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.