Fleet fuel cards are a game-changer for businesses managing a fleet of trucks. Fuel cards streamline fuel expenses, provide detailed reports, and offer security features that help prevent fraud. However, to maximize their benefits, it’s crucial to avoid common mistakes that many businesses make when using these cards. Let’s explore some of these pitfalls and how to steer clear of them.
Related: The Role of Fuel Cards in Fleet Management
1. Not Setting Clear Policies and Controls
One of the biggest mistakes is not establishing clear usage policies for fleet fuel cards. Without strict guidelines, employees might misuse the cards for unauthorized purchases. It’s essential to set boundaries on what can be bought, the maximum amount that can be spent, and where the cards can be used. Regularly communicate these policies to your drivers and monitor compliance.
2. Neglecting Regular Monitoring and Auditing
Many companies fail to regularly monitor and audit fuel card transactions. This oversight can lead to undetected fraud, misuse, or simply inefficient use of resources. Implement a system for regular reviews of fuel card statements. Look for unusual patterns, such as frequent high-value transactions or purchases at odd hours. Auditing helps in identifying discrepancies and addressing issues promptly. You should also regularly update the PIN number for each card every 30 days to further protect your card from skimmers.
3. Ignoring the Benefits of Data Analytics
Fleet fuel cards generate a wealth of data that can provide valuable insights into your fleet’s operations. However, not utilizing this data is a missed opportunity. Analyze fuel usage patterns, identify high-consumption vehicles or routes, and look for ways to improve fuel efficiency. Leveraging data analytics can lead to significant cost savings and operational improvements.
With FuelStream’s fuel card, users have direct access to an activity log that shows where fuel was purchased, amount of gallons, and total amount paid. FuelStream even lets you know how much money you saved by using their fuel card. Based on the data provided by FuelStream, you can proactively schedule your fuel stops by creating the most efficient route.
4. Failing to Train Employees Properly
Improper training can lead to misuse or underutilization of fleet fuel cards. It’s crucial to provide comprehensive training to your drivers and administrative staff on how to use the cards correctly, and ensure they are fueling at locations that save you money.
Related: Employee Training: Ensuring Effective Use of Fleet Fuel Cards
5. Not Customizing Card Limits and Restrictions
Each fleet’s needs are unique, and a one-size-fits-all approach to card limits and restrictions can be ineffective. FuelStream has a simple solution for their prepaid card with no minimum amount required and simple card management controls.
6. Overlooking the Importance of Reporting
Detailed reporting is one of the main advantages of fleet fuel cards. However, some businesses do not take full advantage of the reporting capabilities. Regularly review reports to understand fuel consumption patterns, detect anomalies, and make informed decisions. Detailed reports can also assist in budgeting and forecasting fuel expenses.
7. Neglecting to Update Policies and Controls
As your business grows and evolves, so will your fleet’s needs. Failing to update your policies and controls to reflect these changes can lead to inefficiencies and increased risk of misuse. Regularly review and update your fuel card policies to ensure they align with your current operational requirements and industry best practices.
8. Disregarding Vendor Relationships
Choosing the right fuel card provider and maintaining a good relationship with them is critical. Disregarding the importance of vendor relationships can result in poor service and missed opportunities for better terms or additional benefits. Regularly communicate with your provider, provide feedback, and stay informed about new features or changes to their services.
FuelStream has created the Monthly Fill-Up to keep our fuel card users up-to-date with changes to their mobile app, as well as introducing new partners. You can contact FuelStream here.
9. Failing to Take Advantage of Discounts and Rewards
Many fleet fuel card programs offer discounts, rebates, or rewards for fuel purchases. Not taking full advantage of these programs is a common mistake. Ensure you understand the benefits your card provider offers and incorporate them into your fuel management strategy to maximize savings.
Fleet fuel cards can significantly enhance the efficiency and cost-effectiveness of managing a fleet, but only if used correctly. By avoiding these common mistakes, you can ensure that your fleet fuel card program runs smoothly, delivers maximum value, and contributes positively to your business’s bottom line.
Implementing robust policies, regularly monitoring usage, leveraging data, and maintaining good vendor relationships are key steps in getting the most out of your fleet fuel cards.
