Fuel Card Articles

What is a Fuel Card?
A fuel card is similar to a credit card but is used by companies. These fuel cards are used in the same way as credit cards but have other characteristics that make them valued for managing company fuel costs. In days gone by fuel stations would have an arrangement with a company and would write down a customer’s name and company information and then invoice the company at the end of each month. The company would then take all the paper records and work out expenditure. This method was open to fraud and today’s fuel card system has ironed out these problems and the need for paper records.

Company fleet managers can control expenditure with fuel cards by issuing cards with limits to their drivers and they can control where purchases are made and can record where and when the card was used and for how much fuel. This enables them to check on mileage capability of their drivers and to ensure the drivers are using fuel efficiently and taking the correct routes. Fuel cards are swiped at the point of sale and the cost of the fuel is then billed to the company direct and not the employee saving time and effort in dealing with expenses forms each month.

The fleet owner benefits by being able to analyse the spending of their employees as well as saving costs on time as all reports are available on their computers and stored in an accounting friendly way. The itemised statements received are full of information on fleet expenditure that will help managers keep an eye on and even cut costs. Security is also key and business managers are notified of suspicious spending activity immediately and the fact the cards are individual to drivers and cars means that they are not open to abuse.
The actual driver also benefits as he doesn’t have to carry cash, with the dangers of that, or have to ensure he has enough money on his personal credit or debit cards. He doesn’t have to wait until he has processed his expenses to get his money back and so have a period of time where he may be short of cash. If the employee is subjected to a robbery he does not lose his personal assets and the card can be deactivated straight away so the business is protected also.

Fuel cards are available from a number of suppliers, look for one that offers a range of cards and a wide network of garages that your drivers can use. Experience is also key and a business with a track record of providing cost efficient fuel cards and good service is key. Try Cambrian Fuelcard Services who have always been one of the top providers of fuel cards and offer great advice, products and reports, what else could you need.