during the point of purchase and from a supplier standpoint), they have different characteristics that influence the benefits your business receives.  

What are virtual cards?

Virtual cards are digital-only versions of credit cards. They are a touchless form of payment that is typically issued for single use, so you receive a unique card number, expiration date, and CVV with each virtual card.听

Virtual cards rely on a fully integrated experience with your ERP (enterprise resource planning) software. By setting this up, you are automating the card creation and processing experience for your accounts payable team, which saves them time.听

What are ghost cards?

Ghost cards (also referred to as lodge cards) are also a digital-only type of card that鈥檚 easy to get up and running quickly. Like a virtual card, a ghost card exists as digital-only, so you don鈥檛 need to wait for physical credit cards to be processed and sent by your card provider before you can start making payments. 

With a ghost card, you typically receive card numbers, security codes, and expiration dates that don鈥檛 change, so these types of cards can be used repeatedly to make payments (unlike virtual cards). 

What are the similarities between virtual cards vs. ghost cards?

• Both are exclusively for digital purchasing experiences.
• Supplier acceptance of ghost cards and virtual cards is generally the same. 
• Both ghost cards and virtual cards typically qualify for rebates.听

What are the differences between virtual cards vs. ghost cards?

• Virtual card programs typically take longer to roll out than ghost cards.  
• Virtual card programs are more automated than ghost cards, which in the long run will save your accounts payable team time, lead to faster payments, etc., when launched.
• Virtual cards use unique, one-time-use tokens, so they should provide better protection against fraud.听
• Ghost cards have established credit limits for goods, services, or invoice payments and are provided to vendors with a credit limit established.

Which card is right for your business?

Choosing between ghost cards and virtual cards ultimately depends on your specific needs and preferences. Virtual cards come with perks that ghost cards don鈥檛 have. But ghost cards can provide an opportunity for you to quickly transition to digital payments until your virtual card program is ready.

Choose a virtual card provider that has the pricing, service, and relationships to help you build out the payment experience that鈥檚 right for you.听听

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The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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Let’s explore the significance of accounts payables in fleet management and how virtual cards are transforming traditional payment methods.

What are accounts payables in fleet management?

Accounts payable represents one half of the balancing act known as the payables and receivables accounting process. The AP department tracks money going in and out of business accounts. Payables are the funds owed to suppliers, vendors, and other short-term debts, excluding payroll. Conversely, receivables are funds owed to the business, such as customer payments. Both play an important role in assessing the profitability of a business.

Your AP department is the anchor of your business鈥� finances. In the fleet industry, payables are instrumental in managing expenses related to maintenance, tires, and on-road repairs, among other operational necessities. From fuel purchases to vehicle maintenance, AP ensures that every expense is accounted for accurately and paid in a timely manner. For fleet managers, maintaining a well-oiled accounts payable system helps you build and maintain supplier relationships, manage cash flows. Ultimately, it keeps operations running smoothly.听

Traditional payment methods such as physical checks and ACH payments may present challenges that can hinder efficiency and increase operational costs. Physical checks often experience delays, manual errors, and face the risk of fraud. ACH payments may lack the detail and control needed for effective expense management. In recognizing these limitations, fleet managers are increasingly turning to a new solution for superior payments: virtual cards.

What are virtual cards?

Virtual cards are single-use virtual card numbers, which work just like the numbers on a physical card. Simply put, they act as a digital payment method, eliminating the delays and risks associated with physical payment solutions while also offering a range of benefits. 

Compared to physical payment methods like checks and ACH payments, virtual cards offer several advantages that make them an ideal choice for fleet management:

• Faster payment processing: Reduced time and resources spent on manual reconciliation and invoice processing
• Streamlined expense management: Access to detailed transaction data that can be easily integrated into accounting systems
• Cost savings: Reduced processing fees and the elimination of paper-based processes

With virtual cards, businesses can generate unique card numbers for each transaction. These single-use numbers enhance security and mitigate the risk of fraud. Virtual cards also offer greater flexibility and control, allowing fleet managers to set spending limits, restrict usage to specific vendors, and track expenses in real time.

