Below, we’ve summarised all the advantages of using a fuel card over a credit card or cash. These include huge benefits for your company as well as significant advantages for your employees. But if you’re still unsure whether fuel cards are the right direction for your business, please get in touch with our expert team to discuss your business and its specific needs.
Benefits for your company
Competitive fuel prices
Depending on the card you select and the size of your fleet, you could make significant savings throughout the year, and especially if you have a large number of vehicles. For example, if you go for a fixed weekly price card, every litre of fuel bought on that card will be charged at a competitive fixed price throughout the week.
Reduced administration costs
One of the great things about fuel cards are that they simplify the management of your fleet, which in turn can lead to a reduction in administration costs. Instead of being swamped by lots of claim forms and credit card bills, you’ll typically receive a single invoice. Our invoice will also be in a format that’s been approved by HMRC, which means you’ll spend less time processing your VAT, and you’ll find it much easier to claim back all the VAT that’s owed to you.
No interest on purchases
If you have a large number of employees who use company credit cards to pay for fuel, you might be incurring hundreds – maybe thousands – of pounds in interest every year. Start to use fuel cards and this unnecessary fee is gone forever. That’s because no interest is charged on purchases made on a fuel card.
You specify what can be bought
With a fuel card, you can decide exactly what a driver can purchase on it. This may be simply fuel, or you may specify that a card can be used for additional extras such as car washes, lubricants or glass repair (surcharges apply). Without doubt, you’re in total control of what’s bought on your fuel cards.
Fuel fraud reduced
Another great benefit of a fuel card is that it makes fuel fraud much harder to commit. That’s because your company is charged directly for the fuel bought on a card. In your online account management system, you can also track every transaction, which makes checking for any unusual activity super straightforward. Plus, The Right Fuelcard Company also has a dedicated team that monitors for any irregular behaviour on our customers’ accounts.
Because each fuel card is assigned to an individual driver or specific vehicle, there is an increase in security. In addition, protection is beefed up another notch by the fact that all our cards are either chip and PIN, swipe and PIN or swipe and signature.
Less time on admin
Simpler process and easier payment
If your business currently runs a pay and reclaim scheme, you’ll know how much time is taken up with processing expenses claims and chasing drivers who don’t supply the fuel receipts that are needed. When you use a fuel card, you can say goodbye to this big headache. Instead, your company will receive one single invoice that breaks downs all your fuel costs. Payment for this invoice is then automatically taken via direct debit.
VAT made easy
If a driver doesn’t provide a receipt for a fuel purchase, the VAT on that purchase is unrecoverable. With a fuel card, this is something you don’t have to worry about any more. You’ll be able to view all your company’s fuel transactions; in addition, every invoice you receive from The Right Fuelcard Company will be HMRC approved and provide a clear statement of VAT.
Powerful management and reporting
As one of our customers, you’ll gain access to The Right Fuelcard Company’s excellent account management system. This allows you to easily manage multiple fuel cards, including retrieving PIN numbers, cancelling lost cards and ordering additional cards.
You can also monitor the fuel transactions for each card, view and print new and historical invoices, and run reports so you can understand your expenditure better and identify ways to save money.
On top of this, you can use our online site locator to establish alternative routes for your vehicles which take less time and use less fuel.
Huge choice of stations
We have a great selection of fuel cards to choose from which give you access to thousands of fuel sites across the UK. These cards cover single fuel suppliers and whole fuel networks, as well as a wide range of supermarkets. By getting in touch with one of our expert advisers, we can work out which card will be best for your business and meet all your needs.
Benefits for your employees
Hassle free payment
We’re positive none of your drivers want to carry large amounts of cash in their vehicles; and although company credit cards can solve this problem, they require a driver to keep track of their purchases and manage lots of receipts. A fuel card makes everything far more simple. All a driver needs to do is hand their fuel card to a cashier at a fuel station and the price of the fuel will be automatically added to your company’s next invoice.
Far less paperwork
HMRC keep a very watchful eye on employee expenses and fuel costs. This means your drivers must be diligent at keeping their receipts from fuel stations – something that may cause them and you plenty of logistical headaches. However, give an employee a fuel card and they won’t have to keep hold of fuel-related paperwork anymore. Instead, one single invoice that provides detailed information about each fuel purchase is sent to your business. These invoices also meet the strict standards of HMRC, which reduces the chances of you ever falling foul of the taxman.
No costs upfront
If your company runs a pay and reclaim scheme, there will always be a gap between your employees paying for fuel out of their pocket and receiving this money back after submitting an expenses claim. This can be a huge inconvenience for your staff members, especially if they’re on the road a lot and expenses are only processed once a month. But with a fuel card, your employees don’t have to submit any claims for fuel. This means they never have to use their own money to cover costs that are chargeable to your company.
No awkward questions
Very occasionally fuel fraud does occur. This can lead to costly and time-consuming investigations, as well as employees facing awkward questions. But this can all be nipped in the bud with a fuel card. Because you’re invoiced directly, and you can see exactly where a driver stopped for fuel and how much they paid and when, there’s little room for anyone to abuse the expenses system.
Rack up reward points
With many of our fuel cards, a driver can claim rewards points for the fuel they buy. This includes Nectar points at Sainsbury’s, Morrisons More points at Morrisons and Tesco Clubcard points at Tesco. Over a short period of time, these points can quickly stack up. A driver can then convert these points into vouchers for groceries, trips away or leisure activities. Something that will potentially make your workforce happier and more productive.
An obvious conclusion
If the nature of your business involves a lot of travel, or you have a fleet of vehicles, we hope you can now see how using a fuel card will benefit your company and its employees. There really is huge potential for fuel cards to save you money, cut down your admin and protect you from fuel fraud. All of which leaves you with more time to focus on the day-to-day running of your business.
We’re here to help
It’s important to point out that one fuel card doesn’t suit all businesses. Identifying the best fuel card for your company may not be straightforward. That’s why we encourage you to get in touch with our team of expert advisers on 0113 202 5110 or complete our online enquiry form. We can then provide you with free quotations that are matched to your specific needs.