Fuel cards can help save you money. They remove the inconvenience of paper receipts as all transaction data is stored online. This also means drivers don’t have to carry extra funds to cover fuel or other vehicle-related costs.
Fuel cards are limited to covering only fuel and vehicle-related products, meaning the business owner or fleet manager has peace of mind and control over their drivers’ expenditure. This will stop any misuse of funds, an issue occasionally experienced within this sector.
Think carefully about the type of fuel card you want. Factors such as the vehicles require diesel or petrol should play an important role in your decision between opting for a fixed price card, generally only available for diesel, or a pump price fuel card.
Make sure you check the advantages of each card as they can offer prices lower than the national average forecourt pump prices. Some offer advantages like nationwide offers that would be unavailable through other payment alternatives such as credit cards. Businesses could also benefit from points and rewards schemes and, unlike credit cards, there is no interest charged on purchases.
For many companies travel constitutes a massive expenditure for their business, so it’s important to find ways to minimise these costs. Whether you run a small or large fleet, the value of fuel cards can be substantial.
Whether you choose a fuel card from a branded network such as Shell, Esso, Texaco, or a multi-branded network will be dependent on a number of factors, including whether the fuel card offers an adequate network of fuel stations based on the routes covered by your drivers/fleet.
Fuel cards can help simplify administration, saving you both time and paperwork. Online account management services mean businesses can access their accounts 24/7, so whether you need to retrieve invoices or download fleet management reports, you can easily enhance your current methods for recording and reporting all travel related expenses. There is a variety of fuel reports that you can generate to help streamline administration processes and your business’ cash flow.
For drivers, other risks surrounding security and fraud are also minimised and since all invoices are HMRC compliant, your business can reclaim 100 per cent of VAT paid without the need for receipts.
In addition, fuel cards can be linked to a particular driver and vehicle, or assigned to a certain driver or a specific vehicle, therefore equipping the business owner or fleet manager with a greater degree of control and security.