To implement virtual cards effectively, businesses should consider integrating them into their existing accounts payable processes. That may involve working closely with payment providers like 女奴视频 to customize virtual card solutions that meet your specific business needs. 

Use 女奴视频 virtual cards to pay suppliers and improve AP efficiency 

With 女奴视频 virtual cards, you have access to a range of benefits. 女奴视频 helps you make the most out of digital payment solutions.

奥贰齿鈥檚 back-end payment processing platform helps optimize your customers鈥� payments processes so you can focus on innovation and growing your business. Manage everything from accounts payable to issuing to transaction processing.

The accounts payable automation solutions are designed to simplify payment processes and open up new revenue streams for businesses. A dedicated team engages with and enrolls your suppliers to accept virtual cards, helping you increase revenue through rebates. 

奥贰齿鈥檚 supplier enablement experts collaborate with key suppliers to ensure smooth acceptance processes, making it easy for everyone involved. 

Partnering with 女奴视频 means experiencing accurate, automated, and secure payments that integrate invoice settlement and secure, one-time payments tailored to individual needs.

Addressing concerns in adopting virtual cards

Transitioning to virtual cards in fleet management offers numerous benefits, but it also brings about concerns about change. Resistance to leaving familiar payment methods behind is natural, but providing support and highlighting the benefits of virtual cards can ease this transition. Gaining acceptance from suppliers and managing virtual card transactions can be scary, but with the right approach and tools, these challenges can easily be overcome. 

The future of payment methods are heading virtual

Overall, virtual cards are revolutionizing accounts payable practices and helping create efficiencies in fleet management. They offer a modern and effective alternative to traditional physical payment methods. By embracing virtual cards, businesses can streamline their financial processes, enhance security, and gain greater control over their expenses. As businesses increasingly embrace digital solutions, virtual cards will continue to shape the way we transact, paving the way for a more connected, accessible, and secure financial ecosystem.

女奴视频 is a leading, global fintech solutions provider, simplifying payments and back-end business processes in the fleet management, benefits management, and corporate payments areas. To learn more about 女奴视频, a dynamic and nimble global organization, please visit our About 女奴视频 page.

Apply for a fleet card today!

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We鈥檝e outlined the key differences between an HRA and an HSA below so you can see how they work, the advantages of each, and if you should be offering one or both to your employees.

Health reimbursement arrangement

An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. HRAs provide flexibility for employers and employees because:

• Employers design their HRAs to work with any health plan. You can customize your HRA, determining how much you want to contribute to it, what expenses are eligible, and whether or not funds can roll over to the next plan year.
• Employees are able to pair a health reimbursement arrangement with any group health plan. Those enrolled in an HSA or a medical flexible spending account (FSA) may also be able to enroll in certain types of HRAs.

We support flexible plan designs, empowering you to determine your own benefits goals for your participants by letting you set up your HRA to look however you want.

Health savings account

An HSA is a participant-owned account funded by you and/or your employees. HSAs have a triple-tax advantage, as in general distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

If you offer an HSA, you鈥檒l save money on your payroll tax bill, while employees see financial gains in a number of ways, including:

• Lower insurance premiums. Employees must be enrolled in an HSA-eligible health plan (or high-deductible health plan) to be eligible for an HSA.
• Investment potential. HSA funds can be invested in mutual funds as you would with a 401(k), which lets employees grow their dollars.

Our HSA comes with a low-investment threshold, and our integrated investment experience through your employees鈥� benefits mobile app and online accounts make it easy for participants to make the most of their funds.

Watch our video below for seven things you should know about HSAs!

Key differences between HRA vs. HSA

• Ownership: An HRA is owned by the employer, while an HSA is owned by the employee. 
• Contribution limits: In an HRA vs. HSA, the employer sets the HRA limit, some having limits such as coverage levels. In an HSA, in 2024, a single has a limit of $4,150 and family $8,300. 
• Flexibility: An HRA can be customized to meet an employer鈥檚 needs. You can determine which expenses will be reimbursable, and determine what kind of HRA plan aligns with your needs. With an HSA, the employee has more flexibility because it is managed by them. They can control how much money they set aside for healthcare costs and how much money in the HSA is spent.

