Corporate Bank Card vs. Fleet Fuel Card18 May 2017, Posted by General in
When it comes to managing fleet expenses, do you know if a corporate bank card or fleet fuel card will be better for your retail fuel services? While both cards have their own set of benefits, commercial fleet managers find that a fleet fuel card provides them a level of service, savings, and important data that corporate bank cards can’t provide. The following are advantages and disadvantages of each card type, which will help you select the one that will work best for your business.
One-and-Done Card Service
If you want a single-card solution, corporate bank cards give drivers the ability to cover all of their travel needs, including food, entertainment, fuel, and more. They’ve been around longer than fleet fuel cards, giving them universal purchasing coverage because they can be used wherever major credit cards are accepted. However, this could lead to unwarranted or unauthorized expenses when drivers make purchases without regards to the company’s bottom line.
Shallow Reporting Data
Corporate cards only provide Level I and II data. Level I data is what you see on your personal bank statement — the basic information on your purchases such as the cost, location, and date of purchase. Level II data goes into a little more detail on the purchases, providing information like merchant type, cost per gallon, fuel grade, and line item details for non-fuel purchase. However, they don’t provide Level III data, which is critical for keeping track of your fleet-related expenses.
Control More with Fleet Cards
Fleet fuel cards give fleet managers the ability to limit what and when drivers can purchase. You can use real-time controls to restrict the card user to fuel purchases only, which ensures funds are used for their allocated purpose. You can also limit purchasing abilities by the time of day or day of the week. This means that if a driver attempts to make a purchase outside of the approved time frame or product, the card will be declined.
Take Your Data to the Next Level
Unlike corporate bank cards, fleet fuel cards provide Level III data, which provide the greatest level of transparency in reporting. The data provided is connected to the driver’s license and odometer readings, helping you curb unauthorized purchases.
Fleet fuel cards are designed with fleets in mind, and come with discounts, rebates, and promotional offers that help your bottom line. They have flexible purchasing limits and settings that you can adjust in real time in response to changing situations. With multiple drivers to manage who are all going to different places, it’s important to have a system that gives you proactive control overspending.
As with all supplier decisions, balancing the pros and cons of each option will help fleet managers arrive at the card type that’s best for their company. McPherson Oil is a fuel service provider that’s also proud to offer a fleet fuel card, which helps you maximize your savings at the pump as well as with your oil and lubricant needs. We go beyond delivering oil products with superior customer service and expert consultation services. Contact us or call 888-802-7500 today to learn more about all the products and services we provide.