Element Fleet Management Launches Element Pay Cardless Fuel Payment Solution
Element Fleet Management Corp. (TSX: EFN) has introduced Element Pay, a cardless fuel payment solution designed to reduce fraud and optimize spending for fleet operators. Unlike traditional physical cards, the technology uses vehicle verification to authorize transactions, ensuring that payments are directly linked to specific vehicles. This approach aims to prevent unauthorized purchases and guide drivers toward lower-priced fueling stations. Early adoption results from Crown Capital demonstrate significant operational improvements, including a 15% reduction in overall fuel costs and the identification of $150,000 in potential fraudulent spending over a 90-day period. The solution also reportedly reduced time spent resolving payment issues by 25%, offering fleet managers enhanced control through real-time transaction data and automated reconciliation.
Topics: fleet management fraud prevention fuel savings product launch