Are rising fuel prices putting a strain on your company’s cash flow?
Looking for a better way to save money on gas while tracking and managing your company’s fuel expenses?
Well the good news is that fleet credit cards can not only help you save money on painful prices at the pump but also help build your company’s credit, too.
A recent study from Aberdeen Group showed that 80 percent of businesses implementing a fleet management system saved money by doing so.
Now I’m sure you’ve heard of gas cards. The main difference is that a gas card’s sole purpose is to purchase fuel, but with fleet credit cards your business can purchase fuel and maintenance service within a network of authorized merchants.
These cards are specifically designed for businesses that have two or more vehicles in use for business purposes. It provides you simple tracking of expenses, and each employee of your company can be issued a unique card that you can control and manage.
With greater control and management of your company’s fuel costs you can realize real savings that will impact your company’s bottom line.
Let’s review some of the other main benefits of using fleet credit cards:
- Receive discounts and/or rebates on fuel purchases;
- Detailed reporting to better manage fuel and maintenance expenses;
- Improve fuel efficiency by performing regular maintenance service;
- Save money by reducing fraudulent fuel charges;
- Set spending limits and block cards if necessary;
- Save time with less paperwork;
- Track your fuel purchases by driver and vehicle;
- Easily locate fueling locations.
But before you go out and apply you should be aware that like a business credit card, not all types of fleet MasterCard or fleet Visa cards separate you and your business from a credit reporting and liability standpoint.
While you’ll soon find that every fleet credit card company has its share of bells and whistles, only a select few truly offer your company the ability to build business credit without putting your personal credit and personal assets at risk.
With an ever-changing business climate you should take advantage of financial tools like this so you can weather the storm. By selecting the right type of fleet credit cards you can start managing, protecting, and reducing your company’s fuel expenses while protecting your personal credit and personal assets as well.
What other strategies are you implementing to save on your fuel expenses?
Marco is founder of the Business Credit Insiders Circle, a step-by-step business credit building system providing fleet credit cards, vendor lines of credit, business credit cards, and funding sources. You may contact Marco directly at: firstname.lastname@example.org. Follow Marco on Twitter @MarcoCarbajo and read more of his insights on business credit with no personal guarantee.