Businesses that spend significant amounts of money on fuel each year can benefit from fleet fuel cards. They help owner-operators improve their control and monitoring, save time on reimbursement processes, and earn substantial rebates. However, it’s worth considering which features provide the most value before signing up for one. Among them is the ability to customize settings such as spending limits, fuel type restrictions, and the acceptance network.
Ease of Use
A fuel card is a payment tool that looks like a credit or debit card and can be used to purchase fuel at any gas station. However, the key difference is that fleet cards offer various back-end capabilities to help companies manage expenses, control drivers’ spending, and improve performance. Unlike cash or traditional credit cards, fleet fuel cards provide robust data collection that is gathered in real-time and stored in an online account management system. For instance, Voyager fleet card locations may help managers identify inefficient purchasing habits by spotting red flags such as fueling in unapproved locations, during an off-hours window, or on low-grade fuel. Another feature that sets fuel cards apart from traditional payment methods is their ease of use. Fleet fuel card programs typically include an online account management system and pre-printed receipts that can be scanned and uploaded for reimbursement. Compared to the tedious process of manually collecting and filing receipts, this is a huge time saver and can significantly reduce the paperwork a company needs to keep on file.
Access to Detailed Purchasing Data
Many fuel fleet cards provide a variety of front- and back-end reporting tools to help managers make data-driven decisions that drive cost savings. For example, card purchasing profiles and real-time alerts identify areas of overspending or inefficiencies and allow managers to quickly spot red flags, such as a driver buying fuel at an unusual time of day or location. This information can then be used to reduce fuel costs, streamline IFTA and fuel tax reporting processes, and improve accuracy.
Additionally, most modern fuel cards offer a range of purchase restrictions tied to specific drivers or vehicles to help prevent unauthorized spending. With a fuel card, for instance, a driver identification number is assigned to every transaction, making it easy to track and analyze spending habits and identify misuse or fraud. This type of detailed tracking can also save fleet managers time by eliminating the need to collect and submit piles of receipts or run out on-site to check odometer readings.
In addition, most fuel cards include reporting tools that simplify the process of itemizing expenses. Rather than combing through receipts or manually creating expense reports, each purchase can be viewed and analyzed online, making it much easier for fleet managers to reconcile expenses.
Real-Time Alerts
The unauthorized use of fleet cards, whether by an employee or due to a stolen card, can result in thousands of dollars in lost revenue. To combat this type of fraud, many fuel cards offer front- and back-end features that catch fraudsters in the act.
One such feature is an EMV chip that makes it harder for skimmers to steal card information. Skimmers are illegally installed devices on fuel pumps, point-of-sale terminals, and ATMs that record the cardholder’s PIN to capture data for fraudulent transactions.
Another front-end feature that helps fight fraud is a system that flags questionable purchases and allows companies to cancel the card. Most fuel cards today have this technology, but it’s crucial to compare technologies and survey customers about accuracy when choosing which card company to contract.
Most fuel cards also have advanced reporting capability, allowing managers to view online reports that include the vehicle, driver, gallons, and other details that fully represent a fleet’s purchasing habits and trends. These reports can help managers identify areas where costs could be reduced.
Driver Support
A fleet fuel card automatically tracks and records transaction data to a dashboard, removing the need for drivers to collect and submit receipts. Depending on the card you choose, these reports may include purchase details like who made the purchase, where they purchased fuel, and the total cost, including taxes. This information is available in real-time, enabling fleet managers to monitor expenses, enforce spending controls, and detect potential misuse or fraud.
Additionally, many fleet cards offer features to help with route optimization and scheduling vehicle maintenance. By analyzing transaction data, fleet management teams can identify the most fuel-efficient routes that minimize detours and delays. They can also see trends in fuel consumption to anticipate when vehicles might need attention and make data-driven decisions to reduce costs.
When choosing a fuel card program for your business, you want to find a solution that makes managing expenses easier so you can focus on running your operations. Most fleet cards offer standard financial reports that can be customized to meet specific company needs, which eliminates the need for drivers to collect and submit receipts. Fleet managers can access these reports on a dashboard and download them into bookkeeping software programs, sparing drivers from tedious paperwork and accounting tasks.