Businesses in the shipping and transportation industries can spend a lot of money on gas each year, but they’re not the only ones. Any company with delivery drivers would also fall into this category, as well as businesses that work in certain sectors of tourism. A limo service or a company that provides airport transfers are also excellent examples.
Fleet fuel cards are offered as a solution for businesses that spend a significant amount on gas each year, both because they make it convenient for employees to pay for gas purchases, but also for the expense tracking and reporting they offer.
If you’re a business who spends a lot on gas and you want to make tracking this expense considerably easier, signing up for fleet cards could be your next best step.
What are fleet cards?
Fleet fuel cards are a business-facing product that lets companies purchase fuel and maintenance for their “fleet” of vehicles with ease. Once a company signs up for fleet cards for their employees, they can utilize a network of gas stations and merchants in order to fuel up and take care of maintenance on the road.
To be clear, a fleet card is a credit card employees carry with them as they perform driving work. Employees will use their credit cards to pay for gas and other authorized purchases, and the employer can monitor and oversee all these purchases in real-time.
How do fleet credit cards work?
As a business owner, you would likely sign up for fleet fuel cards to get more organized and save money on gas and maintenance. Applying for fleet fuel cards for your employees can help you avoid having to manually keep track of individual employee’s gas and maintenance purchases.
Fleet fuel cards come with expense tracking and reporting perks, so you’ll be able to see all the purchases your workers make on the road. Fleet fuel cards also let employers set up alerts that might let them know about fraud or misuse right away. Many of these cards also come with additional incentives that can help you save money, such as fuel discounts or rewards.
As an employee using a Fleet fuel card, you can use the card to pay for gas and other authorized purchases, like vehicle maintenance.
Who can get a fleet fuel card?
Fleet fuel cards are for businesses only, meaning that individual consumers cannot sign up for these products. Individuals probably wouldn’t want to anyway considering these cards are geared to companies who need to oversee and manage gas purchases and vehicle maintenance across an entire fleet. An individual who works as a freelancer within the shipping or transportation industry wouldn’t need complex tools to keep track of their own spending and maintenance of a single rig.
With that being said, there are plenty of credit cards that let consumers earn rewards on gas. Many of the best gas credit cards for individuals and businesses also come with no annual fee.
Fleet fuel card benefits
Business owners who sign up for Fleet fuel cards have the option to determine which purchases to authorize. Some fleet fuel cards are only for gas and maintenance, while others let employee cardholders pay for purchases in gas station convenience stores. This can be a nice feature if you want to cover drinks or snacks for your employees on the road.
Most importantly, Fleet fuel cards help business owners track and minimize their transportation-related expenses. It’s easy to imagine how signing up for a traditional business credit card and handing out employee cards would create a headache for whoever had to track and reconcile all purchases made by employees.
Fleet fuel cards are also tied to each individual employee or vehicle, and they often have to enter their Driver’s Identification Number at the pump. This lets you know who is purchasing fuel and where, as well as the date of each purchase. If one of your employees is consistently filling up with more gas than normal, the reporting feature of these cards can alert you to this behavior.
Not only that, but Fleet fuel cards come with expense tracking and reporting that business owners can use to monitor expenses for the long haul. This reporting can be used to make important business-related decisions, but it can also save you time and energy when it comes time to file your taxes each year.
Examples of fleet cards
One final detail to note about fleet cards is the fact that most operate within a specific network of gas stations and retail stores. For example, some fleet fuel cards are made for those who fuel up at BP or Speedway stations, specifically. Other fleet fuel cards are usable within a specific network of truck stops nationwide or for a specific brand of fuel.
Fleet fuel cards also offer numerous benefits that can make them more valuable for any business, although the perks vary widely from card to card.
As you decide whether to use fleet fuel cards for your business, additional benefits you can look for include fraud loss coverage, rewards on fuel purchases, fuel discounts, business identity protection, discounts on maintenance, roadside assistance and more.