Vehicle fleets are an essential asset to many businesses across Australia and the world. They are essential to business operations but they can also represent a significant cost and administrative burden.
If you or your colleagues are still using credit cards, debit cards or even cash to pay for your vehicle fleet expenses such as fuel and servicing then you are missing out on a big opportunity.
Unlike standard credit cards and debit cards or cash, fuel cards have been designed specifically for the purpose of fleet management.
What is a fuel card?
A fuel card (also known as a fleet card) is a card-based payment method that businesses can use for fuel and other vehicle-related expenses. These fuel cards come with significant benefits, making them an attractive proposition for businesses with vehicle fleets.
Fuel cards can make purchasing fuel and other vehicle-related expenses much easier. Features such as customisable purchase controls and enhanced data reporting allow you to take control over your fleet expenditure and find operational efficiencies for your business. They can help you protect, manage and optimise your fleet management budget in a simple and streamlined way.
What are the different types of fuel cards?
There are a number of fuel cards available for businesses in Australia all with their own unique differences. However, there are two broad categories of fuel cards available:
Multi-brand fuel cards
These cards can be used across a wide range of branded and independent service stations. One of the main benefits here is the convenience offered to businesses and their drivers when they need to re-fill their fuel tanks.
WEX Motorpass is one of the main multi-brand fuel cards with a wide range of benefits that can make a big difference to your business.
Single-brand fuel cards
These cards are limited to a specific service station network and tend to be provided by those service station brands. The significant drawback with these cards are businesses and drivers are limited to a specific brand or service station which means drivers could end up spending valuable time trying to locate a service station their card can be used in.
Why consider a fuel card?
There are a number of benefits fuel cards can bring to your business as detailed below.
Convenience
A multi-brand fuel card, like WEX Motorpass, can provide convenience to businesses and their drivers through the wide acceptance network. Drivers will be able to use the fuel card at most service stations meaning there is no time wasted trying to find a service station that accepts the fuel card.
Greater Control and Reduced Risk
Fuel cards come with customisable transaction controls which allow businesses to control how they are used. These controls help businesses to prevent unauthorised transactions and ensure the fuel cards are only used for the correct transactions.
Reduced Internal Administration and Improved Business Efficiency
Fuel cards such as WEX Motorpass can bring significant benefits to a businesses financial and business operations functions. Enhanced data reporting and streamlined statements allow businesses to track their expenses in a simple way that is Australian Tax Office compliant.
Potential Savings
Some fuel cards can provide exclusive access to savings and partner discounts. For example, our WEX Motorpass fuel card provides exclusive access to a wide range of benefits and discounts with our partners. Find out more about the WEX Motorpass partner benefits and discounts today.
