Best Fleet Fuel Cards For Small and Medium Businesses

Amidst intensified industry competition and unpredictable economic fluctuations, cost control emerges as a a primary concern for CFOs managing fleets. Finance teams across diverse sectors, spanning aviation, logistics, and shipping, grapple with the challenge of navigating the volatility and complexity of fuel costs. And this is not an easy task when fuel expenses often comprise a substantial portion—up to 30% to 40%—of operational budgets. Virtual fleet cards and jet fuel cards emerge as versatile solutions, empowering CFOs to bolster efficiency, rein in overspending, and optimise budget allocation. This article delves into the advantages of virtual fleet cards and outlines essential features to consider when evaluating fuel cards for your business.

A virtual fleet card, also called a virtual fuel card, is a digital payment tool designed for businesses managing vehicle fleets. Unlike traditional plastic cards, they come in a digital format, managed through an online portal or mobile app. Virtual fleet cards combine convenience and control. This means you can issue and manage them electronically, making the process highly adaptable to the evolving needs of today's businesses.

The usage of virtual cards extends far beyond the traditional fleets, encompassing everything from cars to planes, from logistics to aviation. So, whether your fleet roams highways or skies, virtual fleet cards have the flexibility to accommodate it. This digital innovation ensures that your fleet's financial transactions are not bound to physical constraints.

The standout feature of virtual fleet cards is the enhanced control and monitoring. With an online platform, fleet managers and CFOs alike can set limits, impose restrictions on specific merchants or assign pre-defined budgets for fuel and other expenses for specific fleets or vehicles using business pre-paid cards. Virtual cards can be issued for individual vehicles or employees, making precise tracking of expenses effortless.

This flexibility extends beyond the initial budget allocation - CFOs can enable recurring top-ups, eliminating delays caused by waiting for funds to become available for fuel purchases. This means smoother operations which reduce waiting times for both employees and end customers. With all that you can control allocated budgets better, eliminate overspending and gain complete visibility into your fleet's financial activities.

According to the available data, fleets using virtual cards have reduced their fuel spending by an average of 15%. There are, however, further cost-saving benefits coming with virtual cards.

When it comes to cost savings, virtual fleet fueling cards offer a two-fold advantage. Firstly, by streamlining payments, they reduce waiting times for approval and processing. Consider a scenario where employees no longer need to pay for fuel using their personal card and instead, they can use the fleet card to pay in the desired currency. With that, payments can be expedited immediately without lengthy approval processes or dealing with manual reconciliation and reimbursements later on.

Fuel cards for aviation may significantly reduce waiting times at the airport by allowing for an instant processing of the payment. Faster operations translate into lower operational costs, faster delivery of services to the customer, and increased customer and employee satisfaction. Secondly, when virtual fleet cards support multiple currencies, companies can save on foreign exchange (FX) charges and payment fees by settling transactions in the currency of the merchant.

Additionally, some providers offer cash rebates on fuel purchases, providing a direct boost to your bottom line. This means that every time you use the virtual card you earn cashback, contributing to the company's profitability.

Virtual fuel cards for fleets give the members of your team access to company funds without the need for out-of-pocket expenses, but also allow them to choose the most cost-effective stations to fuel up during their routes. This can significantly boost the morale of the employees. In surveys, 80% of fleet employees mentioned increased job satisfaction thanks to this flexibility.

Moreover, employees can upload receipts on the go with mobile access rather than relying on manual handling by the finance team at the end of the month. From a CFO perspective, online management allows cards to be remotely created, deleted, frozen, or topped up while the fleet is on the route without disrupting their operations. All spending data is consolidated in one place, providing the finance team with real-time insights.

When it comes to fuel card comparisons, it's essential to evaluate the offerings of providers to ensure they meet your specific needs. Key considerations should include:

Do they offer an online platform for remote card management? Can you delete, create new cards online, set limits, controls and schedule top-ups?

Is there an app or an online portal that lets employees upload the receipts on the go?

What are the reporting capabilities? One thing worth considering is the level of metadata flexibility that you can extract from each card transaction. Vendors like Fyorin allow you to set specific metadata or tags for card transactions which speeds up reconciliation at the end of the month. Reporting capabilities with the option to tag cards for easier reconciliation.

Which card types are supported? As a basis, you should consider whether the virtual cards issued are Visa or MasterCard or any other widely accepted card scheme like Discover for instance. Then, check if your vendor offers you the ability to create multi-use and single-use cards as well as pre-paid and debit.

Are the cards available in multiple currencies? This may be particularly important for fleets operating internationally to lower down the FX exposure.

Does the vendor provide a cashback programme? The rebates typically range from 2% to 5%.

What are the fees on card transactions? Ensure there are minimal to zero fees on card purchases so that cashback isn't offset by unnecessary charges.

Is the vendor offering additional sub-account capabilities? Vendors like Fyorin will offer sub-accounts with their platform.

This means you can attach cards to specific sub-accounts for fleets and projects, facilitating better budget control and streamlined reporting.

At Fyorin, we understand the intricate needs of CFOs when it comes to managing fleet finances. We work with a range of businesses in logistics and aviation, providing them with dedicated fuel cards and aviation payment cards - designed to bring unmatched control, cost-saving opportunities, flexibility, and real-time reporting for global fleets.

Turn costs into earnings: Earn a cash rebate every time you pay for fuel or any other expense using our virtual card and increase your bottom line.

Flexibility without giving up control - Effortlessly manage the cards - issue, schedule top ups, set limits and rules though the online dashboard.

Cost-efficiency at a global scale - Enjoy one of the best FX rates in the market and zero fees on card transactions.

Global employee expenses made simple- No more out-of-pocket expenses and reimbursements with single and multi-use cards for individuals or teams.

Reconcile on Autopilot - With integrated accounting you get touchless reconciliation and all records in one place.

With Fyorin, you can empower your workforce, gain deep insights, and improve the financial performance of your fleet. Ready to request your fleet fuel card? Get in touch with us at [email protected]