Managing the fuel costs for your fleet as a business owner can be a difficult and time-consuming undertaking. The good news is that fleet fuel cards can provide a number of advantages for controlling corporate fuel costs. In this blog, we’ll describe fleet fuel cards, go through the many kinds of fleet fuel cards that are offered, point out the benefits of using fleet fuel cards to control business fuel expenses and give advice on what to take into account when choosing a fleet fuel card.
Credit cards specifically created for companies that run a fleet of vehicles are known as fleet fuel cards. These cards offer a practical way to pay for fuel as well as expenses related to fleet management, like maintenance and repairs. Fleet fuel cards function similarly to regular credit cards; however, they can only be used for purchases involving gasoline, diesel, and other agreed-upon categories (e.g., auto service).
Fleet Fuel Card Types
Fleet fuel cards come in a variety of varieties, and each one has unique features and advantages. The most typical varieties include:
Branded Universal Fuel Cards – Companies that specialize in providing fuel, like Speedway, BP, Shell or ExxonMobil, issue branded fuel cards. These cards can only be used at gas stations with their branding, and there are incentives to shop there. Most of them use a commercial fuel card platform like WEX or FleetCor and while there are savings, the programs are riddled with hidden fees like card fees, statement fees, etc. Regardless of brand, universal fuel cards are accepted at the majority of gasoline stations.
Prepaid fuel cards – Companies load a certain amount of money onto the cards, which can then be used to buy fuel. These cards are helpful for keeping tabs on fuel costs and avoiding overpaying
Universal Technology Enhanced Fuel Programs – Companies that specialize in providing general acceptance of diesel and gasoline fuel across all sites and provide savings, simplicity, and are technologically advanced. Examples include Fuel Me, which provides a mobile payment fuel program solution that removes the need for fleets to carry a card. Additionally, they offer simple billing and savings. Finally, the Fuel Me program also enables payment for off-road fuel on its payment card, which is crucial for many fleets with equipment or off-site locations. Payment setup for both off-road and on-road fuel is crucial for fleets.
Fleet Fuel Cards Have Benefits for Managing Business Fuel Expenses
Reduced Fuel Prices
The ability to reduce fuel expenses is one of the main benefits of using fleet fuel cards. Many companies that sell gasoline and diesel cards offer savings on fuel purchases, either by negotiating special rates with particular gas stations or by giving rebates based on the amount of fuel bought. For companies that run a sizable fleet of vehicles, these savings can mount up quickly.
Less Administrative Work
It can take a lot of time to manage fuel costs for a fleet, especially when it comes to tracking costs and reconciling receipts. Fleet fuel cards, which offer accurate logs on fuel purchases that are simple to link with accounting software, can help to lessen this administrative strain. Businesses can save a lot of time and money by doing away with the necessity for human data entry.
Drivers don’t need to carry cash or use personal credit cards while buying fuel thanks to the convenience of fleet fuel cards. Additionally, a lot of fuel card suppliers include mobile apps that let users locate the closest gas station and view current fuel costs. As an example, Fuel Me provides a mobile app that allows payment.
Factors to Take into Account When Choosing a Fleet Fuel Card
There are a number of things to take into account when choosing a fleet gasoline card to make sure you pick the best provider for your company. Among the crucial elements are:
Network Coverage For Fuel
Make sure the company providing the fuel card has a sizable network of gas stations that your fleet can easily reach.
Charges and Fees
To be sure you are getting the greatest bargain, compare the fees and charges levied by the various fuel card providers. Choose service providers with open pricing policies and no additional charges.
Many fleet programs have hidden costs and platforms that are archaic and hard to use. While savings are critical, ensuring your drivers are able to simply use the fleet program, have the ability to review the charges, and have amazing reporting is just as critical, especially if you are a smaller fleet.
Fleet fuel cards can be a useful tool for controlling company fuel costs since they provide lower fuel prices, less administrative work, and more convenience. To reap these advantages, though, it’s critical to pick the best provider. As we evaluated all the programs in the market, not one solution provided all of these benefits, which is why we created the Fuel Me card program. Our Fleet Card program gives fleets a simple reward structure, simple mobile payment experience, and a single management platform for retail and off-road fuel transactions.