To stop fraud and protect your bottom line, many companies with truck drivers issue fleet fuel cards. These cards can reduce costs, administrative time, and provide security and control to both drivers and fleet managers. When possible, trucking fleets should do their best to save money, and fuel cards are a great way to do so.
Here are some best practices for those using a fuel card.
Why is it important to encourage your drivers to find the best gas stations in town to fill up?
One gas station can cost you $2.34 for 30 gallons, while one a little further down the road only costs $2.23 per gallon. Getting the cheapest fuel prices can lead to big savings across hundreds of transactions.
When drivers fill up using a fleet fuel card, it collects data on fuel prices. This information can be used by fleet managers to see which locations have the best average cost per gallon. In turn, managers can restrict where the fuel cards work, forcing drivers to go to specific locations to fill up.
According to the Association of Certified Fraud Examiners, businesses are losing 5% of each year’s revenue to theft or fraud. However, setting up fuel controls on the card can help prevent fraud.
Most fuel card systems let managers set up rules that limit the amount of purchases made in one day. When drivers break policy, reports are generated, fraudulent purchases are flagged, and managers are notified.
Telematics and fuel cards are now being integrated to help prevent drivers misusing gas purchased on the company’s dime. Telematics providers match fuel purchases with in-vehicle data to confirm that every last drop of fuel purchased with the card is entered into the vehicle.
Reimbursement paperwork can cause a lot of headaches. To add to the complexity, dishonest employees take advantage of a company credit card by spending money on unauthorized items. Every transaction has to be reviewed by an accountant to ensure that each purchased item is covered in the company policy.
This tedious, manual process is completely avoided when you implement fuel cards. They help to eliminate non-fuel purchases and produce reports. Intuitive software scans and flags unauthorized purchases that free up the accountant’s time to focus on what’s most important.
Oftentimes, the use of fuel cards offers rebates for purchasing fuel. Businesses can redeem free fuel by collecting points as they use the company cards. Research shows that fleet managers have been able to save roughly 6-7% on fuel by using rebates and reducing transaction costs.
Are you maximizing the potential of your fleet fuel card? A Fuelz Fleet Card saves you money at the pump. It has customizable options and real-time controls, so everything works for your specific needs. The card is accepted nationwide and is backed by customer-focused service. To learn more about the best practices when using a Fuelz card, contact us or call 855-GO-FUELZ.