The Benefits of Fleet Fuel Cards
There are many reasons for why a trucking company may want to get fleet fuel cards as opposed to credit cards. Much of the general public and even some companies may not be aware of the benefits that fleet fuel cards can offer, which is definitely a mistake, as they are missing out on a lot of their advantages. Here are five of the main benefits of fleet fuel cards:
Fleet fuel cards can be modified online 24/7 a day. Company managers would have the ability to go online, add new cards, make changes to current ones, get rid of some, and change authorizations on a flexible, as-needed basis. These can be highly beneficial if a card is stolen or theft is suspected. In addition, the safety of employees can also be increased since they will not have to carry large amounts of cash or general credit cards.
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Better Fuel Management
A company that utilizes fuel cards will be able to track their fuel consumption and its subsequent costs much more accurately with less hassle. Since everything would be placed on one fuel card, there will be no need for complicated paperwork and accounting, especially towards the end of the year for tax purposes.
Most companies that provide fleet fuel cards allow for custom reporting parameters to be set. A trucking company may need information presented in a certain way, such as differentiating between bulk vs. individual fuel purchases, the specific fleet that is using the card at any given moment, and so forth. Rather than having TOO much information presented all at once, fleet fuel cards allow it to be presented in customizable formats, all of which can be accessed in real-time online, similar to how online banks operate.
Purchase controls can be set through fuel cards. This means that employees would only be allowed to use their specific fuel cards for designated purchases. There won’t even be the possibility of them using them to purchase general goods, for example, since fuel cards can only be used for certain expenses such as gas and supplies for company vehicles. It means that the company also has to spend less time monitoring fraud and instead, can focus on improving other aspects of their operations.
Online Invoices and Receipts
Many companies that provide fleet fuel cards today no longer deal with physical receipts. Instead, everything is provided in the form of online invoices and e-receipts. This makes miscommunication less of an issue and simplifies the ancillary job requirements for truck drivers and management. It also helps to prevent fraud.
If you’re on the fence about whether or not to acquire fleet fuel cards, definitely consider the aforementioned advantages. Also consider that many fleet fuel cards offer discounts through their network of fuel suppliers, among additional rewards. This includes similar reward schemes to credit cards and possible universal acceptability, meaning that you won’t be tied to specific suppliers.