The Value of Money. Financial considerations for managers of large fleets
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1 The Value of Money Financial considerations for managers of large fleets 3
2 Upfront savings versus long-term value Businesses are often faced with the tempting lure of up-front savings compared to long-term value. For example, a leased vehicle may provide lower up-front payments. Initially, a no-money-down vehicle pitch might sound like a good deal. However, a thoughtful analysis of true costs often reveals that focusing on the upfront savings doesn t make good business sense. Fees at the end of the lease period can wipe out the advantages of up-front savings. No money down on a vehicle may mean interest payments will be levied for a longer period of time on a larger principle balance. Clearly, it pays to look carefully at the big financial picture. The same holds true for large fleets weighing fleet card options, including payment terms. Weighing overall goals can show that basing a decision solely on promised rebate savings may not be the best deal in the long run. A higher upfront rebate with weekly payment terms can be drastically different than a lower rebate with monthly terms. For large fleets, where fuel costs are a significant expenditure, maximizing access to cash by selecting longer payment periods may make better strategic sense than jumping at rebate offers tied to shorter payment terms. In looking for more value beyond rebates, fleet managers can find that cards with superior feature functionality helps their companies realize greater savings through administrative efficiencies and smarter management tools. To help managers make informed choices that meet their needs, in this paper we will look at the value of carefully weighing fleet card considerations that include: The pro s and con s of longer payment terms versus shorter terms that may promise higher rebates; and Analyzing effective card features that can contribute to higher savings via efficiency, tighter purchasing controls, and security a valuable combination. 1
3 The Mechanics of a Card To evaluate fleet card options, it is helpful to understand the mechanics. Tip 1: A fleet card is much more than a purchasing card. Its true power rests in data. Make sure your card program has features that can empower you to make the most of your transaction data and purchasing history. The predecessor of the modern fleet card emerged when companies developed billing relationships with fuel companies in order to maximize accounting efficiency. In the ensuing decades, the fleet card has evolved from a simple purchase device into a sophisticated data management tool, where a wealth of detail is recorded on fuel type, purchase volume, vehicle maintenance, vehicle efficiency, and driver behavior. Fleet cards have become much more than a payment device. Current fleet cards offer efficient payment systems and valuable metrics. Unlike credit cards, which offer revolving credit, fleet card balances are paid in full during agreed-upon pay periods. Unlike corporate cards, fleet cards are specifically designed to provide data unique to the needs of fleet managers. Many corporate cards run on back end rails built for consumer purposes which may make it difficult to control expenses. While most card issuers form relationships with backing banks, WEX Inc. is unique in owning its own banking subsidiary, WEX Bank, which adjudicates the credit for all of WEX s fuel and maintenance programs. It is the account issuer, provides funding, and is the counterparty for program customer relationships. Ask your fleet card provider: How many sub-contractors do they use? Will their organizational structure delay delivery of the product? How much of the value chain is within their organization, versus outsourced to third parties? Proprietary Fleet Card Network WEX Driver swipes WEX card and inputs Driver ID Merchant Acquirer Processor Card Issuer Invoice and Report to Fleet Manager Issuer Processor Issuing Bank Payment to Merchant 2
4 The Value of Holding onto Cash Recognizing that different fleets have different needs, the fleet card industry has evolved to develop a range of specialized products and features, including various payment options. Fleets with hundreds (or perhaps thousands) of vehicles have different decision-making concerns than smaller fleets. For larger fleets, the cost of capital is often a major part of the decision-making process. This increases the importance of understanding how capital is impacted by payment cycles, which can vary from daily to 30-days plus. A sampling of WEX payment options WEX offers the following terms, which are contingent upon approved credit. To learn more about available payment terms, contact your local WEX representative. Monthly Billing Weekly Payment Weekly Bill/14-day Payment Tri-Monthly Payment Daily Payment 5th of the Month Payment in full is due within 22 calendar days of the billing date appearing on the invoice. Weekly billing; payment in full is due within 5 calendar days of the billing date appearing on the invoice. Weekly billing; payment in full is due within 14 calendar days of the billing date appearing on the invoice. Tri-monthly debits on the 10th, 20th and last business day of the month. Issuer initiates a debit of company s bank account each business day for transactions that posted the prior business day. Issuer initiates a debit of company s bank account on the 5th calendar day of the month for the prior month s invoice. While the offer of a higher rebate may look attractive at first glance, selecting an extended pay period may make better, long-term business sense, especially for larger fleets with high fuel outlays. There are a number of reasons to maximize hold time on cash, which is a growing trend. All are based on the idea that there is value in being able to have use of cash until a payment is due. Possible reasons for maximizing hold time on cash might include opportunities to: Increase flexibility for using available cash to fund other projects; Maintain bank-required cash levels for loan covenants and other obligations; Match payment periods to internal cash flow cycles; and Take advantage of investment opportunities. Requests for extended payment terms seem to be on the rise. According to CFO Magazine, maximizing payment periods has grown as companies have worked to increase working capital to secure cash for new-product development, mergers and acquisitions, marketing, or anything else that might drive top-line revenue. As a financial consultant explained, Today... extending payables is a best practice, and a good way to grow cash... Tip 2: Consider how access to cash for longer periods can complement your business goals. 3
