Choosing the best fuel card for your business

Find everything you need to know about business fuel cards and see which one works best for your business.

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Focus on business fuel cards

Does your business rely on drivers? If so, you’ll undoubtedly be looking for the most effective way to manage your fuel costs. In recent years, one of the most popular ways of doing this has been company fuel cards, and there are a variety of providers to choose from but lets answer a few questions:

  • What are the benefits of fuel cards?
  • How do they work?
  • Are they the best way of keeping track of fuel expenses?
soldo fuel card solutions with mobile app receipt capture

How normal fuel cards work

A fuel card is, as the name suggests, a payment card that is used specifically for fuel. Sometimes they can be used for other vehicle-related purchases such as engine oil and screenwash, but generally the cards are very limited in their reach.

However, this is exactly why they’ve come to prominence. Other methods of paying for fuel, such as cash or business debit cards, have become outdated. Carrying around wads of cash is hardly the most secure way of managing company funds, and it means drivers will have to keep hold of receipts which then get sorted through at a later date. There are lots of steps where things can get missed or neglected.

With business credit cards, the receipt issue remains, on top of the fact that an employee will have unbridled access to the company bank account, and it’s not always clear what’s been spent and by whom.

Business fuel cards eliminate these issues. When a driver uses one at a petrol station, they carry out the transaction as normal, and that’s all they need to do. The business will then receive HMRC-compliant invoices displaying all the payments for a particular period. This means there’s no need to sort through piles of receipts, and because the card can only be used for fuel, there’ll be no mystery payments.

On top of this increased visibility and security that fuel cards have over other payment methods, a major appeal of these cards is that most of them offer cheaper fuel rates than those advertised at the pump. It may only be a few pence per litre, but this can make for considerable yearly savings.

Fuel card suppliers

However, not all company fuel cards are the same. As their popularity has increased, the number of providers has increased too, and they all aim to offer unique and competitive packages. If you are thinking of using fuel cards for your business, then take some time to consider the range of fuel cards and which is the perfect fuel card for your business.

One factor to consider is that there is a difference between the number of fuel stations that providers support. The lower end of the scale sits at a figure of around 3,500, whereas the largest fuel cards are eligible for roughly 7,800 sites; that’s nearly complete coverage. These supported stations may also be more rural or urban, depending on the provider, and fuel prices will vary with this too.

Some cards can come with transaction fees, so that’s another variable to consider. Not only this, but they can have a monthly minimum spend, which is also worth thinking about, because if your drivers aren’t reaching this threshold of fuel consumption, then you’ll want to choose another provider.

There are comparison sites out there that you can use to help decide which fuel card provider would best suit your business, and it’s well worth your time to look into it.

The Soldo Prepaid Alternative

With Soldo, there are a couple of options when it comes to paying for fuel. Soldo does offer specific fuel cards, and we’ll come to those in a moment, but if you’re looking for a wider-ranging card, then we’ve got you covered.

With a Soldo prepaid card, you get all the benefits of security and visibility that comes with company fuel cards, but without the limits. In fact, the only limits are those set by yourself, so you are in complete control. You preload your cards with an amount of your choice, then allocate categories for that card so they can only be used for certain things.

When employees are on the go, fuel expenditure might not be the only charge, and they might need to pay for food, accommodation, or even laundry, and a fuel card cannot cover these expenses.

You can top up their cards remotely using Soldo’s mobile app or desktop console, or switch a card off if it gets lost. This is where the versatility of Soldo comes into its own, as it offers maximum flexibility and complete control.

Receipt upload & seamless integration

With Soldo, you don’t have to worry about a spend-spiral in which you lose track of who’s spent what. With a Soldo prepaid card, employees upload photos of receipts along with their purchase, so spend data is automatically collated. This reporting can then be sent directly to accounting software such as QuickBooks and Xero using our seamless integrations, so all the way from the point of purchase to the bookkeeping process, Soldo will streamline your spend-management.

Track fuel spend in real-time with Soldo fuel cards

One of the biggest advantages of Soldo fuel cards is that, unlike other fuel card companies, they aren’t restricted to specific brands, so your drivers don’t need to waste time seeking out particular fuel sites. Fill up anywhere in the country, and track fuel spend in real-time with transactions uploaded straight into the Soldo mobile app.

If you have a fleet of vehicles, you can manage its fuel payments by associating cards with specific vehicles. Create reports that provide a list of payments made at each service station. Then, by combining the expenses of all vehicles into a single report, Soldo can provide an overview of the total spent and the distribution of VAT costs for each individual vehicle.

With Soldo, you can choose a card that works best for you and your business. This level of choice means that fuel cost management becomes a breeze, and with no more time wasted trying to sort it manually, you can get back to the tasks that matter.

It takes minutes to apply, with no need for a credit check, and your account can be up and running the very next day.

Optimise your cash flow and cut down on admin time by signing up to Soldo today.

“We’re a caring company and always look after each other. With Soldo I know I’ve always got my drivers’ backs and the best bit is that I don’t need to do loads of work (or miss out on VAT claims) at the end of the month.”

Karen Green
Operations Manager at Titans Group

“When we switched to Soldo, it became obvious that it was quicker and more efficient. There’s a greater feeling of security; we have more confidence in Soldo than the traditional corporate credit cards.”

Mark Taylor
Director of Finance at Plymouth College of Art

Apply online in minutes and start spending in as little as one working day.

No credit checks, no hidden fees, no fixed contracts. Cancel anytime.

1. Complete registration

We need to confirm your identity and address. Upload a few documents and you’ll be done.

2. Add funds

Load money to your account to order your Soldo card. Receive it in 2 working days.

3. Start spending

Shop online or instore safely with your contactless card.

Let’s find the right Soldo fuel card plan

Choose a plan that fits the way your company spends. Apply in minutes, get going in as little as one working day, and cancel anytime.

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Pro
Get added flexibility to control funds and manage company spending.
£6per user/month
Minimum of 3 users

All of Start, plus:

What’s included?

Best for growing businesses
Premium
Get increased visibility, control and support for multiple currencies.
£10per user/month
Minimum of 3 users

Every feature from Pro, plus:

What’s included?

 
Enterprise
For medium and larger businesses, that need customisation, flexibility and dedicated support.
Custom pricing Unlimited users and cards

All the benefits of Premium, plus:

What’s included?

These prices exclude VAT. The Soldo software platform is operated by Soldo Software Ltd. The emoney business account and payment services are provided by Soldo Financial Services Ltd and are subject to additional fees such as, card issuance, cash withdrawals and others. See all the financial services fees here, and the typical limits here.

Learn more about fuel cards