A fuel card could offer significant savings and streamline administrative costs if you run a business requiring vehicles to get work done. Among other things, fuel cards provide more tracking, spending control, and security.
Most fuel cards also have account tools and features that reduce risky driver behavior. Some even have features like EMV chips and the ability to shut off a card in case of employee turnover.
Controlled Spending
A fuel card is a great option for any small business with fleet vehicles, as it helps reduce expenses and track vehicle and driver spending. It’s an alternative to traditional credit cards that typically require a personal guarantee, charge higher interest rates, and have hidden fees that can balloon balances.
The best fuel cards for small business have robust expense tracking and management tools that help you monitor spending, set individual card limits, and generate accounting and expense reports. They offer a range of benefits such as cost savings (from 2 to 8 cents per gallon on fuel), discounts and rebates at partner networks, and telemetrics tools that allow you to view each vehicle’s location and fuel level in real-time.
With a fuel card for small businesses, you’re not locked into any specific gas brand and can earn a rebate of up to 12 cents per gallon at participating stations. You can also use the card anywhere Visa is accepted, eliminating the need to find specific fuel station locations. All cards are printed with your company’s name and a six-character Card ID to eliminate employee misuse while allowing you to assign them to any vehicle or driver.
We provide a monthly consolidated expense report to help you track all the fuel, maintenance, and other costs associated with your fleet. This allows you to track and control your spending and makes it easier to comply with HM Revenue & Customs rules.
No Need for Paper Receipts
A fuel card (also called a fleet or gas card) operates like a credit card but is designed specifically for purchasing diesel and gasoline for business vehicles. The cards allow fleet managers to set spending limits, track expenses, and build custom reports. Additionally, the best fleet cards offer perks, such as rebates on fuel and station services.
Most of the best fuel cards provide a detailed accounting system that uploads real-time purchases. This gives fleet owners visibility into their spending and helps identify potential misuse.
Most fuel cards require a driver to activate the card before using it, which prevents unauthorized use. Moreover, some top cards even offer a feature that blocks unauthorized purchases if the card has not been activated and a purchase is made. This is a great way to help businesses save money and reduce fraud.
Reduced Risk of Fraud
Fraud is a real concern with fleet cards for small businesses. While you can’t stop every unauthorized purchase, a good card program lets you set up controls and monitor each transaction’s status. For example, some cards require drivers to send a text before the card activates and can block use if it’s not received. Then, some cards give managers the ability to see a list of current transactions online and have the option to cancel missing or stolen cards instantly.
Some fuel cards restrict fuel purchases to a specific brand. In contrast, others— have a network that covers more than 12,000 locations and can be extended to 95% of all US retail fuel locations. The card also includes features like driver IDs, a miles-per-gallon report, and detailed spending reports to help you track where your money is going.
Some cards will let you set up alerts for certain types of suspicious activity and provide a list of each state’s top ten fueling sites. Some will even automatically send a report to your accounting department after every purchase, making it easier to catch any errors and prevent them from happening again. Educating employees on the best fuel card use can also help cut costs and keep fraud to a minimum.
Easy to Manage
The best fuel cards provide a full expense management platform where you can track all purchases and see real-time results. This allows you to see where your drivers are spending, what they’re buying, and how much they spend in each area. This can help you control spending and improve efficiency and IFTA compliance.
When choosing a fleet fuel card, it’s important to consider all the features and benefits. Top-rated cards offer open-loop networks, spending controls, data tracking, and rebates. They also come with EMV chips and card activation to protect against fraud. The customer service of a fuel card company can make or break the entire experience as well. They are finding a company that doesn’t gel with how your business works, making the card more difficult to manage.
Whether you’re a plumbing company or landscaping crew, having access to a small business fuel card that offers savings and easy management can save your company money. Typically, these cards are co-branded with specific gas station chains, but some are more open-network and can be used anywhere. The ability to monitor spending, see trends, and save time on IFTA reporting will reduce the amount of administrative work your accounting team needs. You can even use a factoring company to direct funds into a fuel card that will give you all the above features.