In recent years, fuel cards have become a popular solution for fleet managers to better control and track spending on fuel and other expenses. One of the emerging players in this industry is Coastpay, offering a Visa fleet fuel and gas card along with an expense management system. Their aim is to simplify fuel payments and improve efficiency for fleets of all sizes. This article reviews Coastpay fuel cards and examines their features to help potential users determine if it’s the right fit for their businesses.
Coastpay prides itself on providing a secure driver check-in process that aims to minimize fuel fraud and misuse. This streamlines the administration process for fleet managers, as they no longer need to rely on driver or vehicle pins while still maintaining robust reporting and insights. Additionally, their competitive pricing provides savings for companies, making it a potentially valuable addition to a company’s fleet management toolkit.
While there are numerous options for fuel cards in the market, such as WEX fuel cards, our review focuses on Coastpay’s offerings, which have garnered attention from satisfied customers. In the upcoming sections, we will delve deeper into the features and benefits of Coastpay fuel cards, as well as assessing their overall value for fleet operators.
Overview of Coastpay Fuel Cards
Coast Fuel Cards and Visa Partnership
Coastpay offers fuel cards designed for businesses with fleets of all sizes, ranging from just a few vehicles to hundreds. In partnership with Visa, Coast aims to streamline expense tracking, save time, and improve profit margins for companies managing business vehicles. The Coast fuel card operates as a Visa fleet fuel and gas card, meaning it can be used at any fueling station where Visa is accepted.
Features and Benefits
Coastpay fuel cards come with a variety of features and benefits:
- Controls & Security: Coast offers customizable controls on fuel cards to manage employee spending, helping businesses maintain security and oversee expenses.
- Real-time Reports: Access to real-time data allows fleet managers to track fuel consumption and other expenses, increasing visibility and improving the decision-making process.
- Fleet Card Options: Suitable for both small and large fleets, Coast’s fuel cards provide a flexible option for businesses to find the right fit for their operations.
- Customer Service: Coast offers dedicated customer support for businesses, ensuring a smooth experience throughout the entire process.
Coast’s platform, powered by advanced technology, aims to simplify expense management and streamline financial operations for businesses with fleets, helping them to increase efficiency and profitability.
Pricing and Fees
Fuel Card Pricing
Coast offers competitive pricing for its fuel card services. The fuel card is available at a cost of:
- $2 per user per month
This pricing structure allows for easy budgeting and scales well with the size of your fleet.
Hidden Fees
Coast is committed to providing a fair and transparent financial product. It is essential to be aware of any potential hidden fees when considering a fuel card. With Coast, there are a few minimal fees:
- $40 one-time set-up fee
Apart from the setup fee, Coast prides itself on having a transparent pricing plan without any hidden or surprise charges.
Transparency
In line with their commitment to offering fair and transparent products, Coast takes the following measures to ensure transparency:
- Clear pricing: Coast provides upfront pricing details, ensuring that its customers are well-informed about the costs associated with the fuel card program.
- Real-time monitoring: Coast allows fleet managers to monitor charges and approve expenses in real-time, giving them full control over their fleet expenses.
- Customizable card limits: ExxonMobil, one of the partners with Coast, offers the flexibility to tailor spending and set card limits for added control.
- Accessible customer support: Coast provides an open line of communication via phone and email for any queries or assistance in understanding their pricing structure.
By keeping its pricing structure simple and transparent, Coast helps fleet owners and managers make informed decisions and manage their budgets more effectively.
Fleet Management and Expense Control
Spending Controls and Limits
Coastpay fuel cards offer a high level of spending controls and limits for businesses managing multiple vehicles. These flexible cards provide fleet managers with the ability to set daily, weekly, and monthly purchase limits on various types of expenses, such as gas, maintenance, and roadside assistance. Additionally, Coastpay cards can be customized to restrict the types of purchases allowed, limiting their use to fuel and other vehicle-related expenses.
