The Best Fuel Cards Are Flexible Credit Cards

Let's be honest – fuel cards are like that ex you can't quite shake. Sure, they served a purpose once upon a time, but now they're just limiting your options and draining your wallet with those sneaky hidden fees. It's time to upgrade. Numarqe credit cards are like the smart, successful friend who's got your back, the one who knows how to navigate the financial world. Read on to discover what makes Numarqe's smart credit cards a superior option to Fuel cards.

Middle market and large corporations that operate in the logistics, haulage, distribution and delivery sector, along with taxi fleets and organisations with car fleets, all face unique challenges when it comes to managing expenses and optimising financial processes for their employees on the road.

Traditional purchase cards like fuel cards have one specific purpose: buying fuel. They do not provide the flexibility, controls and credit limits needed to work across the entire corporate group, irrespective of where employees are travelling and the transport method they use.

Fuel Card and Purchase Card Usage Trends

Fuel cards and purchase cards, also known as fleet cards, have been widely used by businesses and government agencies to manage and control fuel expenses and vehicle-related purchases. However, in recent years, there has been a noticeable decline in their usage, with credit cards emerging as a preferred alternative.

Reasons for the Decline in Fuel Cards and Purchase Cards

  1. Limited Acceptance: One of the primary reasons for the decline in fuel card and purchase card usage is their limited acceptance. These cards are typically issued by specialized companies and may not be accepted at all fuel stations or retailers, or in different countries, limiting their convenience and usability.
  2. Additional Fees: Fuel cards and purchase cards often come with additional fees, such as network and transaction fees, annual fees, and monthly maintenance charges, and they can even charge for direct debits and invoicing. These fees can really add up, making them less cost-effective compared to credit cards that offer cheaper cost of credit and standard platform features that are included without charge.
  3. Data Security Concerns: With the increasing number of data breaches and identity theft cases, businesses are becoming more cautious about using specialized cards that may have weaker security measures compared to major credit card networks.
  4. Lack of Flexibility: Fuel cards and purchase cards are designed for a specific purpose, such as fuel purchases or fleet-related expenses. They lack the flexibility and versatility that credit cards offer, which can be used for a wide range of business expenses and can be customised to control spending for any particular transaction amount at any merchant.
  5. Lack of Credit: Many fuel cards are not credit cards, rather they are prepaid cards. Prepaid cards come with the burden of continually monitoring card balances, estimating employee spending amounts and topping up individual cards with enough funds to ensure they are not blocked at the point of sale. Furthermore, pre-paid cards are not universally accepted at all vendors, and there are much stricter account limits, restricting their convenience. Finally, prepaid cards are notorious for having hidden fees and being susceptible to fraud scams.

The Best Solution for Fuel Cards and Purchase Cards

That's where Numarqe credit cards come in. Offering the best possible replacement for fuel cards and purchase cards, the Numarqe credit platform provides you with a powerful credit Swiss army knife of features that address the specific needs large firms encounter. We insist on excellent customer service and account management for the numerous benefits highlighted below:

Embracing Flexibility

Numarqe credit cards provide logistics and delivery firms the flexibility they need to navigate their complex financial landscape. With our credit cards, businesses can access an unsecured line of credit that allows them to purchase beyond what is available in their bank accounts in multiple currencies. This added flexibility ensures that companies can meet their financial needs without limitations. Cards can be issued with variable credit limits and in multiple currencies, and where required, spending controls can be applied to specific merchants such as fuel retailers.

Loyalty to One Vendor is Overrated.

Fuel and purchase cards are limited to specific vendors they are linked to, so why put employees through the pain of looking for particular fuel outlets or accommodation providers, with no guarantee of obtaining the lowest price? This wastes time and money. Embrace the flexibility of a credit card that is accepted globally in over 210 countries and territories and at any merchant. Give your employees more flexibility but with customised spending controls in place to prevent overspending.

Advanced Spending Controls

Managing expenses is crucial for UK businesses, which is why Numarqe credit cards offer advanced spending controls. Companies can set limits on individual cardholders' spending, such as maximum spend limit per transaction, or applied to a particular merchant, such as a fuel retailer, ensuring that expenses stay within budgetary constraints. This level of control helps firms manage their finances more effectively while keeping a close eye on costs and available credit, yet still providing flexibility to employees.

Streamlined Expense Management

With advanced expense management features, Numarqe's virtual and physical credit card solutions are built to streamline operations for large firms. Real-time transaction tracking provides businesses with up-to-date visibility into their spending, while detailed reporting allows for comprehensive expense analysis and capture of the associated VAT. These tools enable firms to monitor and optimise their expenses more efficiently, saving both time and money.

The Power of Seamless Accounting Integrations

Numarqe's corporate credit cards are not just financial instruments but pivotal components of an integrated financial management ecosystem. By offering seamless bi-directional integrations with leading accounting software, Numarqe ensures that all credit card purchases are automatically captured and categorised, facilitating:

Automated Expense Reconciliation: Minimise manual data entry and reduce administrative burdens, allowing your finance team to focus on strategic analysis and decision-making.

Receipt capture and VAT coding: No more chasing receipts; users are prompted at the point of transaction to instantly upload an image of their receipts and ensure the correct ledger and VAT coding.

Insightful Financial Analytics: Gain immediate access to comprehensive spending data, empowering your business with the insights needed to drive cost-efficiency and financial optimisation.

Embracing the Flexibility of Virtual and Physical Cards

Understanding the diverse needs of mid-market businesses, Numarqe offers the flexibility of both virtual and physical corporate credit cards. This approach not only caters to various operational requirements but also enhances security and spending oversight:

Instant Access with Virtual Cards: Facilitate immediate transaction capabilities for urgent expenditures, ensuring your business remains agile and responsive.

Customisable Spending Controls: Tailor spending limits and restrictions across both card types to adhere to corporate financial policies and budgetary guidelines.

State-of-the-Art Security Protocols: Benefit from advanced security features, including PCI DSS, MFA authorisation across the platform and cards, and virtual cards for secure online transactions and chip-protected physical cards for in-person purchases.

Numarqe cards put your business in charge, from spending controls to over-limit protection.

Learn more about virtual cards here and why they are better than charge cards.

Robust Security Measures

Security is paramount in the logistics industry, and Numarqe credit cards provide enhanced measures to protect large firms against unauthorized transactions. Our cards come with fraud protection, purchase protection, and liability coverage, ensuring that businesses' finances are secure. With these safeguards, logistics and delivery firms can focus on what they do best without worrying about financial risks.

In summary, Numarqe credit cards offer logistics, haulage, distribution, and delivery firms, taxi fleets, and organisations with car fleets a powerful credit toolbox that addresses their specific needs. Our credit card solutions empower businesses to optimise operations and maximise financial performance with credit flexibility in multiple currencies, advanced spending controls on virtual and physical cards, streamlined expense management features, and robust security measures. It's time to take your financial management to the next level with Numarqe and use one program for your business globally.

Ready to find out more? Book a call today.

Don't take our word; check out our case studies to see how others use Numarqe's middle-market to enterprise-focused credit solution.

2024 Numarqe Limited, All rights reserved. Numarqe Limited is registered under company registration number 12587141, 47 Red Lion Street, London, England, WC1R 4PF. Numarqe Capital Limited is registered under company registration number 13726764, 47 Red Lion Street, London, England, WC1R 4PF.
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