Have you ever heard of a petrol card? It can also be called a fuel card. If you haven’t, then you’ve probably been living under a rock! But what makes this rectangular and plastic piece so important nowadays? Continue reading this article to discover more!
Depending on the state of the market, the cost of fuel can be a constant drain on your budget. Gasoline prices are expected to rise and reach a high of over $5 per gallon by the summer of 2022, signaling an improving market. Current fuel trends suggest that demand for fossil fuels would continue to rise throughout the rest of 2022 and beyond.
With higher gasoline prices expected in the future, a fleet fuel card is a great method to cut costs since many of them come with valuable benefits.
When you use fleet fuel cards (also called fleet gas cards) for your business vehicles, you can easily manage gas and maintenance costs, keep tabs on employee spending, and basically have more control over your company’s spending.
What exactly is a petrol card?
A fuel card is based on a straightforward concept. They help your company save money on gas and maintenance costs and provide peace of mind by keeping track of your fleet’s whereabouts.
Fleet fuel cards are preferable to cash because they consolidate all of your financial information into one location, making it simple to monitor your spending, see how many miles per gallon your vehicles are getting, and put a stop to any fraudulent activity.
How to get one?
Getting a fuel card is a piece of cake basically. The entire process can be done online by simply doing enough research.
After settling on a couple of fuel card providers, the next thing you should focus on is to start contacting them to find out if they’ll be a good fit for your fleet.
In order to do business with most companies, you’ll need to provide some basic information about yourself, your organization, your fleet of vehicles, your organization’s needs, and your contact information. Most fleet card businesses work efficiently and effectively, assisting you at every stage of the sales procedure. You can go to https://www.kredittkortinfo.no/bensinkort/ to learn about different options when it comes to choosing the right fuel card for your business.
How does a fuel card work?
Companies and individual drivers who need precise fuel expense tracking can profit greatly from using fleet fuel cards. Information like as driver ID and mileage can be stored on fleet fuel cards. You can keep tabs on who is filling up the tank along with the miles per gallon you’re getting with the figures given by fleet fuel cards.
Several transport companies keep track of their fuel expenses using standard business cards, however these have their limitations and often simply record the time, place, and cost of gasoline purchases.
Still having second thoughts about getting a fuel card for yourself and your business? If so, maybe these benefits will convince you to get one as soon as possible. Below we’ll explain all the benefits tied to being a owner of a fuel card:
Eliminating the need for cashless transactions
A fuel card can be used to buy gas instead of a debit or credit card or cash. If you don’t want to take out your credit card every time you’re trying to purchase gasoline, it’s good to know that you can solemnly rely on your fuel card to make the transaction!
Avoid wasting time looking for gas receipts
Do you honestly want to count all of the receipts your employees make when they fill up their tanks? Sound like a very boring chore to handle. But don’t worry because the time-saving benefit of using company fuel cards is that there is no need to collect and count individual fuel receipts.
Each purchase of fuel with a company fuel card can be recorded, and then reported as a single expense come tax time. In addition to improving your bottom line, this will save you a ton of time in the administrative department. Read more on this page.
Reduced fuel expenses
An essential perk of using a fuel card as a business owner, driver, or fleet manager is the discounted fuel rate that may be available to your company.
Obviously, the substantial fuel savings offered by a workplace fuel card are one of its most appealing features. Some petrol card suppliers don’t offer any fuel discounts at all, which is a bummer, and reductions typically decrease after the initial promotional time. That’s why you need to find out what your regular fuel discounts are like when the sale expires.
Choosing a petrol card provider that gives appealing recurring discounts is a good business decision that can save you a lot of money in the long run because fuel costs are continually shifting and you can’t always ask your drivers to fill up their tanks when they’re lowest.
However, keep in mind that not all gas stations accept fuel cards from the same companies, so be sure to research your options before you fill up. Before signing up, find out if the fuel card provider you’re considering only accepts fuel from one or a select few brands.
Control over gasoline costs
Some employees would want to spend more than they have to, which can cause you a lot of headaches as a business owner. But, hold your horses because many fuel cards feature a monthly spending limit, allowing you to keep fuel costs under control and within budget for all of your drivers. You’ll have peace of mind knowing that everything is under control!
Anti-fraud protection
A commercial fuel card offers superior protection against fuel fraud compared to business debit or credit cards. Most fuel cards allow you to associate it with a certain driver, license plate number, and vehicle model. Your fuel card purchases can even be safeguarded by monitoring your vehicle’s odometer.
Also, you have the option of establishing restrictions per transaction or per day. You have the option of limiting card use to gasoline purchases exclusively or allowing it to be used in-store as well. All of the costs associated with maintaining the company fleet can be easily tracked with this extra layer of safety and security.
Versatility and adaptability
Those that drive a lot of miles each year don’t have to give up any of the abovementioned perks just to find a place to stay that is convenient. A petroleum network or forecourt could consist of hundreds of locations spread out across the country. A business petrol card’s adaptability is a major perk.
Assurance of compensation
A petrol card can only be used to purchase fuel by its registered user, therefore if the card is lost or stolen, the balance will remain at $0. Another perk of fuel cards is that they may usually only be used to buy gas and gas-related products at gas stations. So, there will be no unanticipated expenses, and you can confidently stick to your financial plans.
Widespread data availability
The information and reports generated monthly by fuel cards are extremely useful. With this information in hand, you’ll have a far better idea of how to increase your drivers’ productivity and how often they stop for gas.
Earning points
Certain fuel cards, such as those offered by grocery stores, allow you to earn points redeemable for prizes. You can show your drivers how much you appreciate them by letting them redeem the points they’ve accrued on their fuel cards.
Amazing for business employers and employees
Business owners and employees alike can reap the rewards of fuel cards. Drivers are low-key given more freedom with fuel cards because they don’t have to justify their route choices or the expenses they’ve piled up. How amazing is that?
In addition to limiting spending on unrelated gasoline products, fuel cards also reveal detailed information about the routes followed by each vehicle.
What else to know?
If you are wondering whether or not your company would benefit from using a fuel card, no sweat because all of the benefits mentioned above are true and effective! Improved controls over spending can save just a few hundred dollars in waste each month, but those savings can mount up to thousands of dollars over the course of a year.
Monitoring performance can assist in the development of a more productive fleet, and at the same time significantly reduce the risks associated with the issuance of cash or corporate cards.
Also, the greatest fuel cards low-key provide users with access to resources required for a truly user-friendly implementation. The fuel cards that are most accommodating to businesses can be put into use in as little as a month’s time.
Conclusion
With so many benefits available from fuel cards, it would be weird not to start implementing them for your business, right? You’ll be over the moon with how things will shift for your business because they make all the difference in the world. When running a business, the point is to make your tasks as convenient as possible, and the usage of petrol cards can make that happen for you!
Just make sure to do a thorough research on a couple of petrol card companies you wish you contact to make the right decision. After all, you shouldn’t rush your decision and pick the first option that pops online.
You can also ask for recommendations from other business owners in the same sector as you. They’ll be able to provide helpful tips on choosing the right card for your business! Good luck!
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