HRAs vs. HSA and use-it-or-lose-it

There are some differences in how funds carry over from one year to the next with an HRA versus an HSA. With an HSA, all funds carry over from one plan year to the next. With an HRA, the employer determines the amount of funds, if any, that carry over from year to year. 

Contributions to HRAs vs. HSAs

Contributions to an HRA by an employer can also be excluded from employees鈥� gross income. Also, employees do not pay federal income tax or employment taxes on contributions to the account. The employer has no maximum annual limit on how much they can contribute to an account.

Contributions to an HSA made by the employer generally can be excluded from employees鈥� gross income. The employee can also invest their HSA funds once their HSA balance reaches the HSA鈥檚 investment threshold.

Want to learn more about products we offer, such as an HRA vs. HSA? Subscribe to our blog.

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1.  Stay focused 

Distractions are one of the leading causes of accidents on the road. Keep your focus on the task at hand 鈥� driving. Distractions come in many forms, from smartphones to conversations with passengers. It’s crucial to eliminate distractions and keep your attention solely on the road. Consider using hands-free devices for calls, and if you need to eat, pull over in a safe location.

The Center for Disease Control and Prevention (CDC) recognized three types of distracted driving:

• Visual: Taking your eyes off the road
• Manual: Taking your hands off the steering wheel
• Cognitive: Taking your mind off the task of driving

Remember, a momentary distraction can have devastating consequences, so be sure to maintain visual, manual, and cognitive control over driving.

2. Maintain proper following distance

The standard rule of thumb is to maintain a following distance of at least one car length for every 10 miles per hour of speed. However, in a long-haul truck, it’s advisable to increase the distance even further due to the increased weight and longer stopping distance of a vehicle of that size. This extra buffer allows for more reaction time in case of sudden stops or emergencies. 

3. Observe speed limits

Speed limits are not arbitrary; they are carefully set based on factors such as road conditions, traffic patterns, and the surrounding environment. Exceeding the speed limit not only increases the risk of accidents but also reduces your ability to react to unforeseen circumstances. Make sure to always drive at a safe, controlled speed.

4. Practice defensive driving

Defensive driving involves being proactive rather than reactive. Before getting in the vehicle, there are certain measures a fleet manager can take to reduce risks by ensuring their drivers are trained, supported, and have the resources they need in case of an emergency. Make sure drivers are well-informed on driving best practices and that you establish a safety-first environment with your team. 

Drivers should stay alert to potential hazards such as erratic drivers, road construction, or adverse weather conditions. Maintain a safe distance from other vehicles and anticipate potential dangers before they occur. 

5. Use your turn signals

Turn signals are a vital communication tool on the road. Signaling your intentions gives other drivers the information they need to react accordingly. Whether changing lanes or making a turn, always use your turn signals in advance to signal your next move.

6. Check your blind spots

Trucks have larger blind spots, especially on the right side and directly behind the vehicle. Use your mirrors effectively, but also physically turn your head to check blind spots before changing lanes or making maneuvers. Remember, if you can’t see a driver’s face in their mirror, they likely can’t see you.

The FMCSA advises truckers to check their blind spot every 8-10 seconds and to scan the road ahead every 15 seconds to maintain awareness of surroundings.

7. Take breaks when needed

Drivers should keep tabs on themselves physically. Drivers may not be aware as fatigue starts to kick in. Drowsy driving and highway hypnosis can be dangerous. In fact, a AAA Foundation for Traffic Safety Research study, found that 鈥�16% to 21% of all police-reported fatal vehicle crashes likely involve drowsy driving.鈥� 

Long hours behind the wheel can lead to fatigue, which can impair your judgment and reaction time. Take regular breaks to rest, stretch, and recharge. Consider following the 鈥�10-4鈥� rule,  taking a 10 minute break for every 4 hours of driving. Listen to your body and don’t push yourself beyond your limits.

8. Inspect your vehicle regularly

Pre-trip inspections are essential for ensuring your vehicle is in optimal condition before hitting the road. Check tire pressure, tread wear, brakes, lights, mirrors, fluid levels, and any other essential components. Address any issues promptly to avoid breakdowns or accidents on the road.

