Fleet fuel cards are a great way for trucking companies to save money on gas and manage expenses. They offer a variety of benefits, including streamlined accounting and fraud prevention. Many fleet fuel cards also provide robust data collection gathered in real-time. It allows you to set purchasing limits based on time of day, geographic area, or fuel type.
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In addition to offering fuel discounts at brand-name stations, fleet cards also help companies save time and money by removing the need to collect driver receipts. Most cards provide instant access to reports that can be viewed online or downloaded into bookkeeping software. These insights into card use can help managers and drivers analyze areas where savings can be found.
Some cards allow managers to set spending limits for their cards and those they issue to employees or subcontractors. These controls can be based on dollar amount, day of week and other factors to help limit unauthorized fuel or non-fuel purchases. Some cards also analyze driver and vehicle data to prevent fraud and ensure that only fuel-related expenses are recorded.
Some fleet cards also allow business owners to pay for services like mechanic bills using available credit on a card. It can help decrease financial stress caused by waiting for client payments or over-drafting a bank account. These features make fleet fuel cards a valuable tool for efficiency-driven trucking companies.
Fuel Discounts
Fleet fuel cards allow businesses to save on gas purchases and more. They offer wholesale pricing and real-time transaction data in an online account that’s easy to navigate. Managers can also set purchase limits per driver and vehicle and get reports to help prevent fraud and expense overruns. When choosing a fuel card account, consider savings on various brands, stations and maintenance services. Additionally, check for coverage and station density. If the card only works at one station on a busy interstate highway that your drivers don’t use, it’s not worth it. The best fuel card for business offers the simplest application process with no setup or annual fees. Some companies only require a few key pieces of information to get started and provide 24/7 customer service, so you’re never alone. They can walk you through your specific business needs and recommend solutions. That way, you can quickly make the right decisions to control expenses and increase ROI.
Fraud Prevention
Fleet fuel cards often require drivers to enter their driver identification number at the pump or other data card prompts, which helps prevent unauthorized purchases and fraud. They also have reporting features to help business owners monitor expenses and track spending, eliminating the need for paper receipts and reducing accounting administration time. Many card providers offer multiple ways to detect fraud, including sophisticated CCTV coverage, dedicated and on-hand expert fraud teams and more. They may also allow fleet managers to set up purchasing limits based on their established parameters, such as a specific amount that can be spent per day or which fuel types are allowed. It’s also important to help drivers avoid purchase mistakes by establishing formal fuel card policies and training them on the rules of use. Additionally, frequent transaction monitoring is essential to prevent thievery or fraud, as thieves can exhaust a card’s credit limit in minutes. If a driver has exceeded their purchasing limits, you can override their profiles in real-time to stop fraudulent purchases quickly.
Access to a Network of Stations
Compared to traditional business credit cards, which usually offer a limited number of merchants accepting the card, fleet fuel cards can provide access to a much wider network of stations. It can help business owners save time and money by cutting out redundant purchases. Some fleet cards also feature administrative management tools through an online account, including automated IFTA reports, expense tracking, and integrations with third-party software. They might also provide roadside assistance, which is helpful if a driver has a flat tire and is stranded on the side of the road.
Some cards allow managers to set limits for non-fuel purchases, such as maintenance items and consumables like wiper fluid, keeping costs in check. Additionally, some cards can record odometer information to help managers analyze fuel usage and plan for future expenses. It is a major benefit when controlling costs and maximizing ROI.
Streamlined Accounting
Fleet fuel cards help businesses save money on both fuel and maintenance by automating expense data and allowing it to be seamlessly incorporated into bookkeeping and accounting software. It can turn transaction information into valuable business tools, like establishing budgets, tracking trends and managing cash flow. Choose a fleet card with an online platform that allows managers to view and analyze transaction information in real time. It can include purchase details, odometer readings, driver identification and more. Look for a program that offers fuel-grade restrictions, other controls, and the ability for drivers to set spending caps and receive notifications when these are exceeded.
Additionally, see if the company offers non-fuel discounts on tires and retreads. These can add significant savings, especially for larger fleets with coast-to-coast driving needs. Ensure the card also features a customer support line for drivers who may have questions at the pump or need assistance when using the card. It can minimize time off the road and increase productivity. It is a key feature for owner-operators and other fleets with limited staff or resources.
