Johannesburg, 30 Jan 2017
Payment24 is set to revolutionise fuel management with the introduction of its new Fuel in Tank (FIT) technology.
Payment24's Fuel in Tank technology tracks vehicle fuel levels in real-time via the cloud, 24/7. Not only does the solution allow businesses and fleet managers to better monitor and control fleet fuelling transactions, but it also saves them money by identifying any wasteful or fraudulent activities.
Let's imagine you own a fleet of trucks. Our technology, says Nolan Daniel, MD of Payment24, allows you to specify where each truck may purchase fuel, when they may purchase fuel and how much fuel they may purchase during a single transaction and over a certain time period. This just makes it easier to keep tabs on all refuelling activity and to identify any irregularities as soon as they happen.
So, how does FIT do all this?
Payment24's FIT technology not only verifies that the correct vehicle was at the petrol station, but also authenticates that all fuel dispensed from the pump went into the correct fuel tank. It does all this in real-time using Payment24's proprietary cloud-based platform.
It's an innovation that no other fuel payment method can offer, Daniel continues.
Additionally, with real-time, accurate fuel monitoring technology, FIT can pick up any potential fuel siphoning, which generally occurs when the drivers are on the road. FIT will flag any abnormal drop in fuel level, considering various factors that affect fuel level calculation in a moving vehicle.
Compatible, zero infrastructure for fuel retailers
The beauty of the platform is its versatility, notes Daniel. FIT doesn't just work with Payment24 tags, the system is compatible with any fuel payment method out there, including bank cards and third party payment methods. "We wanted to make the system as simple as possible, so there are no special infrastructure requirements for fuel retailers looking to use FIT, making the technology very easy to adopt and use," he says.
FIT provides a wide range of benefits, adds Daniel. For petroleum companies, FIT allows them to offer additional services to help their customers improve fuel management and control fuel spend. B2B customers using FIT will save money because they can monitor fuel purchases with accuracy never experienced before in the industry.
The system is completely automated, which reduces any chance of human tampering or error and it offers greater levels of accuracy than a vehicle's fuel gauge.
"We're really excited about FIT. Our aim is to help our customers to better manage their fleets and save money, and I think FIT is the ideal solution to help them do just that."