Manage your company vehicles the smarter way with a Soldo universal fuel card for businesses.

How does a regular fuel card work?

They can be assigned to an individual vehicle or a specific driver. When the vehicle requires refuelling, the driver fills up at the pumps as usual. The card is handed to the cashier who logs the transaction, just as they would with a credit card. The driver then inputs their PIN and sometimes a separate unit number too, as further verification.

The transaction is charged against the account that owns the card. Invoices are issued to the business regularly, usually weekly or monthly, showing each purchase for that specific accounting period.

What are the benefits of regular fuel card?

The main benefit of using fuel cards is the opportunity to purchase fuel at a discounted price. There is a wide choice available, and the majority give access to fuel prices that are cheaper than the price advertised at the pump and on the forecourt. The discount may only be a few pence per litre but over a year that can represent huge savings, particularly for companies operating a large fleet.

Employees appreciate them, as they enable them to fill up company vehicles without any need to use their own money. Claiming back expenses can be a long-winded and frustrating process, usually involving bundles of damaged receipts which tend to go astray. Lost receipts might leave your employees out of pocket, which in the long run could cause resentment.

Unlike credit cards, which can pay for various expenses, fuel cards tend to be exclusively for fuel and motoring expenses, so there’s no confusion as to the amounts spent and where. Invoices contain all the information that a business needs to complete its accounts, making light work of administrative tasks.

The majority of fuel cards come with controls that fleet managers can tailor according to the needs of the business. For example, it’s possible to set specific spending limits on each card issued, which significantly limits any potential for fraudulent use.

Additionally, the information displayed on the invoices allows business managers to assess the mileage and running costs of their vehicles with high accuracy. It’s also possible to identify drivers who could benefit from further training to encourage more efficient fuel consumption.

Where can fuel cards be used?

There are a variety of cards available, some affiliated with particular fuel brands such as Shell and Esso and some giving access to supermarket forecourts, for example. The cards can also be associated with specific types of fuel. Businesses can choose diesel cards, petrol cards, or combination cards which allow access to all fuel types.

Businesses that own several vehicles may find that a dedicated card for fuel can help to save time and money. In addition to providing businesses with HMRC-approved invoices, the data collected allows business managers to keep a close eye on the activities of their vehicles and their drivers to ensure optimum efficiency.

It is important to note that some companies may benefit from a more broad expense management card, such as a prepaid card. Soldo offers one of the best prepaid cards for business, providing a simplified solution to managing company-wide spending.

The main difference offered by Soldo cards is the ability to cover a far more extensive range of business expenses for employees. Managers can monitor and control employee spending in real-time, minimising the time spent on reporting and financial admin.