Fuel cards, similar to
credit cards, are specifically designed for the exclusive purpose of purchasing
fuel. They offer a streamlined and efficient approach to managing fuel expenses
in fleet businesses while reducing the potential for unauthorized or
inefficient fuel usage. These cards are linked to an account, and when
refueling, they can be swiped for payment.
In the past, before the advent of fuel cards, fleet owners and managers had to depend on drivers' submitted receipts, manually tally them, and file for the International Fuel Tax Agreement (IFTA). Fuel cards like the TCS card can seamlessly integrate with fleet management solutions, automating the entire process. All records are accurate, leaving no room for discrepancies. Consequently, there's no need to meticulously track and reconcile fuel receipts because every transaction is documented and categorized within a single tax statement.
Things to consider before buying a fuel card for your business:
The first thing you need to do is select the right fuel card to analyze the vehicle and its consumption patterns. Taking care of fuel consumption as well as efficiency is extremely important if you want long-term results.
The travel requirements as well as the niche of the industry are also crucial when it comes to card selection. If your business includes cross-country travel, using a card that has a motorway is extremely advantageous. So make sure that you choose a fuel card based on whether you need something regional or local. Many fuel cards are affiliated with specific brands and maintain extensive networks of service stations across the country.
3. Discounts
Fuel Cards should reduce your expenses significantly by giving good discounts depending on your company size. While opting for a fuel card provider, ensure there are no hidden charges in the form of annual subscription, monthly subscription, etc..
At Global Fuel Card, we always follow transparent transactions and there are no fees for set-up or subscription.
4. Time Savior
A fuel card streamlines the management of your business's fuel expenses, eliminating the need for paper receipts, lost dockets, scanning, or month-end reconciliation. All your fuel purchases are neatly categorized on a single tax invoice and statement, simplifying your preparations for tax season. If your business operates a fleet of vehicles with multiple drivers, equipping them with fuel cards can significantly save you time and reduce the complexity of filing expense claims.
5. Fraud Protection
Leading fuel card providers incorporate advanced anti-fraud technology, including individual PINs for easy tracking. They offer an add-on service allowing you to engrave the vehicle number or driver's name on the card, reducing the risk of misuse and confusion.
Most of the fuel cards will cater to mixed-use fuel or diesel. However, there has been an availability of fuel cards that are unleaded only. Choosing between fixed-price cards and pump-price cards is also important. For example, in pump price cards you will need to pay the current price of the station while refueling whereas in fixed price cards, you will be paying a specific price regardless of the cost of the station.
7. Additional Benefits
Perhaps the most pivotal benefit of a fuel card is its assurance that you won't miss out on any tax deductions due to misplaced receipts. However, it's crucial to select a card that aligns with your specific business needs. Some fuel cards offer convenient payment options, such as settling your account with a credit card, facilitating smooth financial management. Additionally, certain cards may extend fuel cost discounts, determined by your company's size. So you must ensure the proportion of value addition and easy to process for any owner.
Overall, make sure that you assess your fuel card carefully before purchasing it. A good fuel card should offer you an online transaction, give you complete control by which you can purchase your fuel, and allow you to use cards in a way so that you can lodge, board, do your usual repairs, complete other purchases, etc.
Cut down your fuel expenses with our Global Fuel Card. Get the card today.javascript:nicTemp();
