Choosing the best prepaid fuel card for you

One of the more outdated ways of managing fuel payments was to have employees pay for fuel themselves, keep the receipt, and be reimbursed later. This method created a whole host of issues, from delayed or forgotten reimbursements, which led to employees being out of pocket, to administrative logjams when it came to sifting through piles of receipts.

The inefficiency of this system has influenced the increased popularity of fuel cards. If you’re not familiar with them, a prepaid fuel card is a type of prepaid payment card designed specifically for refuelling. Unlike other payment methods, fuel cards are usually restricted solely to fuel, which increases spend visibility. Some providers do allow some non-fuel purchases related to travel, but this will depend on the particular package and company. Fuel cards eliminate many of the problems of a cash-based system.

There’s a vast array of fuel card suppliers out there, and as the payment method has gained popularity, this number has only increased. Some are large recognised brands, whereas others are more specialised companies.

The smaller fuel cards are eligible for around 3,500 fuel sites, whereas others can be used at as many as 7,800. On top of this, the stations supported by some providers are quite regional, whereas others are centred on big cities. If you decide to go for a fuel card, that decision should factor in the specifics of what your drivers will be doing.

There can be additional charges as well. Most packages have an annual card fee, although this shouldn’t be too costly, as it averages at around £20. Some cards come with transaction fees, too, so that’s another expense to look for. And keep an eye out for minimum monthly spends that come with some cards, because if your drivers aren’t reaching this threshold of fuel consumption, you’ll want to consider a different provider.

Clearly, there’s a lot to consider if you’re wanting to start using a prepaid fuel card.

Soldo’s smart prepaid system offers a complete spending solution. Not only do our prepaid cards offer greater flexibility to you and your employees, they can completely revolutionise how you manage your finances. At all stages of the expense process, Soldo makes life easier.

Once you’ve set up your cards, they can be linked with the Soldo mobile app or desktop console. This means that you can turn cards on and off in a click, transfer more funds if needed, and crucially, see every payment as it happens.

When an employee pays for something, all they need to do is snap a photo of the receipt, add any notes they deem necessary, and Soldo does the rest. All your spend data is collated in one place and, because the cards are prepaid, there won’t be any surprising charges or overpayments.

And when it comes to the end of the month, our seamless accounting integrations mean that all of this expense information can be sent to accounting software tools like Xero or QuickBooks in just a few clicks.