With advancements in fleet management technology, many businesses are now making the shift from conventional transaction methods to fuel cards. A fleet or fuel card is a payment card that can be used at gas stations to buy fuel. These cards are a great way for businesses to reduce fuel costs, offer detailed expense reports, and give drivers more flexibility during refueling. So, here are five major benefits of using a fuel card:

Improved fuel efficiency and cost-savings
Fleet cards offer data-backed insights into fuel efficiency, captured using data such as price per gallon, location, driver ID, and odometer readings. Analyzing this data can help drivers plan their trips better, allowing improved fuel efficiency. Additionally, fuel cards can also help cut costs, as businesses may be offered a better rate at some gas stations. Companies can also set maximum purchase thresholds by day or amount, allowing them to keep a close eye on these expenses.

Streamlined operations
Regardless of the scale of business, using fuel cards to streamline operations can help organizations function seamlessly. Companies can set several limits, controls, and parameters for the same. Some examples of these include:

– Allow at-pump purchases only
– Allow both at-pump and in-store purchases
– Limit purchases to certain locations
– Set up multiple purchasing profiles based on the type and capacity of the vehicle
– Allow the ability to override purchase limits in case of an emergency

Increased flexibility
Most fleet fuel cards are accepted across the country. This gives drivers the flexibility to choose a pump based on convenience instead of having to take a detour to the cheapest fuel station, which could be miles away. This helps save time and keep fuel costs under control.

Reduced admin work
Managing a fleet often requires a lot of administrative work. This can eat into time that could have been spent on other operations. Fuel cards help reduce these administrative tasks by eliminating the need for drivers to collect fuel receipts for the company’s VAT reclaims. This is because, with a fuel card, businesses receive weekly VAT-approved invoices for all their transactions. All business owners need to do is log into their accounts and check their expenditures. Fleet owners can also use the data collected by these cards to create monthly reports, helping them save time on daily admin work. Data from these reports can also be automatically synced into the business’s accounting and bookkeeping systems.

Protection from fraud
Businesses that use cash and credit cards are generally at the highest risk of fuel fraud. With fuel cards, businesses can also reduce their risk significantly. This is because most fleet fuel cards store transaction details. These can be used to check how much each driver spends on fuel and spot any irregularities. Additionally, these cards also generally have a PIN code. In case of loss, they can be blocked immediately.

Fleet fuel cards are a great way of controlling and keeping track of how much money drivers spend at fuel pumps. They help bring transparency while also helping save time and money in the long run.