How Fleet Fueling Cards Can Improve Your Business's Bottom Line

With heightened industry competition and rampant economic volatility, controlling costs has never been more critical. The CFOs overseeing fleets face a particularly daunting challenge, as fuel expenses make up as much as 30% to 40% of the operational budget. CFOs from a range of industries ranging from aviation, through logistics to shipping grapple with the unpredictability of fuel expenses and difficulty managing them. Enter virtual fleet cards and jet fuel cards. These versatile tools offer a solution for CFOs managing flees to enhance efficiency, keep overspending in check, and optimize budgets. In this article, we will explore the benefits of the virtual fleetcard and the key features to consider when looking for the best fuel cards for business.

A virtual fleet card, also called a virtual fuel card, is a digital payment tool designed for businesses managing vehicle fleets. Unlike traditional plastic cards, they come in a digital format, managed through an online portal or mobile app. Virtual fleet cards combine convenience and control. This means you can issue and manage them electronically, making the process highly adaptable to the evolving needs of today's businesses.

The usage of virtual cards extends far beyond the traditional fleets, encompassing everything from cars to planes, from logistics to aviation. So, whether your fleet roams highways or skies, virtual fleet cards have the flexibility to accommodate it. This digital innovation ensures that your fleet's financial transactions are not bound to physical constraints.

The standout feature of virtual fleet cards is the enhanced control and monitoring. With an online platform, fleet managers and CFOs alike can set limits, impose restrictions on specific merchants or assign pre-defined budgets for fuel and other expenses for specific fleets or vehicles using business pre-paid cards. Virtual cards can be issued for individual vehicles or employees, making precise tracking of expenses effortless.

This flexibility extends beyond the initial budget allocation - CFOs can enable recurring top-ups, eliminating delays caused by waiting for funds to become available for fuel purchases. This means smoother operations which reduce waiting times for both employees and end customers. With all that you can control allocated budgets better, eliminate overspending and gain complete visibility into your fleet's financial activities.

According to the available data, fleets using virtual cards have reduced their fuel spending by an average of 15%. There are, however, further cost-saving benefits coming with virtual cards.

When it comes to cost savings, virtual fleet fueling cards offer a two-fold advantage. Firstly, by streamlining payments, they reduce waiting times for approval and processing. Consider a scenario where employees no longer need to pay for fuel using their personal card and instead, they can use the fleet card to pay in the desired currency. With that, payments can be expedited immediately without lengthy approval processes or dealing with manual reconciliation and reimbursements later on.

Fuel cards for aviation may significantly reduce waiting times at the airport by allowing for an instant processing of the payment. Faster operations translate into lower operational costs, faster delivery of services to the customer, and increased customer and employee satisfaction. Secondly, when virtual fleet cards support multiple currencies, companies can save on foreign exchange (FX) charges and payment fees by settling transactions in the currency of the merchant.

Additionally, some providers offer cash rebates on fuel purchases, providing a direct boost to your bottom line. This means that every time you use the virtual card you earn cashback, contributing to the company's profitability.

Virtual fuel cards for fleets give the members of your team access to company funds without the need for out-of-pocket expenses, but also allow them to choose the most cost-effective stations to fuel up during their routes. This can significantly boost the morale of the employees. In surveys, 80% of fleet employees mentioned increased job satisfaction thanks to this flexibility.

Moreover, employees can upload receipts on the go with mobile access rather than relying on manual handling by the finance team at the end of the month. From a CFO perspective, online management allows cards to be remotely created, deleted, frozen, or topped up while the fleet is on the route without disrupting their operations. All spending data is consolidated in one place, providing the finance team with real-time insights.

When it comes to fuel card comparisons, it's essential to evaluate the offerings of providers to ensure they meet your specific needs. Key considerations should include:

At Fyorin, we understand the intricate needs of CFOs when it comes to managing fleet finances. We work with a range of businesses in logistics and aviation, providing them with dedicated fuel cards and aviation payment cards - designed to bring unmatched control, cost-saving opportunities, flexibility, and real-time reporting for global fleets.With Fyorin, you can empower your workforce, gain deep insights, and improve the financial performance of your fleet. Ready to request your fleet fuel card? Get in touch with us at [email protected]