Fleet Managers and Operation Managers are increasingly convincing their CFOs themselves that cash and fuel cards no longer work, as they experience on a daily basis the immense frustrations among themselves and drivers. The current economic situation and fuel crisis call for new solutions in a transport sector where mutual trust is traditionally low.
Drivers as well as their Finance and Operations departments experience a lot of frustration around expenses and claims. And those frustrations are increasing, as a result of three key trends for transport companies.
One is that drivers are increasingly having to fill up at other places because of the current fuel crisis. This also occurs at filling stations where the driver does not have a fuel card, while due to high inflation and economic recession, nobody wants to advance costs out of their own pocket anymore. Meanwhile, the huge staff shortage is forcing transport companies to make things easier for drivers with innovative solutions.
It is mostly Fleet Managers and Operations Managers at transport companies who experience this frustration. They are often called even in the evening hours and on weekends, by drivers who need extra money on the road. This is true, for example, when they need to divert to another filling station, just as when they suddenly have to spend the night elsewhere, when they need to have a repair done or when they incur other expenses.
And even at the time when a driver only has to incur the regular costs, it leads to a lot of administration, and frustration. Drivers must keep perfectly accurate records of expenses, and then submit a claim in Excel. Or they can use a fuel card, but then it is the Operations Manager who then has to check whether transactions are all correct.
Transport companies have traditionally been reluctant to issue credit cards to drivers. Many of the drivers only work for a relatively short time with the same employer, or even do seasonal work, and therefore do not build strong and loyal bonds. Mutual trust is too fragile to give a credit card in the company’s name, which would allow the driver to pay all expenses. The fuel card is an exception to this, but it does not allow for paying for repairs, overnight stays, and fuel at non-affiliated filling stations.
At Soldo, we offer a solution that works for both (large) transport companies and drivers. Our payment solution allows drivers to settle at the transport company’s expense. That applies to fuel, as well as overnight stays, lunches, repairs, and other expenses. That is, if authorised by the company.
Thanks to restrictions on specific spending categories, certain geographical areas and in other areas, it is possible to set exactly what a driver can spend. Then the transactions are immediately visible, from one clear dashboard.
These advantages is the reason why many large transport companies we work for are happy to benefit from. A good example is Titans Group. They were not looking for a fuel card because it would make them dependent on a specific fuel supplier. On the other hand, they did suffer from high expenses and temporary workers in the peak season. With Soldo, they offer their drivers a simple payment solution, combined with a smart app. This gives Titans Group full control and all the necessary insight into transactions. Drivers, on the other hand, do not have to advance anything, even if they suddenly must swerve and fill up in an unusual place.
Sendsio also chose Soldo. This makes the monthly closing a lot less time-consuming, and day-to-day management is much less burdensome for Fleet Managers and Operations Managers. For them, a declaration now takes 30 minutes, whereas previously employees spent an average of half a day on it. There are no more advances and recoveries for fuel, overnight stays, and lunches. Moreover, the company has interfaced with their SAP software. As a result, even the organisation’s CEO and COO have real-time insight into costs and keep an overview more easily
At Soldo, we offer a complete, user-friendly, and convenient payment solution. Transport companies use a payment card for drivers, which they can set up themselves. This prevents drivers from having to advance costs themselves or becoming dependent on specific suppliers for fuel, for example. It is no longer necessary to provide a credit card, while drivers can still pay anywhere with credit card is accepted.
Thanks to real-time visibility, overview, and possible links to, for example, SAP software and ERP systems, all data are always easily available. Links with the existing accounting software, for example, ensure that transactions are immediately entered correctly in the administration.
Would you like to know more about how Titans Group and Sendsio use our payment solutions? Or are you curious how your company can benefit from this? Together with my colleagues, I will be happy to explain it to you, even if, as a Fleet Manager or Operations Manager, you would like to do the talking yourself to convince your organisation’s CFO.
Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.