Whether you’re running a fleet of trucks or a small business, having the right business fuel cards can help improve your efficiency and confidence in your drivers. Track your expenditures in real time, and use this information to make smarter decisions about your fleet.
Track expenditures across your fleet in real-time
Whether you have a small fleet or a large fleet of vehicles, business fuel cards can provide you with the tools to track expenditures across your fleet in real time. Using these cards can save you time and money, as well as reduce fuel costs.
These cards work much like credit cards. You set a spending limit with a PIN, which allows you to track spending. You can also receive alerts on your mobile device whenever your card exceeds a purchase limit. These alerts can help you identify fraudulent transactions.
These cards can be used for purchases at fuel stations, convenience stores, or vehicle service. Some cards also offer roadside assistance, which is a great way to save money.
These cards also provide you with near real-time analytics that can highlight any fuel spending abnormalities. This data can help you optimize employee performance and address any driver violations of company policy.
These cards also offer more sophisticated controls than standard credit cards. For instance, some cards offer an Automatic Pump Shut-off, which shuts off the pump when your card exceeds a certain limit.
Improve route efficiency and confidence in drivers
Using a business fuel card to improve route efficiency and confidence in drivers can be a huge win for your company. While not every fuel card is created equal, you should look for features that make yours stand out from the crowd.
The ability to monitor fuel usage and track fuel expenditures is one of the biggest benefits of a fuel card. The card should automatically notify your company of irregular purchases.
Another feature you should look for is an app that allows drivers to view upcoming stops. The app should also allow them to navigate to the next stop.
You should also look for features such as customizable spending controls. This will allow you to limit how much a driver can spend on fuel each day.
Business fuel cards will also allow you to track fuel consumption in real time. This helps you to predict future fuel usage. Having this information at your fingertips is important for developing a budget.
Crack down on fuel theft
Using business fuel cards can be one of the most effective ways to crack down on fuel theft. These cards provide real-time tracking and reporting, theft detection, and customized spending controls. They simplify the tax time process and offer more in-depth analytics.
Fuel theft is a real threat for any business. According to Fleet News research, two thirds of fleets have been victimized by fuel fraud. This is a major expense for business vehicles, so it’s important to take steps to prevent the problem.
The best way to prevent fuel fraud is to educate your drivers about the proper use of their fuel cards. If you haven’t already, start by introducing regular training sessions. You can also encourage drivers to report suspicious charges immediately.
Businesses that rely on vehicles for transportation should offer a flexible payment method for fuel and other road expenses. It’s important to have a business fuel card that can track mileage and expenses by individual driver or vehicle.
Outsource fuel card management
Using an outsourced business fuel card management service can save your company money and free up time to focus on other aspects of your business. Using a team of experts to manage fuel can help you maximize driver retention, lower fuel costs and increase efficiency. An outsourced team also provides individual transaction reconciliation and invoice price verification. They have extensive experience with diesel fuel prices, mobile fueling and fuel cards.
Veolia Environmental Services, a leading environmental services company, used an outsourced business fuel card management service to increase efficiencies, lower fuel costs and reduce working capital requirements. In addition to using a third-party fuel expert, Veolia analyzed their supply portfolio, established a fuel inventory and implemented a fuel management strategy that resulted in lower costs and improved efficiencies.
Using an outsourced service allows you to use locational arbitrage and cost-saving tactics to achieve the best fueling strategy for your business. You can also take advantage of fixed price models and index models to help you find savings and increase efficiencies.