Last Updated on February 5, 2024 by John Robinson
Businesses can save money with a fuel cards to purchase gasoline for their corporate or fleet vehicles. A fuel card is a prepaid debit card used at any gas station. The business will receive a discount on the price of gasoline when they purchase it with the fuel card and driver expenses can be tracked and recorded.
Many businesses can receive or earn rewards points for each gallon of gasoline purchased with the fuel card. Businesses can redeem rewards points for merchandise, cash back, or gift cards.
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Fuel cards offer several benefits over traditional fuel purchasing methods, such as paying with cash, a credit card, or a check. Below are ways businesses can save money by using a fuel card.
What is a fuel card?
A fuel card is a card is specifically used to purchase fuel at participating fuel stations. Fuel cards offer discounts on fuel purchases and other benefits such as cashback or points. The difference between a gas card designed for a business vehicle fleet and a typical credit card is that the fuel card has another level of tracking expenses and fuel efficiency. For companies that use several vehicles to conduct business travel (this could be anything from a school bus company, maid services, or a shipping company and even a small office with a few company cars) the cost savings and tracking ability allows for a better analysis of vehicle efficiency.
Many different fuel cards are available, each with its own benefits and features. Some fuel cards are only accepted at certain fuel stations, while others can be used at any fuel station that accepts credit cards.
Fuel cards can be a great way to save money on fuel and help you keep track of your fuel purchases. A fuel card can be valuable and useful if a business requires extensive driving or frequentlengthy trips to complete work.
How do fuel cards work?
How do business fuel cards work? Fuel cards allow company individuals to fill up at petrol stations within the fuel network. Instead of paying with cash or credit/debit cards, the company employee pays for their gas with the fuel card.
The company is billed directly, and the employee can collect a receipt as proof of purchase. Business fuel cards are convenient for companies to manage their vehicle expenses, offering several advantages over other payment methods.
For example, business fuel cards can help track and manage fuel spending. Spending can be tracked on a micro level with data for each driver, vehicle, or by cost per mile.With fuel card data, a business can also analyze the expenses and efficiency of an entire fleet of vehicles at once. If your company is looking for a more efficient way to pay for fuel and track gas expenses, then a business fuel card could be the ideal solution to increase efficiency.
How businesses can save money with a fuel card?
The following examples explain how businesses can save time and money by using a fuel card.
Save money on the price of gasoline
The biggest way businesses can save money with a fuel card is through the discounts they receive on the price of gasoline. When businesses purchase gasoline with a fuel card, they usually get a discount of 3-5 cents per gallon. These discounts can add up quickly, especially for businesses with many vehicles.
Save time with one card
Another way businesses can save money with a fuel card is by having only one card to keep track of. This can be a time-saver for businesses with multiple vehicles, as they will no longer have to keep track of numerous gas cards.
Control purchasing and mileage
Businesses can also more efficiently control their purchasing and mileage by having a fuel card. This is because fuel cards usually come with features that allow businesses to track their spending and mileage. It also allows you to claim more of the VAT on fuel bought for work purposes.
Get discounts on other services
In addition to discounts on gasoline, many fuel cards also offer discounts on other services, such as car washes and oil changes. It can further help businesses save money on expenses needed for vehicle maintenance that will incur down the road.
Fuel cards can also give you insights into your fleet
If you have a fuel card, you can also get valuable insights into your fleet. Most fuel cards have reporting features that can help track a vehicle’s mileage and fuel usage. This information can help manage a fleet, test for efficiency, and pay closer attention to driver performance.
No receipt errors
Another way businesses can save money with a fuel card is by avoiding receipt errors. Lost receipts or inconsistent expense recording can lead to bookkeeping errors or unreliable data. Also, most fuel cards automatically generate receipts sent to the business owner via email. This can help businesses keep track of their spending and avoid any mistakes.
They’re easy to use
Fuel cards are also very easy to use. Drivers can use most fuel cards at any gas station that accepts credit cards. Businesses don’t have to worry about finding a gas station that takes their fuel card. Some fuel cards are associated with apps that can help drivers find the least expensive fueling stations.
They’re accepted at most major gas stations
Most fuel cards are also accepted at most major gas stations. Businesses can refuel at any gas station they want without worrying about whether or not one will accept their fuel card.
They offer 24/7 support
Another benefit of fuel cards is that they offer 24/7 support. Businesses can always contact the fuel card company if they have any questions or problems.
They have many features and benefits
Fuel cards offer many features and benefits that can save businesses money. By taking advantage of these features, businesses can save significant money on gasoline purchases.
Frequently Asked Questions
Below are frequently asked questions about fuel cards.
How do business fuel cards work?
How do business fuel cards work? Business fuel cards, called fleet cards, allow employees to purchase gasoline and other vehicle-related services at participating gas stations. The company is then billed directly for the purchases, rather than the employee paying with cash or a personal credit or debit card.
Businesses can use fuel cards to track employee spending and monitor and manage a company’s fleet of vehicles. Some fuel cards also offer gas and other service discounts, saving the company money.
To use a fuel card, the employee presents the card to the cashier at the gas station. The purchase is then charged to the company’s account, and the employee can collect a receipt as proof of purchase. Fuel cards can be convenient and cost-effective for companies to manage vehicle-related expenses.
How easy is it to get a fuel card?
You can apply online or over the phone depending on the fuel card provider. The application process will involve a basic and standard credit checking process.
Once these checks are complete, you will receive your fuel cards; each time frame will vary depending on the fuel card provider. Fuel cards make it easy to get fuel discounts and manage fuel expenses.
With a fuel card, you can take advantage of petrol station discounts, manage your fuel budget, and track your fuel consumption. If you’re looking for a convenient way to save money on fuel, then a fuel card may be right for you.
How much can I save with a fuel card?
The amount you can save with a fuel card will vary depending on the card provider and the type of fuel card you choose. Some fuel cards offer discounts on fuel, while others offer cash back rewards.
Conclusion
In conclusion, fuel cards can be convenient and cost-effective for companies to manage vehicle-related expenses.By implementing it, businesses can take advantage of petrol station discounts, manage their fuel budget, and track fuel consumption.
