Everything You Need To Know About Fuel Cards
You may know that fuel cards are associated with commercial fleets and that they are used by businesses of all kinds, but there are so many options available that it can be hard to choose the right one for your needs. Whether you have a small or large business and whether you have a fleet of two or 200 vehicles, you’ll be able to find a fuel card that suits your preferences and saves you money.
So first thing's first, what is a fuel card? Fuel cards are a means of paying for petrol or diesel that is specifically designed for business use. They work in a similar way to a regular debit or credit card, only they are linked to a business account that makes it much easier to monitor fuel spending and activity. Rather than your driver needing to pay for fuel and keep a receipt to claim the money back, they will present their fuel card when fueling the vehicle and the business will be charged at a later date.
There are lots of different kinds of fuel cards, and most of them are created in partnership with various fuel suppliers. For example, most cards are suitable for use at some filling stations but not others. Some cards will be suitable for use with a number of different fuel brands, and others give you special perks such as reduced fuel rates when you refill at specific refuelling stations.
One of the good things about fuel cards is that they can only be used to purchase fuel, and cannot be used to purchase other goods. This fact allows you to limit your expenses and keeps your drivers accountable for their spending. As mentioned, fuel cards are usually linked up to software that makes it very simple to track your fuel spend, and this can even give you important insights into the fuel economy of your vehicles.
Which fuel card is right for your business?
The great thing about fuel cards is that they can be used by small, medium or large companies, and providers usually offer different packages which are suitable for different kinds of businesses. Fuel cards for small businesses will usually be limited in some way in terms of how many vehicles they can be used for but they offer the best value for money for small businesses that are working on tight budgets.
Generally speaking, fuel card packages offer at least 10 fuel cards and you will often have to specify whether these cards will be used to purchase diesel or petrol fuel. If you have a mixture of petrol or diesel fuel cars and vans then you may need to specify this as part of your package, and choose a fuel card package that allows you to purchase a mixture of different fuel types.
Your drivers and admin staff will find fuel card systems very easy to use. When on the road, your drivers will be able to refuel at any participating refuelling station that is specified in your package and will simply need to present the fuel card once they have refuel their vehicle. Rather than billing your company straight away for the fuel the drivers have purchased, the bill will be added to your account to be settled at a later date.
Modern fuel cards use a chip and PIN system for security and each car will be linked to a unique PIN. These commercial fuel cards are designed for maximum security so if the card is ever lost while your driver is out on the road it will not be possible for a stranger to pick up the card and use it to refuel their vehicle.
If you are having any trouble choosing the best fuel card for your business fleet then the key things to look out for are the number of cards you need, the amount you are likely to be spending in each month on fuel, which kind of fuel you need, whether you need motoring related perks such as free car washes, and whether you need advanced tracking software for your monthly fuel spend. These factors will help you decide which is best.