Do Small Businesses Need Fuel Cards?

Wondering if your business needs fuel cards? We help you answer this question.

What are Fuel Cards?

Fuel cards offer easy payment solutions to drivers to purchase different kinds of fuels (such as diesel, gasoline, etc.) at gas stations.

In simpler terms, a Fuel Card or a Fleet Card is a payment card restricted to fuel-related purchases.

The driver can fill up as usual and use the fuel card to pay for the fuel they’ve purchased. 

How do they help small businesses?

1. Cashless Transactions

The first (and the most obvious) benefit of using fuel cards is that it completely eliminates the use of cash.

Business owners do not have to worry about handing over money to their drivers for fuel.

2. Assist in Accounting

All the transactions made using the fuel cards is consolidated and an HMRC approved invoice is sent.

This helps businesses save time and money and also provides business owners with peace of mind.

All the reports are received by you at the end of every month carrying all the necessary details such as the name of the driver, address of the gas station, the transaction amount, etc. allowing you greater control over your accounts.

Additionally, they help keep track of unusual transactions.

3. Consistent pricing

Fuel cards generally allow businesses to purchase fuels at wholesale rates which are not only consistent but also cheaper.

This accounts for a significant financial saving and enables you to budget the costs effectively. 

3. Flexibility

Did you know that you can use fuel cards at hundreds of different sites?

This not only offers flexibility but also convenience to the drivers by helping them make an easy and quick transaction.

4. Secure Payments

Fuel cards operate on a PIN system similar to credit and debit cards.

This helps the driver feel more secure and as a business owner, it gives you a greater sense of security to know that the driver can only access the card to make fuel purchases. 

5. Fabulous Rewards

Fuel cards generally offer great rewards.

These could range from fueling up your gas to supermarket points depending on the card you’ve purchased. 

How to choose a Fuel Card?

Choosing a fuel card is easy.

All you have to do is browse all the available cards and understand their key features.

You can go one step further and also research a little to get to know their latest offers and how they can best help your business. 

If you need any additional assistance in selecting the card or if you need assurance regarding whether the card you’ve selected is best for you, you can consult experts here.