Fuel cards are linked to accounts held by many domestic and international petrol stations. These cards accrue credit on an owner’s account, which is then paid off at the end of each month. While fuel cards are not particularly popular with individual drivers, they have become an industry standard with professional haulers. Truck drivers frequently carry a fuel card issued to them by their employer and try to visit petrol stations covered by it as much as possible. Here are some of the reasons why fleet operators use fuel cards.
To Reduce Fraud
You might trust your drivers with your property, money and vehicles. A single bad apple, however, can cost a haulage company huge amounts of cash. Rogue drivers can use company cash and credit cards to purchase items other than fuel. Criminals from outside of a company can also steal company credit cards and use them to fraudulently pull money out.
Fuel cards, on the other hand, are only useful at petrol stations. They take the risky transaction methods out of the process of fueling up.
To Save Time
Time is money in the haulage industry, and the less time drivers need to fill up with fuel, the quicker they can deliver their loads. Fuel cards just need to be presented to cashiers. No money is taken, and the driver can get back on their way.
To Simplify Accounting
Petty cash and traditional credit card transactions for fuel are time-consuming to account for because the drivers in a fleet are likely to be reporting transactions constantly. Fuel cards bill companies once every month or few months. This means that all records of transactions are presented in a single report that can easily be accounted for. There are many benefits to a business having a fuel card, to start, you will need to use a trusted comparison websites to find the best fuel card for your business, once found, you can apply for a fuel card and start saving your business time and money.
To Circumvent Market Fluctuation
Fuel prices are subject to a huge amount of fluctuation. In the last few years, several key world events have impacted petrol and diesel prices in the UK. The Covid-19 pandemic, the War In Ukraine and Brexit have all led to sharp changes in the price of fuel. Petrol retailers offer different prices. These prices are often based upon location.
Some fuel cards enable carriers to sign up for a flat price across all petrol stations covered by the card. This can save a company a huge amount of money, especially if vehicles from its fleet regularly travel on motorways where petrol and diesel are sold at extremely high prices. Use a fuel card comparison site to see which of the cheapest fuel providers each card enables carrying drivers to use.
To Keep Drivers Safe
Many drivers feel as if they are more at risk of being targeted by thieves when they are carrying cash or company credit cards. If an entire fleet is equipped with fuel cards instead of transferrable money, it will be targeted less by thieves that prey on tired drivers.
Fuel cards are not, of course, the entire solution to the issue of drivers being targeted by thieves. They can, however, play a part.