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8 tips for choosing the right business gas card

Business gas cards, also known as fleet cards or fuel cards, are a great way for drivers to manage fuel and related expenses on the road. Choosing the right fuel card can make a huge difference to the finances of a business, considering a company may have several vehicles leased. The card allows for discounts and rebates, which other modes of payment do not. Here are some tips on how to choose the right business gas card.

1. Look for a controlled spending clause
As opposed to any other mode of payment, these business gas cards can only be used to pay for fuel. Some other features included in the card include limiting spending by day of the week, setting a cap on the transaction amount, and adding related expense categories like parking fees or maintenance. This ensures that all the transactions are transparent and there are no hidden charges or spending anywhere that can be ignored.

2. Check whether transactions can be tracked online
Data plays a huge role in understanding spending habits. Asking each driver to give paper receipts is not possible and amounts to too much work. Instead, getting all the information online makes it convenient and easy. This helps individuals and a company’s accounting team track expenses. It is easily accessible. It provides the opportunity to gain insights and manage spending better.

3. Check whether one can receive alerts
Look for a card that allows one to get notifications every time the card is used. They can be informed if there is any issue with the payment or if one is overspending. If there are incidents of the wrong PIN, they will easily know and can help the concerned driver. These notifications are convenient and can easily be managed by the business owner or fleet manager.

4. Ensure security features are in place
A card with good security features is a must-have, and one should not compromise. Since the card will limit purchases to fuel only, there is no chance it can be used for paying other expenses. In some cases, it can be used at convenience stores or for parking, as mentioned before, but ensure a secured PIN is being used for the spending. The PIN should only be known to the driver responsible for using the card. Some cards have features like custom rules for different employees and vehicles, and unauthorized purchase protection should also be enabled.

5. Make sure there are minimal to no restrictions
Some cards have restrictions; they work only with some brands or have some geographic limitations. Ensuring that the business gas card one selects can be used for multiple brands and at multiple gas stations. Suppose there are any restrictions in place; drivers may have to take a detour to ensure they are fueled up from acceptable locations, which defeats the purpose of saving money and fuel. Furthermore, this leads to wasting a lot of time and delaying operations. One may also not have access to fuel in case of an emergency.

6. Look for a card without a name
Usually, business gas cards come with the driver’s name printed on the plastic. However, in cases where the driver leaves the company or is replaced, the card cannot be used. The new card with the new driver’s name will take a couple of days to process, which means there will still be expenses that will be done via cash or other payment methods.
This derails the whole process of business gas cards as other payment modes are still in use. To nip this problem in the bud, many companies can now order the cards without the driver’s name and allow the particular cars to have specific vehicle numbers. This can easily be done through a dashboard. This saves the company’s time and resources. Additionally, it keeps the structure in place, and no chaos ensues.

7. Look for hidden fees
Make sure that there are no hidden charges on the card. There is a chance of various administrative charges, like setup charges, program maintenance charges, research charges, check processing fees, high credit risk charges, phone payment charges, extended network pricing, high subscription and use charges, and electronic payment processing charges, being added to the bill. Look for cards with a minimal administrative fee, as the objective of the card is to help reduce expenses.

8. Go through the fine print
One of the most important parts of agreeing to a business gas card service is checking the card’s payment terms. Do the payment terms work within the company’s cash flow structure, and can they be managed without generating a capital burden? Some may have a 14-day payment cycle; other cards may have a 7-day cycle, so be aware of these payment schedules and see if they work for the company and the funds. There are other small details to look for, like late fees, any rebates offered, and other rewards for spending a certain amount.
Always make a pros and cons list of some of the popular options available on the market and compare the features thoroughly before deciding.

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