How to Pick the Best Fleet Fuel Cards For a Global Businesses

CFOs managing global fleets face similar struggles as finance leaders in other industries - cost control. From aviation to logistics, and shipping, businesses grapple with the challenge of navigating the currency volatility and complexity of fuel prices. And this is not an easy task when fuel expenses often comprise a substantial portion, between 30% to 40%, of operational budgets. Virtual fuel cards and fleet cards emerge as versatile solutions, empowering finance leaders to rein in overspending, optimise budget allocation, increase efficiency, regardless of the range of fleet management. In this article we will explore the key the advantages of the fleet cards and the essential features to consider when evaluating fuel cards for fleet management.

A virtual fleet card, also called a business fuel card, is a digital payment tool designed for businesses managing vehicle fleets. Unlike traditional plastic cards, they come in a digital format, managed through an online portal or mobile app. Virtual fleet cards deliver both convenience and control, meaning they can be issued and managed remotely, which makes them a perfect solution for businesses with complex fleet management needs.

The usage of virtual cards extends far beyond the traditional fleets, encompassing everything from cars to planes, from logistics to aviation. So, regardless of how your fleet looks like, whether it roams highways or skies, these card have the flexibility to accommodate it and ensure that the financial transactions are not bound to physical constraints.

The standout feature of virtual fleet cards is the enhanced control and monitoring. With an online platform, fleet managers and CFOs alike can set weekly fixed limits or other controls, impose restrictions on specific merchants like BP, ESSO only, or assign pre-defined budgets for fuel and other expenses for specific fleets or vehicles using business pre-paid cards. Virtual cards can be issued for individual vehicles or employees, making precise tracking of expenses effortless.

This flexibility extends beyond the initial budget allocation - CFOs can enable recurring top-ups, eliminating delays caused by waiting for funds to become available for fuel purchases. This means smoother operations which reduce waiting times for both employees and end customers. With all that you can control allocated budgets better, eliminate overspending and gain complete visibility into your fleet's financial activities.

According to the available data, fleets using virtual cards have reduced their fuel spending by an average of 15%. There are, however, further cost-saving benefits coming with virtual cards.

When it comes to cost savings, virtual fleet fuelling card gives a two-fold advantage. Firstly, by streamlining payments, it reduces waiting times for approval and processing. Consider a scenario where employees no longer need to pay for fuel using their personal card and instead, they can use the fleet card to pay in the desired currency. With that, payments can be expedited immediately without lengthy approval processes or dealing with manual reconciliation and reimbursements later on.

Fuel cards for aviation may significantly reduce waiting times at the airport by allowing for an instant settlement. Faster operations translate into lower operational costs, faster delivery of services to the customer, and increased customer and employee satisfaction. Secondly, when virtual fleet cards support multiple currencies, companies can save on foreign exchange (FX) charges and payment fees by settling transactions in the currency of the merchant.

Additionally, some providers offer cash rebates on fuel purchases, providing a direct boost to your bottom line. This means that every time you use the card you earn cash back, improving company's profitability.

Fuel car gives staff and drivers access to company funds without the need for out-of-pocket expenses, while them to choose the nearest fuel station or cost-effective option while on the motorway. This can significantly boost the morale of the employees - according surveys, 80% of fleet employees mentioned increased job satisfaction thanks to the flexibility and trust they can choose the right fuel station.

Moreover, employees can upload receipts on the go with mobile access rather than relying on manual handling by the finance team at the end of the month. From a CFO perspective, online management allows cards to be remotely created, deleted, frozen, or topped up while the fleet is on the route without disrupting their operations. All spending data is consolidated in one place, providing the finance team with real-time insights from every fuel card.

When it comes to fuel card provider comparisons, it's essential to evaluate the offerings of to ensure they meet your specific business uses and needs. Here are key considerations.

Online account management

Does the provider offer you an online platform or mobile app to manage cards remotely? Most fleets will be operating far from the headquarters so it is essential to have easy ways to manage, top-up, issue and control cards remotely.

Receipt and invoice upload on the go

All purchases will need to be compliant with company expense policies and followed up with required invoice. The staff needs to have a way to easily upload fuel receipts as they make fuel payments, on-the go.

Range of fuel cards offered

The range refers to - the type of cards and the number that can be issued per specific driver or vehicle. As a basis, you should consider whether the virtual cards issued are Visa or MasterCard or any other widely accepted card scheme like Discover for instance. Then, check if your vendor offers you the ability to create multi-use and single-use cards as well as pre-paid and debit and what is the monthly and weekly limit o card creation on your plan.

Reporting and reconciliation

One thing worth considering is the level of data that you can extract from each card transaction. Vendors like Fyorin allow you to set specific metadata or tags for card transactions and automate reconciliation within your ERP at the end of the month.

Multi-currency support

Are the cards available in multiple currencies? This may be particularly important for fleets operating internationally to lower down the FX exposure.

Transaction costs and savings

Does the vendor provide a cash back programme? The rebates typically range from 2% to 5%. While considering cash back or other benefits, don't forget to evaluate transaction fees as high feed might offset any savings for businesses offered.

At Fyorin, we understand the intricate needs of CFOs when it comes to managing fleet finances. We work with a range of businesses in logistics and aviation, providing them with dedicated fuel cards and aviation payment cards - designed to bring unmatched control, cost-saving opportunities, flexibility, and real-time reporting for global fleets.

Turn costs into earnings: Earn a cash rebate every time you pay for fuel or any other expense using our virtual card and increase your bottom line.

Flexibility without giving up control - Effortlessly manage the cards - issue, schedule top ups, set limits and rules though the online dashboard.

Cost-efficiency at a global scale - Enjoy one of the best FX rates in the market and zero fees on card transactions.

Global employee expenses made simple- No more out-of-pocket expenses and reimbursements with single and multi-use cards for individuals or teams.

Reconcile on Autopilot - With integrated accounting you get touchless reconciliation and all records in one place.

With Fyorin, you can empower your workforce, gain deep insights, and improve the financial performance of your fleet. Ready to request your fleet fuel card? Get in touch with us at sales@fyorin.com