Accepting Fuel Fleet Cards –
Pros and Cons

 

Thinking about increasing your business revenue? Consider accepting fuel fleet cards at your location.

These cards are commonly used by companies to manage fuel purchases for their fleets. By accepting fuel fleet card payments, you can develop a relationship with large companies and improve your revenue.

This article explores the pros and cons of fuel fleet cards and offers you insights on how you can start improving your cash flow.

Fuel fleet cards are becoming a clear choice for companies that are looking to keep an eye on the fuel consumption of their fleets. These cards allow companies to stay on top of expenditures and simplify payments.

Each vehicle in the company’s fleet is given a unique card when the vehicle enters the service. Every employee is given a unique driver ID when they start driving the vehicle. The separation between driver and vehicle IDs allows the company to effectively track all the expenses and have a clear idea of the spending. The companies also make direct payments to the retail vendors against the procured fuel.

Companies that issue fuel fleet cards often have a consistent fuel requirement on a long-term basis. If you’re able to get the business of a company with a large fleet, you’ll be able to sell fuel and convenient products to the company’s drivers. The entire process is simple, and you’ll receive consistent payments from the company after the defined time period.

 

Fuel fleet cards are not just used for the purchase of fuel. These cards can also be used to purchase convenience goods, food, and other items. By accepting fuel fleet cards at your location, you can encourage drivers to purchase products from your store and improve your business. These additional sales are often also incentivized to drivers through a network like the Wex/Voyager.

 

When you’re dealing with large-scale fleet companies, trust is an important factor during any transaction. Large companies often run up millions of dollars in fuel purchases every year. With sales of this magnitude, it is important for companies to have accurate insight to ensure that they’re getting the right value. Fuel fleet cards enhance customer trust by generating automated alerts for unusual activity. Whether it is an out-of-state purchase or an unusually high fuel purchase, companies prefer the convenience of fuel fleet cards because of the ability to set limits on the purchases.

By offering fuel fleet cards at your location, you can develop a personal relationship with large companies and develop trust for high-volume fuel purchases over the long haul.

 

Conventional fuel sales often require a separate sales module to tabulate the sales and figure out your business performance. Fuel fleet cards simplify the process by allowing you to get detailed data bout the sales. As a business owner, you can maintain long-term accounts with companies and expand your billables considerably. The ability to get this level of data and insight far outweighs the performance benefits offered by conventional sales tools.

 

 

Even though fuel fleet cards are a great way to enhance your revenue and improve your cash flow, there are some negatives associated with ineffective implementations of fuel fleet cards.

Potential of Fraud

Similar to other payment formats, fuel fleet cards are vulnerable to skimming and types of digital fraud. Skimming devices are often used to grab numbers from the cards. Scammers are using advanced devices to skim these cards and use the numbers to make unauthorized fuel purchases. Even though chip card usage has significantly increased in the past few years, a significant percentage of users are still using old technologies that are prone to scams and fraud. To stay protected against fraud, adopt a modern card standard that has in-built protection against fraud and scams.

Interest Rate Variation

If you don’t work with a reputed vendor, you could end up getting drawn into a fuel fleet card program that provides you with highly unfeasible interest rates. This could result in a loss of revenue and cause cash flow issues in the long term. To have a seamless implementation, the best option is to work with a reliable company like AGMS that provides you with complete insight on interest rates and other terms and conditions before you start accepting fuel fleet carts at your location. Even though fuel fleet carts have some disadvantages, the majority of these issues stem from working with ineffective partners. You can cover these disadvantages

 

 

Fuel fleet cards offer a great way to amplify your revenue and add a stable revenue stream to your business. Accepting fuel fleet carts can also allow your business to become a popular choice for drivers because they prefer the added perks and benefits offered by fuel fleet cards. With features like spending control, online acceptance, and discounts, drivers will continue to improve your cash flow, and you can simply get paid on a regular basis from the companies.

To start receiving fuel fleet cards at your location, the best option is to work with a company that provides you with the required hardware and software solutions that make the process easy for you. AGMS helps you do that by offering comprehensive fuel fleet card solutions that are designed to give improve your cash flow and give you control of your operations.

 

Add a reliable source of revenue for your business. Work with AGMS to become a part of the nationwide Wex/Voyager Fleet Card Network.