Are fleet fuel cards worth it?
Within the fleet industry, each fleet company is unique in business efficiencies and operations. However, many are alike in the fact that the significant question at-hand is pondered at least a few times throughout the duration of business practices.
Both fleet fuel cards and bank-issued credit cards offer fleet managers the ability to track and set controls on their fuel expenses. But the similarities cease there.
Although tried and true, bank-issued credit cards do not offer the ability for fleet managers to distinguish an itemized list of purchased products from a location–allowing fleet drivers to abuse or misuse their cards for unauthorized purchases.
To avoid this, fleet managers could set their purchase controls to “island reader only”, which shuts out stations that do not offer pay-at-the-pump service. However, this results in a set of new problems and excludes drivers from making acceptable purchases.
On the other hand, fleet fuel cards provide a more in-depth range of transaction data, greater flexibility, and tighter controls than bank-issued credit cards.
These cards allow fleet managers to customize card controls on dollar-spend at the transaction level, including limits on daily and weekly dollar amount limits, fuel quantity, and time frame of purchase.
Fleet fuel cards provide instant alerts of suspicious behavior and easy-to-read reports for managers to wish to review their business expenses in full and take immediate action.
These cards are fuel specific, while bank-issued credit cards open up the fleet to any merchandise that may be available at a certain retail channel.A
Impac offers the most comprehensive tracking and reporting system in the industry through an innovative fleet fuel card program. Our flexible point of sale prompting, card level exception reporting, purchase control parameters and innovative reporting products allow fleet managers to manage their fuel programs with ease.
If you’re still unsure if fleet fuel cards are worth it for your fleet business, contact Impac today to speak with a professional. A