Keeping a handle on small business expenses can be difficult. It is easy for the costs to climb, leading some savvy business owners to look for ways to control spending and manage expenses.
If your business has a fleet of drivers, you need to give them the ability to purchase gas while they are traveling for your business. Fuel cards for small firms can provide you and your drivers the flexibility that you need. They can buy fuel and pay for other vehicle-related expenses while they are on the road. With gas cards for small businesses, you can also eliminate the reimbursement forms, and the time it takes to process them.
How can you choose the best fuel card for a small business, particularly your own? You may be interested in this article from Fleet Owner Magazine, which describes one popular choice among small business owners. The report selected the best fuel cards for small business because the provider offered enterprise-level features to smaller companies.
There are several reasons why fuel cards for small businesses are superior to traditional business gas cards.
Fuel cards for small businesses versus traditional gas cards
Traditional gas cards are credit cards, meaning that you will have to be approved based on your credit. If your business is new or you have some credit issues, this can be problematic. Also, traditional gas cards are typically branded, which means your drivers will only be able to get gas at specific gas stations. These gas stations may be out of the way, making your drivers add miles and spend more on fuel to locate them.
As with credit cards, traditional gas cards often carry high interest rates and charge substantial annual fees, making the balances balloon if your business is not able to pay them off in full each month. Your employees may also charge other items on traditional gas cards besides their gas and vehicle expenses.
Fuel cards for small businesses through Bento for Business are business Visa debit cards. This means that they do not depend on your credit, and your credit score will not be affected when you apply for these cards.
Avoid the limitations of traditional credit cards with business debit cards
They are not limited to specific gas station chains and may be used anywhere that accepts Visa. These gas cards do not charge interest or high annual fees. Instead, they are offered at a variety of package levels, allowing you to order the number of small business fuel cards that you need for your employees. You can get cards for up to 10 employees for just $29 per month.
You can also limit what your employees can spend on their cards. Even though the funds are kept centrally, you can set up rules for individual employees. For instance, you can make the spending that is allowed on your small business gas cards limited to pump-only purchases along with vehicle repair expenses. If your employee tries to use a card to purchase anything else, the attempt will be declined.
To understand how the best fuel card for small business works, consider an example. Let’s say you have delivery drivers who may need to pay for gas and minor vehicle service. They have access to the gas they need to do their jobs, and the flexibility to fix a flat tire.
Meanwhile, if the employee tries to use the card for a meal or other unrelated purchase, it will get declined. This stops employees from overspending your company’s money, and it also makes the job of managing purchases much more straightforward.
Enhanced spending controls with fuel cards for small businesses
Bento for Business’s small businesses gas cards, which are business debit cards, offer you enhanced spending controls. You can choose how much to deposit on each card and limit the daily amount that can be charged by your workers. Our customers are also able to see all of their cards on their interactive dashboards.
You can log into your account and see each card along with the purchases that have been made and the balances. This can help you to have a clearer picture of where your fuel budget is at whenever you want. You can also shut off an employee’s card by clicking a button on your screen if you need to terminate him or her.
This can help you to avoid a disgruntled ex-employee running up purchases on your card. You can similarly turn on new cards from your screen. You can make deposits to the cards whenever you need to do so from your mobile device or laptop.
Bento: Your Best Choice for a Small Business Fuel Card and More
Of course, you can use Bento for Business cards and software for more than just fuel purchases. For more information on gas cards and fuel cards visit our Gas Hub. You may have salespeople that you send out of town, and they may be allowed to purchase meals, tickets, and hotel rooms. Forbes described this small business corporate card as ideal for any companies with employees who must buy fuel, travel, supplies, or equipment.
The business fuel cards at Bento for Business might help you to get your business gas expenditures under control while helping to prevent employee fraud and thefts. The best way for you to learn how Bento works is to enroll online for a fee-free trial that lasts for 60 days. You are also welcome to schedule a custom demo or call us at 866.220.8455.