5 Questions to Ask Before Signing Up for a Fuel Card Program

No matter if you’re a solo owner-operator or have a fleet, fuel card programs can be a great way to control your transportation costs. However, not all fuel card programs are created in the same way, so choose one that fits your business profile. So, if you do ask the right questions beforehand you’re going to save a lot of time and money and hassle down the road.

Here are five critical questions to ask before signing up for a fuel card program.

1. What Fees are Associated with the Fuel Card?

It’s important to understand the cost structure of a fuel card program. One thing programs often tout is cost savings through discounts or rewards, but you want to make sure that you’re not paying hidden fees. Key costs to watch for include:

Monthly or annual membership fees
Fee on each purchase at a per transaction level.
Fee for late payment for a billing cycle

In addition, some programs may also have you pay extra for some other features, such as detailed reporting or roadside assistance. You can carefully review the terms and conditions so that you won’t get unpleasant surprises. Assess the costs and benefits of potential savings and benefits of multiple programs and compare them.

2. What Locations Accept the Fuel Card?

Fuel card usability has to do with where a card will be accepted. Some programs limit you to specific gas station chains, while others offer broader acceptance. To ensure the program meets your needs, ask:

Does it accept at multiple gas stations nationwide, or just one brand?
What if you or your drivers only operate in one or more states?
Is the card used to access other services such as truck stops, repair shops, or partner fuel stations?

It will choose a card of wider acceptance, which means flexibility, no downtime, and no need to hunt for specific stations.

3. What Tracking and Reporting Features Does the Program Offer?

Fuel cards are perfect because savings and hassle-free expense management are one of the major reasons a driver chooses one. There are different programs that each comes along with its features and therefore you need to evaluate how each has value. Look into:

Each purchase had to be tracked with full details of the expense.
Simple tools to: Simplify budgeting & tax preparation for users.
Useful insights for businesses with fleets into the trends and usage of fuel.

Some provide real-time data, or they integrate it into accounting software to improve measuring the expenses. Then evaluate how those features match up with your priorities and question if it is worth the program.

4. Are There Any Restrictions or Limits on Usage?

Understanding restrictions and limits is important for business owners, in particular for businesses with a fleet. Often, fuel cards include features that help you to manage spending. Look for:

Spending limits based on driver, vehicle, or daily allowances are customizable.
Restrictions on the use of the card to purchase only fuel or to buy only specific categories
Types of fuel or services for which discounts are limited.

Knowing these restrictions helps you as well as your team so you don’t end up with unexpected problems and use the card effectively.

5. What Security Features Are Included?

From a security standpoint, it’s incredibly important your business chooses the right fuel card program. The main problem is a strong security framework to prevent unauthorized purchases, lost cards, and others. It is important to have quick reporting and replacement options if you lose or your card gets stolen.

And by zeroing in on the security elements, a fuel card program that properly restricts your resources and fits into your operational plans is within your reach.

Prevent unauthorized use of PIN protection.
Real-time transaction alerts for every purchase
For such fraud monitoring and protection, the company has to catch suspicious activities quickly.

Features like these help instill peace of mind, giving you a feel for those dollars and using them effectively.

Conclusion

Fuel card programs’ wide array of benefits can dramatically reduce fuel and vehicle maintenance-related expenses. Not only does the reduction of overall costs improve, but convenience in managing fuel purchases also improves. These five questions will assist in your navigation of this process to uncover some of the possible advantages, potential downsides, and unique selling propositions associated with each possible option. Therefore, when you do, you can make a more informed choice when it comes to things that best suit your needs and goals.

The fuel cards we have at Ricochet Fuel include the following: Acceptance Nationwide security, and tracking capabilities. Learn how our programs can assist you in overcoming fuel-related challenges and at the same time, reduce costs.