Fuel card or fleet card is simply a payment method which is used for fuel maintenance and repairing of company vehicles. A fuel card exactly works like any other credit card. Fleet cards allow your business to purchase fuel, repairing, and maintenance of vehicle within an authorized gas stations network and other merchants. Your fleet card manager can also see all the details of each and every transaction, which helps to save your business time and money. Unlike other cards, fuel cards are easy to operate.
Why You Need a Fuel Card?
Fuel card will help to manage expenses of your company’s fuel & maintenance, saves time as well as money and allow you the controls to run your business. With the fleet card you can earn extra savings. Fuel cards have higher purchase controls, you can see the complete report of transactions by the driver.
How Do Fuel Cards Works?
Fuel cards are printed with vehicle registration and company name. Magnetic strips on the card allow providers to capture the data on its usage, and a PIN number provides a unique authentication process. Some fueling stations may verify the vehicle registration, card signature, and company name before permitting drivers to use the fleet card for increased security. Overall fuelling activity can be viewed online. Information about the driver ID and vehicle, odometer readings can also be observed.
Benefits of Fuel Card
- Saves fuel costs and monitor driver
Fuel card payment is helpful for reducing expenses and improve workforce productivity for business success. To monitor and control fuel and maintenance expenses, a number of companies use fuel cards as a management and cost saving tool.
- Theft Control
With increasing oil prices and an unbalanced economy, employees may use the company’s dollar for their personal use. Company theft need to be monitored carefully. A credit card or gas card does not provide a company complete control over drivers purchase. However, fuel cards help companies to recognize unauthorized access and prevent it.
- Complete Reporting
A fuel card system provides comprehensive reporting which outlines the detailed about transactions made by your driver. This process definitely reduces managerial tasks. Fuel card reporting can disclose important information such as vehicles or drivers with bad driving habits which lead to wasted fuel and costly maintenance.
- Driver Support
Fuel cards also provide employees support. For companies that function on a cash base, drivers usually have to pay initial expenditures from their own pockets and then they have to wait for repayments from the management. Drivers with fuel card no need to use their own cash for work expenses.
- Vehicle Maintenance
Some fuel cards also provide maintenance services. Fuel card reporting is helpful for companies to track a vehicle’s maintenance checks by monitoring mileage and drive fuels up each time.
Fuel card services are connected to a huge network of approved fuel and maintenance vendors. This offers an opportunity to save money on monthly purchases.
Global fuel card market size is anticipated to grow from xx USD billion to xx USD billion at a recorded CAGR of xx% during the prediction period. Fuel cards available in a number of forms such as merchant fuel cards, branded fuel cards, and universal fuel cards. Global fuel cards market is likely to witness a high growth rate, owing to the increase in mobile payments, the rise in digitalization, and growth associated with prepaid fuel cards.
Leading market players are investing highly in fuel card market to increase the whole card offerings to reduce the risk of fraud, decrease form filling, and develop reporting and tracking.
The Asia-Pacific region is estimated to register the maximum CAGR over the prediction period. India, China, Australia, and Japan are estimated to offer productive opportunities for key market players. Likewise, growing demand for online payments and need to monitor fuel rebates and spending are major factors drive the market growth in the region.
The global fuel cards market is categorized into Europe, North America, LAMEA, and Asia-Pacific. Increase in mobile payment method in Europe and North America boost the market growth in the region. In addition, Latin America and the Middle East are projected to gain grip, but the growth of fuel card market is anticipated to be stable over the prediction period.