Fuel cards offer small business owners a powerful tool for managing fuel expenses. Whether you’re looking for more reporting, more spending control or more security, a fuel card is a great start to an efficient business fuel program.
Most small businesses require vehicles to get the job done. No matter if it’s two or a hundred vehicles, they’re going to need fuel. That’s why it’s important to recognize that a fuel card is the most important step to controlling your business fuel spend.
Typically, a small business owner would allow drivers to use a basic company credit card to purchase fuel. The drivers would bring back the receipts and the owner, or fleet manager would compile all of the spending into a report. This was a pretty time-consuming way to track spending.
But what happens if a driver loses a receipt? Or, what if the amount spent doesn’t add up to the amount of fuel purchased? There are multiple ways using an ordinary company credit card can leave business owners in the dark.
This is where a business fuel card comes in handy.
The Business Fuel Card Solution for Small Businesses.
The right business fuel card can be your secret weapon. There are three really big benefits when it comes to comparing a business fuel card to a typical bank issued credit card.
- More Spending Visibility: With a business fuel card, the driver is prompted to enter their unique Driver Id number (PIN number) as well as the odometer reading of their vehicle. This is important for several reasons. You’ll know who purchased what, where and when they did it and the amount of the transaction. This information paints a clear picture of card usage.
- Improved Security: Personalized Driver ID numbers offer one layer of security for business fuel cards, but that’s just the beginning. The best cards can automatically alert business owners of potential spending issues or decline issues at the pump. You should have the ability to set custom limits to help prevent misuse or fraud. Helpful controls include time-of-day, total spending limits, and limiting purchases to areas where drivers will be working.
- Automatic Reporting: A business fuel card can dramatically cut down on fuel expense paperwork. Reports are automatically created to let you know where and how your cards are being used. No more chasing after receipts.
Most business fuel cards are connected to a specific fuel brand and offer more ways to save when you fuel at branded stations. This can be a real money saver if your drivers work in an area with many of the same brand stations. The Chevron and Texaco Business Card Program is a great example of an option that delivers all of these benefits for small businesses.
So, look around. The right business fuel card solution for your small business might just be right around the corner.