Expense Tracking and Dashboard
One of the standout features of Coastpay fuel cards is the sophisticated expense tracking system. Through the user-friendly dashboard, businesses can monitor all vehicle payments, gas station transactions, and other expenses across their fleet in real time. The dashboard also integrates with current accounting systems, enabling automatic expense tracking and seamless financial reporting.
The Coastpay platform provides an in-depth look at all purchases made with the fuel cards, including details such as:
- Date and time of transactions
- Gas station location
- Amount of fuel purchased
- Cost of transaction
This visual representation of spending patterns can benefit businesses by helping them optimize their expenses and save time, ultimately boosting profits.
Integration with Fleet Management Technology
Coastpay fuel cards are not only about spending controls and expense tracking. They also integrate seamlessly with existing fleet management technologies, allowing businesses to leverage data-driven insights to make informed decisions related to vehicle maintenance and fuel consumption. This powerful combination of fuel card management and fleet management software empowers businesses to reduce costs and optimize on-road performance.
In summary, Coastpay fuel cards provide an efficient solution for managing fleet expenses and offering valuable insights that can ultimately lead to increased profitability for businesses operating multiple vehicles. With granular spending controls, sophisticated expense tracking, and seamless integrations with existing systems, Coastpay is a comprehensive solution for managing all aspects of fleet expenses.
Network and Coverage
Gas Station Network
Coast fuel cards offer a flexible solution for fleets of all sizes. They are accepted at a wide range of gas stations and truck stops across the United States. By allowing drivers to use the card wherever Visa is accepted, Coast provides an extensive network of fueling locations for your fleet. This extensive network helps your drivers find the most convenient and least expensive fueling options, reducing the time spent searching for suitable places to fill up.
Coverage Area
Coast’s coverage area expands throughout the United States, ensuring that your drivers are never too far from a gas station or truck stop where they can use the card. With the ability to use Coast at any Visa-accepting gas stations, your fleet benefits from widespread network coverage in both urban and rural areas. The Coast fuel card enables your company to optimize fueling, parking, car wash, and maintenance expenses with precise control and tracking, regardless of the area in which your fleet operates.
In summary, Coast fuel cards offer:
- A widespread gas station network across the United States
- The ability to use the card at any gas station or truck stop where Visa is accepted
- Convenience and ease for your drivers to find fueling locations
- Effective control and tracking of fleet expenses
By utilizing Coast fuel cards, your fleet can enjoy comprehensive network coverage and an extensive range of fueling locations, ensuring smooth and efficient operations across the United States.
Comparison with Other Fuel Card Providers
Shell
Shell offers the Shell Fleet Solutions fuel card, which provides customized payment and fleet management solutions for businesses of all sizes. Some benefits of the Shell card include:
- Accepted at over 14,000 Shell stations
- Flexible card configurations
- Customizable reports and analysis
- Fraud detection and prevention tools
One key difference with Coastpay is that the Shell fuel card is more limited in its acceptance, as it can only be used at Shell stations.
ExxonMobil
The ExxonMobil fuel card helps manage spending and save money on fuel. Features of the card include:
- Accepted at over 11,000 Exxon and Mobil stations
- Flexible payment terms
- Detailed reporting and online account management
- Security features like purchase controls and real-time alerts
Like the Shell card, the ExxonMobil fuel card is limited to acceptance at Exxon and Mobil stations, whereas Coastpay offers acceptance at any location accepting Visa.
BP
BP fuel cards provide a means for organizations to manage fuel expenses and gain access to discounts. Benefits of the BP card include:
- Accepted at over 7,600 BP and Amoco stations
- Customizable purchase controls
- Detailed spending reports and invoicing
- Access to BP’s fuel rewards program
However, like Shell and ExxonMobil, BP fuel cards are limited to their network of stations, while Coastpay provides more flexible fuel station options.
