Misconceptions about fuel cards: Fuel Cards and Credit Cards are the same
Welcome to the first in a series of blogs that will hopefully help get rid of the misconceptions about fuel cards and clear things up and help your company make better decisions when it comes to fuel purchases.
Having been on the phone with many companies, I will occasionally run into some that are under the impression that a fuel card is the same as their credit card being used for fuel. This seems reasonable enough, but unfortunately for these companies, they are not getting the broader picture of what a fuel card can do and how it can help their company.
One of the reasons that a business fuel card is unique is that it tracks third level data. What is this and how does it affect your company? Third level data means that when your driver swipes the card at any given station, they are then required to put in a pin number, along with odometer, product identification and any other information that you may require them for reporting purposes. This information will then become available to you through the reports that you receive on a daily, weekly or bi-weekly basis and is easily sorted.
The data that is received through this third level data capture will help your company decide which trucks to buy in the future based on cost per mile, which drivers are more aware of their surroundings and when the trucks receive their maintenance. On top of this you will be able to direct where your drivers are purchasing their fuel, and keep on top of any slippage (also known as theft, incidental or not). Check out our universal fuel card for more information.