Fuel cards, along with fleet software integration, will help your company monitor fuel consumption for your vehicles. Because fuel is one of your most substantial recurring expenses, you need to be informed of your options before making a decision. What are some of the needs your company has for your fleet? This article reviews things you need to consider when comparing fuel cards for your business.
You want to get more than just a statement at the end of the month that shows you your business’s fuel expenses. You want to be connected to the management products that come with major fuel card providers nowadays. The management products can give you data on the overall cost per mile for your company’s vehicles. It can also give you automatic fuel economy calculations, and even monitor irregular fuel purchases, among other things. The management products allow you to see all of your essential fleet information in one convenient location, which will enable you to make better decisions based on the data analyses.
With fuel cards, you gain more control over their use than you would with a typical credit card. You can control how your people use the cards and stop abuse before it happens. You can restrict the cards to be used only at the pump, or you can give access to the pump and convenience store. You can also control whether the cards can be used for vehicle servicing. The ability to control how your cards are used protects your company from unnecessary card abuse.
One of the things to consider is where you will be using the cards. Some fuel card companies have restrictions that could limit where you can use the cards. Some fuel companies only allow you to use their cards at specific gas stations. Others only operate in certain regions and countries. Your employees could potentially use extra fuel and waste precious time trying to find a gas pump. Make sure you are aware of any restrictions for your area of business that could affect your card’s availability.
When using fuel cards, that price you see at the pump may not always be the price you pay at the register. Some fuel card companies allow you to combine your fuel purchases. They will issue you volume-based pricing after a certain amount of time has passed. Although this has the potential to save your company substantial money, it could come with restrictions in the form of fees or added requirements that other cards might not have. You need to find the baseline for your company’s fuel use, get an idea of what is being spent on fuel, and where the purchases are taking place. Will that continue to be the same in the future, or will it decline or increase?
Finding the perfect fuel card for your company can be confusing. Check out https://www.icompario.com/en-gb/ and let them compare the most popular fuel cards on the market today for you.