Comdata
Comdata offers the Comdata Mastercard, which combines the benefits of a fuel card with a corporate purchasing card, allowing for more expense tracking options. The card provides:
- Extended network acceptance, including truck stops and retail fueling locations
- Fuel and maintenance pricing discounts
- Customizable purchase controls
- Detailed reporting and administration
Comdata’s fuel card offers broader station acceptance compared to Shell, ExxonMobil, and BP. However, it may not have the same level of control and visibility as Coastpay’s fleet card solution.
Fuelman
The Fuelman fuel card is designed to help businesses save money on fuel and maintenance while offering controls and reporting features. Benefits of the Fuelman card include:
- Over 50,000 fueling locations
- Pricing discounts
- Purchase controls and real-time alerts
- Online account management
While Fuelman provides a larger network of fueling locations, Coastpay offers an even more flexible option with the ability to use the card at any Visa-accepting location.
WEX Connect
WEX Connect offers a suite of fleet fuel cards to fit businesses of all sizes with varying needs. Some features of WEX fuel cards include:
- Access to over 90% of U.S. fueling locations
- Custom payment and purchase terms
- Robust reporting and data analytics
- Fraud prevention and security features
Coastpay compares favorably against WEX Connect, providing flexible options in terms of acceptance and robust controls, security, and spend reports.
Coastpay Integrations and Partnerships
Fintech Integrations
Coastpay is focused on developing partnerships and integrations with other fintech companies in order to support the growth of their fuel card solutions. Some key fintech partners include Flexport, Plaid, Marqeta, Albert, and Lithic, which enable Coastpay to offer enhanced features and services to its customers.
Flexport provides logistics and supply chain management solutions, which complement Coastpay’s fuel card offerings for fleet management. Meanwhile, Plaid is a widely used financial services platform that can help improve the overall experience for users handling transactions with Coastpay fuel cards.
Marqeta is a card issuing and payment processing platform, which may benefit Coastpay users by providing faster and more secure transactions. Albert is a personal finance app that can offer additional tools for individuals or businesses using Coastpay fuel cards to better manage their finances. Lastly, Lithic is a card issuing platform that can potentially improve the payment experience for Coastpay customers.
Funding and Investors
Coastpay has successfully raised funds to support the growth and development of its fuel card solutions for fleet management. In a seed round, they secured $6 million from investors. Coastpay has also raised $27.5 million in a subsequent funding round. This demonstrates the confidence investors have in the company’s vision and potential in the marketplace.
Some of the investors backing Coastpay include:
- Better Tomorrow Ventures
- Avid Ventures
- Bessemer Venture Partners
- BoxGroup
- Foundation Capital
- Greycroft
- SciFi VC
These investors represent a diverse array of expertise and resources that can help propel Coastpay to become a leader in fuel card offerings and fleet management solutions. Their experience in industries such as fintech, logistics, and transportation will be invaluable in advancing Coastpay’s growth and development.
Expanding Services to Other Industries
Besides focusing on fuel cards for fleet management, Coastpay is exploring ways to expand its services to other sectors, such as hotels, parking, and other related industries. By integrating with solutions like Sage for accounting and financial management, Coastpay can offer even more value to its customers, helping them manage expenses related to their fleet and beyond.
Conclusion
Coastpay fuel cards offer a sophisticated expense management platform, along with the Coast Visa fleet and fuel card for businesses of all sizes. Accepted at any location that takes Visa, this card provides convenience and flexibility for drivers on the road.
The initial launch of the card supports only fuel transactions, but plans are in place to eventually unrestrict the cards while offering customization options for fleet managers. These options include setting day-by-day spending permits and restricted driver budgets.
Some key benefits of Coastpay fuel cards include:
- Wide acceptance: Use the card anywhere Visa is accepted
- Improved expense management: Track employee spending on fuel and other expenses
- Customizable restrictions: Control driver budgets and spending schedules
Whether you’re managing a large or small fleet, Coastpay fuel cards can help enhance efficiency in expense tracking, reduce costs, and facilitate smooth operations on the road.
