Why Your Business Should Have Fleet Fuel Cards
Fleet fuel cards streamline IFTA reporting and provide detailed information on fuel usage. When selecting the right card for your fleet, consider region, discounts, fees, controls and back-end reporting. Businesses that require a lot of driving, such as shipping and transportation companies, would benefit from the security features a fleet card offers. The proper card will also make reimbursement easier.
Unauthorized Fuel Purchases
Many companies that operate fleets of vehicles spend a significant amount on fuel each year. These include trucking businesses, shipping companies, and other businesses that work in the transportation industry (limo services, for example). Fleet managers know how important it is to track unauthorized fuel purchases to protect against theft and fraud. Fleet cards for fuel help with this by allowing them to set spending limits and restrict the types of gas drivers can purchase. It helps prevent them from overfilling and using premium fuel, which increases operating costs. Many card systems also have detailed reporting capabilities, including the ability to see a list of all fuel purchases made by each driver and the types of fuel purchased. It allows the fleet manager to check for unauthorized purchases easily and verify that the correct taxes are applied.
In addition, some cards offer additional features that help to reduce the risk of internal fraud. For example, some card systems can be paired with telematics so that the system can confirm that the vehicle is actually at the fuel island when a purchase is made. This technology is particularly helpful for catching fuel theft by disgruntled employees who may attempt to steal fuel by tampering with a truck’s gas tank.
Unpaid Fuel Bills
Many fleet fuel cards come with various tools for business owners to monitor expenses,. With these, you can track all the money going into your fleet and use this information to make informed business decisions that save you more in the long run. With these cards, your business will likely avoid getting hit with expensive overage charges. If your drivers buy more fuel than they’re supposed to, you’ll get a warning on the card, which alerts you that someone bought too much gas. It allows you to ask the driver about the purchase before it’s too late.
Additionally, some fleet fuel cards offer a centralized hub that makes reporting expenses easy for your employees. It reduces the number of receipts you need to request from your drivers, which cuts down on manual paperwork and time spent processing reimbursements. Choosing the right fleet fuel card can help streamline your company’s operations and boost productivity. However, the process can be overwhelming, especially if you’re new to this area of business management. To make the process seamless, look for a card compatible with your fleet size and requirements. For instance, some fleet fuel cards require a minimum spending threshold that may not work for small fleets.
Suppose you are in charge of a fleet of vehicles. In that case, you have a program for reimbursement of expenses that reimburses your drivers, operators, or other staff members for the costs involved in using your company vehicle.
Many modern fuel cards offer tools that help managers oversee spending and keep their team operating smoothly. For example, some provide driver, or vehicle-level spending controls through an online expense management platform—some even block cards remotely if unauthorized purchases are detected.
Exception alerts, which can be sent to your mobile device in real-time, are an additional helpful tool. By minimizing or eliminating the need for paper gasoline receipts, this function helps streamline accounting management. Whether you choose a brand, fleet, or universal card, look for these features when selecting a fleet gas credit card.
When it comes to purchasing control tools, be sure the fleet credit card you choose offers you the ability to define purchase limits by day of the week, time of day, and transaction amount — ensuring your team always has the fuel they need. Look also for a fleet fuel card that offers the option to override purchase limits or profiles in real-time in case of an emergency (for example, when your drivers need to buy a special fuel type to keep a vehicle running during a disaster).
Lost or Stolen Vehicles
Fleet fuel cards are a huge asset to any business. They make it easy for drivers to purchase fuel and other items while giving you full control over the card’s use. A good card will require drivers to enter a unique ID and odometer reading before the transaction is authorized, so you can see exactly who, when and where your money is being spent. It helps to prevent unauthorized fuel purchases and can reduce theft, especially when combined with telematics and data reporting features.
Many fleet cards offer perks like IFTA reporting, discounts, rewards and more to help you save money. If you’re looking for a fleet fuel card to meet your needs, it’s important to consider the size of your business and what specific features you need. For example, some cards only work with certain types of trucks or have minimum spending requirements to get started. Some also have limited station networks that may not work for you if you operate a national operation.
In addition, look for a modern fleet fuel card that offers tools to oversee expenses and keep your team working efficiently. These 21st-century tools can provide real-time information and alerts, such as when a driver is spending above budget thresholds or the tank is over capacity. They can also help you track exceptions and other suspicious activity so you don’t discover fraudulent fuel spending weeks after the fact when a statement arrives.