Everything You Need to Know About Fuel Cards

Fuel cards are a great way of saving you and your business money and time. Whether you’re a new business, or a business looking for alternative and efficient payment methods, fuel cards are the ideal choice. What is a fuel card, are they beneficial, can they save me money? These will be the questions you will be asking.

Fuel cards are a great way to help the future of your business. Here’s everything you need to know about fuel cards.

What Are Fuel Cards?
A fuel card is an alternative payment product businesses can use, enabling drivers to purchase fuel for their vehicles for business purposes. Essentially, fuel cards are a safer type of credit card restricted to fuel related purposes, providing a number of benefits.

They can be used for a variety of alternative fuel purposes, such as paying for tolls, car washes, shop goods, and other relevant purchases.

Any individual driver or specific vehicle can be assigned a fuel card.

What Are the Benefits of Fuel Cards?
Fuel cards offer a huge range of benefits for any business. If you’re thinking of getting a fuel card, ‘what are the benefits they provide’ will be one of your first questions.

Here are some of the benefits a fuel card will bring.

Fuel cards help you budget. With the option for restricting your daily cap allowance, it can help you stay in control of your budget, reducing your risk of overspending. They also allow you to easily manage your fuel spend. All transactions are recorded, ensuring you can easily pinpoint the inefficiencies in your fuel usage.

They reduce time wastage. No longer do you need to spend time on administrative tasks such as multiple fuel receipts, expense forms from drivers and looking through timesheets, instead everything is recorded on your fuel card, making the process quicker, simpler and stress free.

Pump Price Fuel Cards
There are two different payment options for fuel cards. The first being pump related prices. These types charge you the price which is displayed on the pump. However, this price can vary everyday due to the changes in the market and dependant on the service station.

Pump price related fuel cards are beneficial due to their extensive coverage; drivers are given a wider flexibility for refuelling at a range of service stations. These types of cards are great foe for all fleet and business types.

Fixed Price Fuel Cards
Your fuel rate is determined by the diesel wholesale price with a fixed price fuel card. So, even if the retail rates change throughout the next week, your rate won’t change.

Knowing how much your fuel will cost enables you to easily control your fuel spend.

The fixed price fuel cards are ideal for hauliers, large fleets and high-volume users. Despite having a slightly smaller network than the pump price cards, the fixed price sites are strategically located along all major transport routes.

Are you looking for the perfect fuel card for your business? iCompario can help. No matter your background, or business, fuel cards are a great way to help your business run efficiently.

If you would like to find out more information about fuel cards, or the services we offer – simply get in touch with us today and we will be happy to answer any questions you have.

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