Fuel by no means is probably the largest cost for any transport company operating a fleet of vehicles, regardless of the size or turnover. Fuel cards are working on the same principle as a regular credit or debit card. You simply swipe it at the pump or inside the service station to pay. They may not only significantly decrease the expenses of the business, but they can also simplify the process of managing refueling overall.
Today’s market offers a wide range of different options for fuel cards to choose from. That may turn the decision which card to choose into a challenge.
We would like to tell you about 7 important things, that should be considered when choosing a perfect fuel card for your business:
- 1) Find out the fuel price and how it’s calculated at your core stations
With a fuel card, the price you see written at the petrol station and the price you are going to pay may vary significantly. This has the potential to reduce costs, but it could come with added requirements or fees. Not all cards are created equal, that’s why it is so important to know what you are currently spending on a fuel and request card provider to state various options and their benefits.
Furthermore, prices are structured in different ways – to make sure you know what you’re buying and how the price at your key stations is calculated.
Eurowag offers competitive fuel prices that are always known in advance and you don’t have to worry about hidden fees and surcharges. All of your expenditures going to be shown in one detailed, easy-to-read invoice, which will help you to raise awareness regarding fuel efficiency in your organization.
- 2) Make sure the acceptance network covers your routes
Acceptance network of your fuel card is also a factor to consider. Some of the providers operate only in certain geographic areas, others may be accepted only at the specific stations by specific fuel providers. That’s why it is so important to choose a provider that will cover all of the regions and countries that apply to your business as well as has the key stations along your most used routes.
- 3) Customer support that “speaks your language”
Make sure that your fuel card provider got sufficient customer support, that will be able to explain, answer all of your questions and have your back on a 24-hour basis, without any jargon and in a language you and your drivers understand. Remember, when dealing with customer care – it’s your driver who will call it when there is a problem at the station.
For your comfort Eurowag customer support, Clients’ web and public web are available in more than 20 different languages 24/7.
- 4) Make sure invoices are easy to read, with all transactions clearly reported
Fuel card can also minimize your administrative costs and time spent on it. Choose a provider who will provide transparency on your fuel spending and consumption. There is no need for cash anymore and issues like lost purchase receipts, for example, are completely eliminated.
With Eurowag, for instance, you will have round-the-clock access to your account where you can easily check fuel transactions, download detailed reports and invoices. This reduces accounting work and cost and simplifies tax reporting. It allows you to have full control from the comfort of your house.
- 5) Credit limit, Payment terms and invoicing cycle that is a fit for your business
A credit limit is always granted individually, based on your financial performance and collateral you are able to put forward. In general, the less risk the fuel card provider is taking the better credit limit you will get. However, don’t forget to look at the payment terms and the invoicing cycle offered to your business – remember a stable cash-flow is at the heart of every transport company.
- 6) Card lost or stolen? Make sure security is at the highest standard
Fuel card technology offers benefits in terms of security and functionality in comparison with alternative methods of payment for fuel such as petty cash. Detailed information on all transactions reduces the potential for employee abuse and provides greater control over legitimate vehicle usage. Security should be a priority, make sure to discuss it with your provider.
Talk to your alleged fuel card provider and ask if they are offering additional services like a tax refund, toll, fleet management, etc. After establishing all of your needs, they will be able to provide you with the most suitable card.
Looking for a fuel card right now? Here at Eurowag, we offer a selection of fuel cards for any business. Whether you are looking for a fuel card with generous payment terms or a pre-paid fuel card, we are here to help.