When it comes to managing a fleet of vehicles, fuel expenses can be a significant cost for any business. To help control these expenses, many companies establish a fuel-specific line of credit to consolidate spending. Fleet cards are the perfect way to do this. A fleet fuel card has many features that help save money, improve business management, track expenses and improve security — all while building company credit.
From savings on fuel expenses to better management of employee spending, fleet cards are powerful business tools.
Savings on Fuel Expenses
One of the most well-known advantages of fleet fuel cards is the savings they offer on fuel expenses. Many card brands offer fuel discounts or rebates. These savings can add up over time, regardless of gas or diesel prices.
Additional Discounts on Vehicle-Related Expenses
In addition to fuel savings, some fleet cards offer discounts on other vehicle-related expenses such as maintenance, services, tires and even hotel accommodations. Other cards offer national account pricing on fleet expenses. These discounts can add up to significant cost savings for businesses.
Purchase Limits
Managing fuel spend can be a challenge for any business. Fleet cards help address this problem by providing comprehensive spending controls. Business owners and fleet managers can easily limit purchases based on:
- Purchase type
- Transaction amount
- Gallon volume
- Geographical limits
- Fuel type
- Time of day or day of week
These controls help drivers adhere to the company fuel policy and simplify budgeting.
Better Management of Employee Expenses
Another advantage of fleet fuel cards is their ability to streamline the management of employee expenses. When companies rely on cash for payments, drivers must log their mileage, keep track of receipts and submit expense reports. Fleet cards eliminate this burden with automated fuel expense tracking. Every purchase is recorded in real time, which saves time and provides an added layer of security by eliminating the need for employees to carry cash.
Fleet fuel cards also offer the benefit of simplified bookkeeping. All fuel-related expenses are consolidated into the fleet card account dashboard. Companies can easily track and reconcile expenses — especially since data is easily transferred to most accounting and bookkeeping software.
Reporting with Fleet Fuel Cards
Most fleet fuel cards offer robust data collection, all done in real-time. Fleet managers can quickly run reports detailing virtually every aspect of fuel spend with up-to-date information. You can even create customized reports so you can view the data most important to you. With these analytics, businesses can make informed budgeting, route planning and vehicle maintenance decisions.
One of the most well-known advantages of fleet fuel cards is the savings they offer on fuel expenses.
Enhanced Security with Fleet Fuel Cards
Fleet fuel cards offer excellent security and fraud protection. Most cards are tied to a driver and require their specific personal identification number (PIN). This security feature, combined with purchase controls, helps prevent fraud and misuse. Compromised cards are easy to track and address immediately because all purchase details are recorded and available for review as they happen. Some fleet cards allow businesses to set alerts to be notified when suspected misuse occurs.
Fleet cards also offer the benefit of enhanced security for drivers. With cash payments, drivers may be at risk of theft or loss. Fleet cards eliminate this risk by providing a secure and convenient payment method. Additionally, if a card is lost or stolen, it can be easily deactivated to prevent unauthorized use.
An Opportunity to Build Credit History
Using a fleet card is one of the best ways businesses can build their credit history. Companies can improve their credit scores and borrowing capacity by consolidating fuel expenses and making timely payments. This can be especially valuable for small businesses with a short credit history.
Choosing the Right Fleet Fuel Card
With so many benefits to fleet fuel cards, it’s important to choose a card that meets your needs. When evaluating options, consider factors such as the provider’s network of fuel stations, the types of spending controls offered, the level of customer service provided, and the availability of data reporting and analysis tools.
Additionally, consider the fees associated with each card. Some providers may charge annual fees, transaction fees or other fees that can add up over time. It’s important to carefully evaluate these fees and determine whether the benefits of the card outweigh the costs.
From savings on fuel expenses to better management of employee spending, fleet cards are powerful business tools. Add discounts, comprehensive spending controls, real-time data collection, fraud protection and the opportunity to build credit to the conversation — it’s easy to see how fleet cards help businesses streamline their operations and save money.
To find the right fuel card for your business, visit Shell Business Fleet Solutions.