In today’s fast-paced realm, fuel cards have emerged as a viable tool for businesses who need to streamline fuel expenses and increase efficiency.
A fuel card is a payment card designed to buy fuel and cover other related expenses. You may think that fuel cards are simply a convenient way to pay for fuel, but there are plenty of benefits to using fuel cards. In this blog, we delve into six powerful fuel card features that can optimise fuel consumption and transform a business fleet.
1. Greater cost control and savings
One of the greatest impacts of fuel cards could be their cost-effectiveness. Many fuel cards unlock access to discounts and volume-based prices, helping individuals and businesses save money.
When you apply for a fuel card, you commit to a specific provider who will supply all the fuel needed for your fleet operations. In return, you can benefit from lower fuel prices, usually two to three per cent below the normal price; this discount and lower prices can keep fuel costs low and optimise fleet performance.
2. Detailed reporting
Tracking fuel expenses is a critical aspect of managing a business and an individual budget effectively. You can easily keep records and monitor fuel expenses by incorporating fuel cards. It lets you set spending limits and restrict purchases to fuel and related expenses.
Most fuel cards use telematics technology to help you analyse and track where drivers are refuelling. This can help prevent unauthorised spending, improve efficiency and identify loopholes for strategic planning.
3. Streamlined administrative work
When buying fuel using the traditional method, you generally have to handle the inconveniences of claiming expenses and collecting receipts. Fuel cards can offer automated invoicing and a transaction log that can reduce time spent claiming reimbursement and managing receipts for both drivers and their employees.
4. Enhanced security
Fuel cards can offer a secured payment option, often requiring a verification code or a unique PIN. This can mitigate fraud risks, minimises the risk involved in carrying cash and provides peace of mind to individuals and businesses. In addition, some cards integrate fleet management software which monitors real-time fuel purchase and vehicle location, reducing the risk of misuse.
5. Convenience
Fuel cards offer unparalleled convenience, and they are time-saving. They are accepted by numerous stations across the UK and wider networks, making them convenient for fleet operations, saving you time.
6. Cash flow management
Keeping your fuel expenses is essential to help maintain profit margin and cash flow. Not knowing how much you and your employees will spend on fuel every month can cause havoc on your cash flow. Fuel cards are connected to a monitoring system that can show all the diesel and petrol purchased, which can help predict your outgoings and limit your spending.
Conclusion
Fuel cards can provide multiple advantages that boost savings, save time and are efficient for individuals and businesses. By embracing fuel cards in your day-to-day life or your business, you can unlock a reliable fuel management strategy and optimise your overall fuel budget.