Published on June 10th, 2019
Fuel cards have made the way easier for fleet owners. Thanks to their various features for which more and more business owners are turning to. In this article, let us find out more about the fuel card trends in the industry under the following sub-topics, namely,
- Overview of fuel cards
- Current trends in the industry
Let Us Take One-By-One
1. Overview Of Fuel Cards
Signing up for fuel cards is the latest trends for all the businesses that own cars and vehicle for commercial purpose.
You will find these cards in various forms like Branded fuel cards, Universal fuel cards that do not make use of any particular brand, and Merchant fuel cards that tie-up with certain fuel companies to offer the privilege to consumers.
There is a direct impact of using fuel cards on the fuel card industry. The fact that cybercrime rates have increased over the years, the need for digitization and cybersecurity assumes greater importance.
2. Current Trends In The Industry
Telematics interface, security, CDCVM or Consumer device cardholder verification method, HCE or host card emulation, personalization, and social media leveraging are some of the features that these fleet cards offer.
The ease with which the cards can be used has made it even more popular and sought after among the businesses that run their own fleet.
The benefits of using them like Speedway Mastercard and many similar ones, you can enjoy a number of advantages that include the following-
- Avail discounts – Using these cards entitles you to enjoy discounts at various gas stations.
- Monitor in real-time- If your driver is using the card, he will not be able to manipulate funds or cash since it requires a PIN or personal identification number and he cannot rip you off at any cost.
You will also get reports in real-time and details pertaining to your vehicle, driver, and pattern of movement of your vehicles.
- Keep track of fuel purchases- With the help of these cards, you are in a better position to assess your expenses on fuel every month. If you feel at any point of time that you must curtail on the costs or readjust expenses you incur on fuel, these cards are the best parameter to keep track of how you can reassign or reallocate funds for purchasing fuel.
- Online payment and report- Another benefit that you can enjoy is making payments online. Aside from that, you will also be able to get access to reports that will include information about your vehicle maintenance, expenses, distance covered, and so on.
The benefits mentioned above are just a few of them. Consumers have unanimously embraced this concept as a result of which the fuel card is witnessing a flourishing spree at the moment. Flexibility the cards offer is another advantage that you can look forward to.
The card industry is undergoing changes owing to the innovative measures that the Fintech companies, and app industry is spearheading to. Also, with the advent of social media platforms, the industry has got a boost, and there are valid reasons for the same.