How does traditional fleet payment data work?
Traditionally, fleet payments rely on a dual-stream data mode, especially when they involve the use of fleet cards. This model uses two different sources of data: transactional data, such as payment amounts, merchant details, and timestamps, and vehicle data, such as VIN or odometer readings.
The two streams often exist in silos, requiring complex integration processes to provide a comprehensive and accurate view of a transaction. This process often leads to dirty data, which in turns can create inefficiencies, inaccuracies, and increased opportunities for risk.
What are the risks and pitfalls of using traditional fleet payment systems?
Traditional fleet payment systems lack the technological sophistication to seamlessly integrate with modern data analytics and telematics solutions. Oftentimes, data is not readily available or outdated because fleet managers typically have to wait until the end of the month for invoices and statements to reconcile the transaction data. This technological gap results in data silos, where valuable information is trapped within disparate systems, hindering comprehensive analysis and insights. With traditional fleet cards fixing these problems requires technical and systems expertise to synthesize the data.
When transactional and vehicle data are fraught with inaccuracies and inconsistencies, detecting fraudulent activities becomes akin to finding a needle in a haystack. Risky behavior leading to fraud may include unauthorized use of fuel cards, falsification of mileage for personal gain, or even continued use of fuel cards by terminated employees. The obscured visibility resulting from dirty data makes it easier for such activities to go undetected, leading to financial losses and operational disruptions.
What is connected data and why does your company need it?
Car IQ's approach diverges radically from traditional models by focusing on connected data. In this process, the transactional data and vehicle data are no longer two separate streams; instead, every vehicle has a unique ID and every transaction starts and ends with the vehicle data.
By incorporating real-time connected vehicle data before, during, and after every payment, our technology can validate and authorize each transaction, enabling the driver to request and pay for goods and services autonomously. Our system pulls data directly from the vehicle using telematics data and authenticates the vehicle based on our proprietary AI/ML logic, validating driver details to finish confirming the vehicle’s identity. The system then verifies payment credentials and enables the purchase, eliminating the need for a fuel card or PIN. You can also set smart controls so you can rest easy knowing you’re fueling your fleet vehicles and not someone else’s.
What are the key benefits of using Car IQ’s connected data?
- Eliminates physical credit cards: By attaching payment instruments directly to the vehicle's data profile, Car IQ facilitates direct transactions without traditional payment cards.
- Enhanced fraud detection and risk mitigation: Advanced algorithms can mitigate and detect inconsistencies at the gallon level, significantly reducing the risk of fraud.
- Real-Time insights for optimized fleet utilization: Connected data allows for more sophisticated insights on effective recommendations for your fleet.
How does Car IQ’s unique fraud prevention solution outshine traditional industry methods?
Car IQ has an innovative two-part solution designed to enhance security, accuracy, and efficiency in fuel transactions, saving fleets up to 14%:
Part 1: Pre-Transaction Validation
- Vehicle Selection: Authorized drivers may select vehicles that have been enrolled and assigned to them.
- Spend Controls: All spend rules & controls are checked prior to authorization
- Proximity Check: Vehicle’s location is checked to determine if the vehicle is near the station.
- Dynamic Pre-Authorization: The vehicle purchase is limited to how much fuel the vehicle needs based on fuel tank level and capacity.
- Offline Mode: Should a vehicle go offline and its telematics data is not available, the vehicle should still be allowed to make a purchase under predetermined rules. These rules are often more restrictive than the default spending controls to limit financial losses in the event that the vehicle intentionally went offline.
Part 2: Post-Transaction Validation
- Fuel Validation: After the transaction is completed, Car IQ estimates how much fuel the vehicle received and compares that to receipt data from the merchant.
- Premium Fuel Report: Highlights any transactions that were made for any premium fuel purchases.
- After-hours Report: Highlights any transactions made outside of typical working hours or during the weekends.
Data insights that set you for the future
Start by granting us access to your fleet's telematics, and enroll your vehicles in our program. Over the next 60 days, we'll meticulously analyze your fleet's fuel usage and efficiency, culminating in a detailed fuel report that highlights potential fraud and inefficiencies. This exclusive offer will optimize your fleet management strategies and enhance fuel efficiency, providing invaluable insights into your vehicles' performance.
Interested? Let’s start a conversion today.
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