Fuel Card Guides | Is It Worth Having a Company Fuel Card?

Is It Worth Having a Company Fuel Card?

If you are unsure about investing in a company fuel card, you have come to the right place!

This guide sets out everything you need to know about company fuel cards, including the many benefits and why they are worthwhile. We will also explore the different company fuel cards available and help you understand more about the process of getting one.

Tue, 15 February 2022

What Is a Company Fuel Card?

A company fuel card is a type of payment card that employees can use for fuel purchases. They make life easier for businesses, as there is no need to hand out company credit cards or deal with fuel reimbursements.

Company fuel card at fuel station

How Do Company Fuel Cards Work?

Company fuel cards make everything easier, as it offers a streamlined solution for organisations that deal with fuel expenses on a regular basis.

To help you understand how fuel cards work, here is a quick breakdown of the process:

  1. When an employee is running low on fuel, all they need to do is head to their nearest approved petrol station and fill their tank with petrol or diesel.
  2. Once they have enough fuel, all they need to do is hand the cashier the company fuel card as they would with any normal card.
  3. Next, they need to verify the card with a unique PIN, and If you require mileage information, they will then input their current mileage.
  4. The payment will be processed after a signature is given, and the driver can opt for a receipt if necessary, although any transactions will be recorded digitally.
  5. To pay for the fuel, you just need to set up a direct debit. An itemised invoice will usually be sent at the end of each month, so you can check everything over. Keep in mind, some companies offer flexibility for payment dates.

Benefits of Company Fuel Cards

Company fuel cards offer unlimited benefits that enable companies to pay for fuel without all of the stress. To help you understand the fuss about company fuel cards, here are some of the biggest benefits that your company can enjoy:

Cost-Effective

One of the biggest advantages of investing in company fuel cards is that they can save your business a significant amount of money. Currently, you may be overspending on fuel, especially if you are paying workers on a rate-per-mile basis and they use the vehicle regularly.

With a fuel card, you can cut down your expenditure, as providers typically keep cardholders informed about the current fixed national rate per litre, which is typically 2-3 pence less than standard fuel prices or 10 pence on motorways.

Access to Interest-Free Credit

Another great financial benefit of company fuel cards is that they can help you gain access to interest-free credit. This will help improve cash flow, as there is no immediate upfront cost. An invoice is typically sent at the end of each week, so you will always be prepared for payment.

Streamlined Admin

One of the main aims of company fuel cards is to simplify company processes, including admin, which is typically one of the most time-consuming tasks.

Admin is thoroughly streamlined with a fuel card, as they come with a simple-to-use online management system. This means there’s no need to deal with continuous fuel expense forms and endless receipts, as it’s all stored in a digital form, so it’s much easier to sort through.

Extra Security

In comparison to other payment methods, fuel cards are much safer in terms of security. When using a fuel card, a PIN will be required to ensure the person is authorised to use the card.

Some fuel cards also boast spending limits, which can be adjusted depending on the travel requirements of each employee. The payments can also be tracked in real-time, so if any fuel card fraud is detected (which is unlikely), it will be dealt with straight away.

Additional Services

Aside from fuel payments, some company fuel cards can be used to pay for tolls, which is helpful for drivers who drive toll routes on a daily basis.

More fuel card providers are offering payment options for EV charging points to cater to the increase in companies investing in more eco-friendly electric vehicles.

Reporting Options

One of the biggest advantages of company fuel cards is that organisations can monitor the fuel via fleet fuel management software. This can also help point out any inefficiencies, such as overspending on fuel or noticing an issue with driving style that can be addressed with further training.

Which Company Fuel Card Is Best?

Now you’ve got a better understanding of fuel cards and their many benefits, you may be interested to know which company fuel cards come out on top.

Here, we will look at the best fuel card providers and compare the standout features of the fuel cards they offer:

BP Plus

BP Plus company fuel card

BP Plus is a popular fuel card for companies who need access to multi-branded fuel stations across the UK. Investing in a BP Plus fuel card allows access to 1200 BP and 800 Texaco filling stations, so your employees should never run out of fuel wherever they are.

A BP Plus fuel card also allows you to manage all transactions online and offers excellent security features to prevent fraud via the top-quality online authorisation process.

Key features:

  • Access to 2000 UK filling stations
  • Simple online account management
  • Advanced security features

Esso National

Esso national company fuel card

The Esso National fuel card offers excellent discounts at 1 in 4 filling stations in the UK, which means with this card, your drivers will never be short of fuel options. The card can be used at all Esso, BP and Shell garages. If required, the Esso National card can also be used to pay for specialist fuels, such as gasoil and AdBlue.

Drivers can also find a nearby filling station easily with the e-Route service station finder tools. So, even if your employees find themselves on an unfamiliar route, they can find a petrol station wherever they are.

Key features:

  • Detailed transaction reports
  • Helpful monitoring and GPS tools
  • Can be used for car washes

Shell Multi-Network

Shell Multi-Network company fuel card

If your company operates nationally, the Shell multi-network fuel card should definitely be one of your top options. This card is accepted at over 2700 garages across the country, including Shell, Esso and Texaco.

With this card, you can purchase Shell’s FuelSave diesel which helps improve vehicle efficiency. You can also benefit from competitive weekly fixed prices, which will help you save money in the long term.

Key features:

  • Customisable transaction limits
  • Access to over 2700 UK filling stations
  • FuelSave diesel can be purchased for vehicle efficiency

Texaco Fastfuel

Texaco fastfuel company fuel card

One of the most convenient and cost-effective company fuel cards is the Texaco Fastfuel. This card enables companies to access competitive weekly rates for both petrol and diesel at 1100 strategically placed UK Fuels sites.

The simple to use system also makes it easier to claim back VAT with HMRC-approved invoices. You will also be given an extensive breakdown of fuel usage for monitoring purposes.

Key features:

  • Convenient access to fuel stations
  • Great competitive rates
  • HMRC approved invoices

FleetOne

Fleetone company fuel card

The FleetOne fuel card offers extensive access to Morrisons, Tesco and Sainsbury’s, Jet and Texaco garages, along with a wide range of UK Fuels garages. This is suited to organisations with large fleets who operate in different regions across the UK.

Another benefit of the FleetOne company fuel card is that there are two different prices offered – commercial and retail. This means you can benefit from up to 10% worth of discounts every time one of your employees fills up.

Key features:

  • Access to top supermarkets
  • Accepted at over 3000 fuel stations
  • Offers both commercial and retail prices

How To Get a Company Fuel Card

Choosing the right company fuel card can be difficult, as there are so many great choices available. This is where iCompario comes in handy, as our free comparison tool will help you find the right fuel card to suit your business needs.

By comparing some of the best fuel card providers, we will help you find the best deal available, which will not only save you money but will also allow your business to thrive and grow.

Read more about fuel cards on iCompario

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