PHH Arval Introduces E*Toll Funds Management for Corporate Fleets
SPARKS, MD –PHH Arval's new PHH E*Toll Funds Management tool provides companies with a uniform means of paying and tracking toll expenses incurred by their fleet drivers. The service can also reduce violations costs that result from electronic toll (E*Toll) accounts that do not have enough funds to cover toll charges, according to the company.
With the new tool, drivers and/or managers no longer need to use their personal or company credit cards, or expense E*Toll account funds. The program can be applied at any U.S. E*Toll agency that accepts credit card payments. Fleet managers can track actual fleet spend related to E*Tolls through PHH InterActive and pay for these expenses through consolidated billing. In addition, drivers can continue through toll stations without stopping or using cash.
Typically, fleet drivers set up pre-paid accounts for particular electronic toll agencies using personal or corporate credit cards. Whenever a driver uses a toll facility, a deduction is made from the account in the amount of the toll. Once a pre-determined level is hit, the account automatically "replenishes" with a charge to the credit card on file. If drivers under-fund or default on a credit card account, fines result when they use electronic toll facilities, which can prove costly to the company. An additional challenge is that when drivers use expense reports to reimburse these accounts, their companies find it difficult to track actual transportation/toll expenses and understand their total cost picture.
According to Bill Jones, PHH Arval product manager, "This is a fleet management challenge that has plagued companies for years. We listened to our clients and developed a practical solution. Clients who have been piloting this program with us are getting better reporting and reducing the number of fines, which has a positive effect on overall fleet costs."