9. Be mindful of weather conditions

Adverse weather conditions can pose significant challenges for truckers. Rain, snow, fog, and high winds can affect visibility, traction, and control, so adjust your driving speed and technique accordingly, and always err on the side of caution when conditions are less than ideal. 

10. Stay calm in traffic

Traffic congestion can be frustrating, but aggressive driving behaviors will likely only exacerbate the situation and increase the risk of an accident. Maintain a calm demeanor, keep a safe distance from other vehicles, and avoid engaging in confrontations with other drivers. Stay patient and avoid aggressive driving behaviors like tailgating or sudden lane changes. Remember, patience is key to navigating traffic safely.

Safe driving isn’t just about following rules; it’s about making smart decisions and prioritizing safety at all times. By mastering these techniques and staying vigilant on the road, you can help prevent accidents and ensure a safer journey for everyone. Drive safe! 

Learn more on how to better manage your over-the-road fleet:

• Fuel card FAQs
• Fraud prevention
• Safety tips
• Tax prep

To learn more about 女奴视频, a dynamic and nimble global organization, please visit our About 女奴视频 page.

All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View 奥贰齿鈥檚 fleet card comparison chart to see which fleet fuel card is right for you.

Apply for a fleet card today!

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Single point of contact with multi-layered support

A single point of contact can create remarkable efficiency and enhance your business operations. This approach addresses a key service gap frequently experienced by businesses: siloed support and fragmented knowledge among different vendor representatives. 

The single-point-of-contact model can:

• Reduce friction during communication of issues.
• Deepen understanding of your needs.
• Accelerate resolutions and minimize downtime.
• Foster a proactive partnership through an in-depth understanding of your business. 

This isn’t just a contact; it’s a strategic partner invested in your success. When choosing a payment vendor, prioritize one that offers a dedicated single-point-of-contact model backed by a multi-layered support structure. This combination bridges service gaps and ensures you receive the personalized attention and expertise your business deserves. 

24/7 accountability: Uninterrupted support

Your business may depend on your ability to support sales and payment processing at all hours of the day. You need a payment provider that鈥檚 there for you whenever you need help.

A reliable payments vendor recognizes someone on tap at all times who is responsible for your account. This accountability extends beyond standard office hours so you have unwavering support regardless of the time zone or business hours. 

Proactive account evaluation

Your payments vendor should be a proactive ally. This approach bridges a critical service gap experienced by many businesses: Relying solely on internal monitoring and missing out on valuable insights from their payment processors. 

Instead of waiting for problems to surface, a proactive payment vendor is a dedicated account manager who actively evaluates your payments ecosystem. The owner of your account should actively engage with you, offering insights and suggestions to:

• Enhance efficiency
• Reduce costs
• Capitalize on emerging opportunities

Don’t settle for reactive support. Choose a payment vendor that embraces proactive account evaluation, unveiling opportunities and propelling your business forward. Remember, a true partner prioritizes your success, ensuring your payment ecosystem is optimized for efficiency, cost-effectiveness, and future growth. 

Smooth implementation

Most businesses focus solely on comparing features and fees when choosing a payment provider. While these are important, consider one hidden gem: A provider that invests in building relationships before you even sign the papers. This doesn’t just mean a friendly sales call, it’s about deep knowledge and genuine care. 

Pre-existing relationships translate into tangible benefits. By understanding your pain points beforehand, the provider can create a personalized implementation plan that minimizes disruption and maximizes efficiency. Also, with a clear understanding for your business, the provider can identify and address potential integration issues before they occur, saving you time and money. 

Finally, a tailored solution and proactive support mean you can start reaping the benefits of your payment system sooner rather than later. This is because a created strong foundation of trust and understanding fosters a collaborative relationship, where your provider becomes a true partner in your growth, continuously adapting to your evolving needs.

Where do we find these relationship-first providers? Look for these points:

• Find companies with dedicated onboarding teams and personalized support options.
• Ask about their approach to understanding customer needs and tailoring solutions.
• Read customer testimonials and reviews to see if relationship building is a recurring theme. 

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