Fuel Cards are a brilliant tool for businesses to manage the refueling of their vehicles. But how does a Fleet Manager go about managing their fuel cards and fuel expenditure. In this blog post we will provide you with a guide to managing your fuel card usage.
What Is A Fuel Card?
A fuel card is a method of payment used by businesses that their staff then use to purchase fuel. They work in a similar fashion to credit cards apart from purchases are strictly limited to fuel and associated products. Check out our blog post where we discuss in depth what fuel cards work.
How Does Managing A Fleet With Fuel Cards Work?
Using fuel cards help to simplify the process of purchasing fuel cards, minimising the decisions a fleet manager has to make on daily bases. Fuel cards are a lot more efficient compared to cash or credit cards due to the access to a large network of sites, limits and access to transaction reports in an instance.
In a time of economic uncertainty, the RHA have said that “increasing cost pressures are continuing to impact the haulage sector”, as per Transport Operator. This makes managing your fuel card usage all the more important.
8 Steps For Managing Fuel Card Usage
You can manage your fuel card usage when using these eight steps:
Step 1: Correctly assign fuel cards
Properly assigning fuel cards is the first step in managing fuel card usage effectively. Ensure that each card is allocated to the right driver or department, matching the cardholder with the vehicle they operate. Accurate assignment helps track fuel expenses more efficiently.
Step 2: Implement a fuel card policy
Establishing a comprehensive fuel card policy is crucial for managing usage. The policy should outline rules and guidelines for cardholders, such as where and how they can use the cards, acceptable purchase types, and reporting requirements. A well-defined policy sets expectations and helps prevent misuse.
Step 3: Set up fuel card management controls
Implement controls within your fuel card system. This might include setting daily or monthly spending limits, restricting card usage to fuel and maintenance purchases only, and requiring cardholders to input vehicle mileage when fueling up. These controls reduce the risk of unauthorised spending.
Step 4: Use transaction alerts
Create alerts that notify you of any suspicious or unusual activity. This can include transactions outside of normal business hours, purchases exceeding predefined limits, or transactions at non-approved fueling locations. Timely alerts allow for quick action to address potential issues.
Step 5: Make use of transaction reports
Regularly generate and review transaction reports provided by your fuel card provider. These reports offer insights into fuel consumption patterns, spending trends, and potential discrepancies. Analyzing these reports helps identify areas for improvement and cost-saving opportunities.
Step 6: Set up departments for fuel invoices
Organise your fuel expenses by creating departments or cost centers within your fleet management system. This allows you to allocate fuel costs accurately to different divisions or projects, making it easier to monitor budgets and track expenses by department.
Step 7: Use a fuel station locator mobile app
Provide your drivers with a fuel station finder mobile app that helps them locate authorised fueling stations easily. These apps encourage cost-effective fueling choices while ensuring compliance with your fuel card policy. Discover the Fuelwise Mobile App.
Step 8: Deactivate fuel cards not in use
Regularly review your list of fuel cards and deactivate cards that are no longer needed or assigned to inactive employees. This minimizes the risk of unauthorized use and streamlines your fuel card management process, ensuring you maintain control over card distribution.
Managing Fuel Cards Using Velocity Fleet
Velocity Fleet is a fuel and fleet management system built specifically to make the management of fleets easy and efficient. Using Velocity Fleet you can manage Fuel Cards, Telematics, Vehicle Cameras and Daily Vehicle Checks all in one place. Learn more about Velocity Fleet.
Fuelwise Fuel Cards
The Fuelwise Fuel Card is the leading fuel card in Ireland and the UK. It is designed for small and large businesses, providing a safe, secure and convenient method for purchasing fuel. Fuelwise Fuel Cards can be used at over 5,750 fuel stations across the UK and Ireland, which is largest independent fuel card network. Learn more about Fuelwise Fuel Cards.
Get A Diesel Price Quote
Take the first step to managing your fuel card usage by claiming your free diesel price quote.
Simply complete the form below and a member of the team will be in touch with your price.
Marketing Manager at Fuelwise
Dominic has been covering the fuel and fleet management industry for over seven years, writing about Fuel Cards, Telematics, and Vehicle Cameras. In 2023 he was awarded the Excellence In Marketing award at the Causeway Chamber Business Awards, followed by the Best Use Of Social Media In Service/B2B at the 2024 NI Social Media Awards. You can connect with Dominic on LinkedIn here.