5 Held Cash and Investment Opportunities Tip 3: Consider how longer payment periods could offer investment opportunities. Enhancing investment opportunities by extending payments can be especially attractive for businesses that use payable accounts designed to maximize investment returns on available cash between payment periods. (This strategy, which employs sweep accounts, features an arrangement in which a checking account balance above or below a certain amount is automatically transferred to and from an interestbearing [savings or money market fund] account. The objective of a sweep account is to maximize the account holder s interest earnings while covering all withdrawals. ) In short, there may be an opportunity to make money off held cash, a strategy that may become more desirable when investment returns increase from their historically low current levels, which is noted in a Federal Reserve Bank of Philadelphia report that looks at the long-term strategy of taking advantage of rebates. According to the report, a business might reconsider: whether the relative value of making payments in 10 to 15 days, with a rebate, would offset the float on their deposits (in a higher-rate investment environment) if they were to defer payments to suppliers for (longer periods.) In other words, higher returns on company investments could erode the attractiveness of rebate offers for early-pay plans. As David L. Scott summarizes in an article for Entrepreneur, The longer funds are under your control, the longer they re earning a return for you rather than someone else. Benefits of longer payment periods Investment Opportunities Extended Payments 4
6 Value Added: Looking Beyond Money In addition to evaluating the best pay-period fit, a careful analysis of the value of fleet card features can reveal the bottom-line impact of a superior card. A card that offers robust, easy-to-navigate data can offer greater overall savings than a less effective card with tempting rebates. An effective card saves money on a wide range of fronts. For starters, an effective card can provide: Detailed reporting to streamline administrative efforts; Fuel consumption data to reveal fuel-saving opportunities; Driver metrics to maximize operator efficiency; Strong security features to minimize fraud; and Tip 4: Include an analysis of how fleet card features could streamline processes and lead to smarter management decisions when looking at overall value. Up-to-date vehicle maintenance records to reduce downtime. Savings through streamlined processes Security Reporting Fuel Consumption Driver Metrics Vehicle Maintenance 5
7 These are only a few of the ways in which a fleet card can lead to savings. To learn more about the value of data, see WEX Inc. s white papers shown below. They can be accessed at In addition, when looking at the quality of the data reporting, consider the experience of the card issuer, as well as customer support. Other recommended White Papers Level III Data: A Fleet Manager s Fundamental Tool GOING GREEN, SAVING GREEN: A FLEET MANAGER S GUIDE TO ALTERNATIVE FUELS BEST PRACTICES FLEXIBLE CARD TYPES: A NEW WAY TO MANAGE TO VEHICLES, DRIVERS OR BOTH 6
8 Conclusion Making a sound decision on selecting a fleet card involves understanding how fleet needs intersect with a fleet card offering. While focusing on rebates alone may be tempting, a big-picture view may reveal the strategic advantages of having access to cash during longer payment periods and in selecting a card with valuable features. It makes good business sense to look beyond rebates to evaluate carefully: the potential benefits of selecting longer payment terms; and the bottom-line savings offered by fleet cards with superior features. It pays to look carefully at the big financial picture when selecting a fleet card to maximize value for a company. Questions to help assess the overall value of a card for meeting fleet needs Key considerations for fleet managers How do company cash flow systems fit into payment options? Is there an opportunity to realize investment earnings by maximizing cash hold times? Is there data you wish you had to better manage your fleet? Is that data part of the card offerings? What percent of your overall budget is spent on fuel expenditures? What financial benefit does holding onto cash for longer offer? Key questions to ask fleet card issuer What are the available payment programs? What data do you provide to help manage a fleet? How is reporting streamlined to increase efficiency? If rebates are offered, are the thresholds attainable? Ask to see sample reporting to evaluate the ease of integration into current workflows. Dan Stiel Trends in Fleet Card Payment Solutions. (accessed March 30, 2014). Veronica Heald, Hackett group director at REL Consultancy, in comments on extending payment terms. when-your-big-customer-wants-to-pay-late/ Business Dictionary Online. (accessed March 30, 2014). Susan Herbst-Murphy. Getting Down to Business: Commercial Cards in Business-to-Business Payments. Federal Reserve Bank of Philadelphia, March (accessed March 30, 2014). 50 Ways to Save Money in Your Business. (accessed March 30, 2014) Level III Data: A Fleet Manager s Fundamental Toll. WEX, (accessed March 30, 2014). Sponsored by: TM WEX Inc. wexinc.com WEXU
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