5 mistakes to avoid when choosing a fuel card
If you manage a fleet of cars, you’re well aware that fuel is one of the biggest expenses. Tracking and managing fuel costs is vital to operations, and fuel cards can help you achieve this. These cards are an easier way to purchase fuel and store information like miles per gallon, cost per unit, and odometer readings to avoid fraud or misuse. Avoid these five mistakes when choosing a fuel card for your business:
Choosing the cheapest program
Although an important factor, money is not the only determining force when it comes to choosing the right fuel card program. Be sure to check your fleet’s requirements and budget before choosing one.
Skipping research
Before finalizing your purchase, shop around and look into several different fuel card programs. Compare their pricing, terms, discount programs, and other benefits to find your ideal fit.
Overlooking associated costs
In addition to the cost of the program, it is important to read the finer terms of the contract. This includes any additional fees, benefits, and even customer care. Looking into these details beforehand can help you ensure a smoother experience for you and your fleet drivers.
Choosing a card that doesn’t include a line of credit
Always opt for a card that offers a weekly line of credit, as this can help you generate cash flow during times of low demand and address any unforeseen circumstances on the road.
Ignoring other benefits
The main benefit of using a fuel card is that you receive diesel and petrol discounts. But did you know that many companies offer more enticing features on these cards as well? Several fuel cards can help you save money on maintenance, tires, document scanning, and tax reporting. Consider these benefits and how they can help your business when purchasing a fuel card.
In addition to these details, look for a fuel card provider with a wider network. Limiting yourself to a regional provider, or a provider that only works with one retailer can significantly increase your fuel costs in the long run.
