Fleet managers know the difficulty involved in monitoring and managing the fleet fuel costs and other allied expenses when their vehicles are en route. Managing fuel costs may overshadow their operating expenses, and the inability to monitor it for any inappropriate expenses may end up in the loss. Reporting and accounting for the fleet expenses is also a difficult affair without any unified format.
However, for business fleet managers who are looking for a feasible solution to manage fuel and fleet related expenses, fleet credit cards are ideal solutions. Implementing an ideal fleet credit card program to your fleet drivers will help create more efficiency and control over the fleet expenses, and will also benefit the drivers too by relieving them the chaos of their expense management. A good fleet credit card program will allow measurable cost management and significant savings through various discounts and rewards.
The 4W benefits of fleet credit cards
With a fleet credit card, industrial fleet managers can have better control of the 5Ws as: Who, What, When, and Where the fleet drivers are spending.
Who: Managers can custom set card privileges and spending limits based on the needs of certain vehicles and drivers.
What: Control the purchase of various items like fuel vs. unleaded fuel or other purchased items.
When: Fleet Manages can also restrict the purchases to specified business hours.
Where: Custom set the parameters to spend fleet credit money at some specific preferred stores and pumps etc.
Some other random benefits of fleet cards are as below:
The fleet credit card providers have tie-ups with a wide range of service providers, and the credit cards will be accepted at all regional and national locations. This allows some immediate cost savings also like the drivers need not have to ride some extra miles to find an accepted gas station to fill fuel.
As discussed above in the 4W benefits of fleet cards, business decision-makers can implement very strict purchase controls on credit cards. Card transactions require the users to enter the unique PIN. These structured procedures make it easy for the managers to track the expenditure easily and set limits based on various parameters. Fleet card customizations can be done in terms of the upper limit of spending per day, the number of transactions, time restrictions, etc.
Transaction alerts and electronic receipts
Managers can get instant alerts on transactions made with the fleet credit cards, and on finding anything abnormal, they have the privilege to block usage of the card instantly. Proper e-copies of the receipts also will be shared with the managers, which make the accounting process much easier and automated.
Access to Level-III data
When it comes to fuel and fleet related expenses, it’s important for the fleet managers to receive the Level-III data, Premium fleet credit cards avail detailed records of it, which will help to prevent any possibility of theft. Level-III data may provide many additional insights for the managers like driver and vehicle identification, MPG (miles-per-gallon) mileage, CPM (cost-per-mile), etc.
If your fleet qualifies, there is also the scope of additional benefits like fuel tax exemption and earning reward points to redeem against further purchases, etc. if you qualify for these.