Fuel cards have helped to revolutionise the ways that we manage our business fuel expenses. From providing cost savings on pump prices, to insightful and detailed expense reports; fuel cards have paved the way for streamlined admin duties. But what is a fuel card and how do they work?
What is a fuel card?
A fuel card is a payment method for business fuel expenses, specifically designed for purchasing fuel. Fuel cards operate similarly to credit cards, allowing cardholders to pay a discounted price at participating fuel forecourts within a designated network. Unlike credit cards, fuel cards provide cost savings on pump prices and facilitate enhanced reporting and analysis. To learn more about the differences between fuel cards and credit cards, check out our blog article.
Still looking to learn more about fuel cards? Here’s everything you need to know.
How do fuel cards work?
First, you need to submit a quote via our enquiry form, where we ask for your details and fuel requirements to help determine which fuel card will benefit your fleet and business the most. Once your fuel card application has been approved, your account with InterFuels will be activated and your card(s) will be dispatched.
Once you have received your fuel card(s), you can purchase your fuel from participating forecourts and networks, immediately making significant savings! Details of fuel purchases, including the monetary amount spent, date, time, and location can be accessed via our “My Account” feature (which you will need to register for). Consolidated VAT invoices will be issued weekly, with payments being taken the following week, providing clarity and routine, whilst allowing for effective finance management.
When fuel is purchased, the transaction is authorised in real-time, with some cards offering PIN protection to maximise your fleet’s security. Companies with multiple cards or larger fleets can assign each of their fuel cards to a specific driver or vehicle registration. The cost of your fuel cards will be calculated on several factors, such as your fleet’s size, the types of vehicles in your fleet, and your most frequented fuel networks.
What are the benefits of fuel cards?
Fuel cards provide businesses with a plethora of benefits, including:
- Convenience
- Cost savings
- Security
- Detailed reporting
- And more…
Why your business needs a fuel card.
Fuel cards offer a host of benefits for cardholders, from convenience to safety to savings on pump prices. By utilising fuel cards, you can take charge of your fleet’s fuelling expenditure, allowing you to budget effectively with transactional and time limits - meaning that you get the most out of your mileage for less. Want to learn more? Check out our Advice Hub articles where we cover fuel cards for larger businesses and how fuel cards can benefit smaller businesses. If you're still unsure about what fuel card would be best for your business, take a look at our article discussing different fuel card types for different UK businesses.
Fuel cards are powerful and convenient tools. By understanding how fuel cards work, businesses can empower themselves through effective fuel expense management and utilising the full benefits of their fuel card(s).
Ready to embark on your savings journey with InterFuels? Submit an enquiry today.