Fuel cards are more than just a convenient way to pay for fuel, they can benefit your business in a variety of ways:
Greater control over business expenses
Fuel cards differ from business credit cards in many ways, but the main point is that fuel cards are restricted to fuel only. Depending on the card you choose, you can also add additional purchase restrictions for certain forecourt services, such as oils, lubricants and Adblue. This means that all purchases made are for the benefit of your business.
As many businesses don’t receive payment until the product or service is delivered, or the project is completed, cash flow can often be an issue. Fuel cards are invoiced weekly which can help by breaking down the monthly cost of fuel into smaller, more manageable bills.
Help with fuel budgeting and planning
Online account management software allows you to clearly see fuel usage and exact spend, making it easy to forecast your fuel costs into the future. The reporting tools of account management allow you to identify trends in your fuel spend over the months, so that budget planning long-term is more accurate.
Simple monitoring of MPG and fleet efficiency
Accurate and detailed reports of the fuel usage of each vehicle allow you to pinpoint any inefficiencies within your fleet, and improve fuel economy. For example, a report may highlight a driver who is using considerably more fuel than others in the fleet. Further investigation might find that this is due to an inefficient driving style, in which case driver training could be organised.
Potential savings on fuel
There are many fuel cards offering different benefits and savings. Typically, fuel cards can save your business around 3p per litre depending on brand and country, but with increased efficiency and productivity your business will be able to enjoy more savings in the longer term.
There are different payment options, pump related price, fixed weekly rate, or cards with capped pricing. No matter which card you choose you will have access to fuel at the most competitive prices. Fuel cards are the only payment solution for fuel which can provide this unique benefit. For more details on the card options check out our Beginner’s Guide to Fuel Cards.
Reducing time spent on administration
The easy online management system simplifies and improves the efficiency and accuracy of administrative processes involved in running a fleet business. Dealing with endless fuel expense forms, and collecting and filing hundreds of receipts is a thing of the past.
With all transactions detailed on tax compliant invoices, reclaiming VAT becomes easier, saving your business both time and money.
Easy monitoring of multiple fuel cards and all purchases
Fuel cards provide companies with the ability to keep track of fuel spend easily and eliminates any issues with lost receipts and unrecorded transactions. All transactions for fuel, tolls or oil services are tied into one easy-to-read invoice, and can be viewed on an account management tool. This platform gives you the big picture, with greater visibility of all fuel cards. They can be viewed by individual driver, vehicle or set up groups, and view all transactions on a live map.
Each fuel card is PIN protected and can also be assigned to a vehicle registration number. If you choose this additional security feature, the number will be stated on the card and must match the registration number of the vehicle being filled up or payment will be refused at the petrol station.
Reporting via account management software can help businesses identify any suspicious behaviour as soon as possible. Alerts can be set up for certain events, such as drivers refuelling late at night, weekend usage, large fuel withdrawals, or when fuel outside of a specific area is purchased.
Reduce your carbon footprint
Fuel cards allow you to measure your carbon footprint which is becoming more and more important. With increasing government pressure on business to reduce CO2 emissions, reports can help your company set reduction targets and measure them. Not only does this help you achieve a greener fleet, but it can also mean increase fuel efficiency, which in turn can save you money.
Compare now to find the right fuel card for your business and enjoy the benefits of fuel cards today!
Having fuel cards can save your business money, do your driver fuel expenses claims automatically and make it a 30-second job to reclaim your fuel VAT. As a free comparison site, iCompario can find you offers on cards from all the big oil companies or multi-brand cards, and deals with no minimum purchase or tie-in contracts.