Difference Between A Fleet Card and a Credit Car

Relying on a fleet of vehicles means you’ve probably wondered, ‘What’s the best way to pay for fuel and other vehicle-related expenses?’ You know that cash and checks are outdated, inefficient, and loaded with risk. But what about a business credit card or a fleet card? Understanding the difference and determining which is the best choice for your business will help you run your business more efficiently and assist in your bottom line.

Both a business credit card and a fleet card (also known as a fleet fuel card) provide an easy way to pay, and a small business owner might even decide to get both. Fleet cards, however, stand out with their host of extra benefits that will keep your business running smoothly.

Here are five key differences between credit cards and fleet cards:

(1) You can assign fleet cards to a specific vehicle.

When using a fleet card program, you can choose between a driver card and a vehicle card. A driver card corresponds to a specific driver, whereas a vehicle card corresponds to a specific vehicle. The best option for you may be a driver card if your driver always drives the same vehicle. If your driver switches vehicles, you can easily see which driver filled which vehicle at what time using a vehicle card that uses driver PINs. Employee turnover and schedule changes can be easily handled by adding or deactivating driver PINs.

(2) Fleet cards provide tighter spending controls.

The risk of fraud exists no matter what form of payment you use. Using a fleet card or fuel card, you can set very specific spending parameters. Putting spending limits on cards and setting gas pumps to automatically shut off when they reach that amount, for example, can help reduce fraud. It is also possible to permit purchases of only certain types of products with fuel cards. An individual could turn on the ability to buy fuel at a gas station, but turn off the ability to purchase cigarettes or snacks. Employees can make vehicle-related purchases conveniently while cutting the risk of abuse, fraud, waste, or loss associated with business credit cards.

(3) Fleet cards may let you keep more money in your pocket.

Some fleet card programs offer quantity discounts based on the total amount of fuel purchased by all your cardholders, and offer fuel discounts based on how many gallons your company purchases overall. Fleet discounts are specifically tailored to fleet purchases, allowing you to save even more. Fuel locations within a merchant network may offer discounts or rebates to smaller companies and owner-operators. There are also fleet card providers who offer reward and loyalty programs that can provide extra savings.

(4) Fleet cards may provide easier approval.

If your business is relatively new, a fleet card may be easier to obtain than a standard business credit card. A business credit card can sometimes be challenging to obtain when your company has little or no credit history, even if your personal credit is excellent. With a fleet card, you can also get feedback more quickly on your application.

(5) Fleet cards make it easier to track and reconcile vehicles and reduce overhead.

When you have a fleet card, you no longer have to sort paper receipts and spend valuable time and energy reconciling spending reports at tax time. If you choose a fleet card provider with sophisticated business payment automation processes and intuitive expense reporting, you will save time, money, and frustration. You’ll sleep better at night, and your accounting department will thank you.

Choosing the right fleet card

Fleet cards may be the right option for you. You can speak with a specialist who can answer your questions and confirm that you are a good candidate for fleet cards for your business operations. Fleet cards can offer you an array of tools to help put your business on the road to even greater success.

Contact us to determine if fleet cards are the best fit for you.

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