A fuel card offers a wide range of benefits. If you are after a cost-effective and better way to buy fuel, you need to get a fuel card. Currently, businesses don’t use cash, debit or credit cards to purchase fuel at gas stations since there are no restrictions on what motorists can buy.
Drivers also need to keep track of receipts to report all fuel purchases they have made to their respective accounting departments, making things more challenging. Luckily, there is one easier, proven solution to all these problems. That’s a fuel card. With a fuel card, you can enjoy much-needed controls, convenience, reporting and cost savings. But can anyone apply for a fuel card and enjoy its benefits?
If you’re wondering whether you can benefit from a fuel card, there is no need to worry since this article has everything you need to know. You’ll also learn what a fuel card is and its benefits to businesses. Keep reading to discover more!
What is a Fuel Card?
A fuel card is also known as a fleet card. It’s a method of payment used to purchase gasoline, diesel and other types of fuel at gas stations. Fuel card users can also use it to pay for automobile maintenance and other related costs at the fleet owners’ or managers’ discretion. Most of them are charge cards.
These cards allow fleet managers or owners to get instant reports helping them to keep track of all expenses related to the automobile. Oil brands and firms specialising in payments provide fuel cards. Also, some rideshare firms have fuel cards for their motorists, allowing them to have fuel funds subtracted from their earnings.
Benefits a Fuel Card Offers to Businesses
There are numerous fuel card benefits that businesses and self-employed individuals can enjoy. With a long chain of fuel station networks, these cards can save time and money for administration teams and significantly enhance cash flow.
Major benefits businesses will enjoy include not having to deal with cash, fuel cost savings, reduced administrative tasks and time, closer management of fuel spend, payment security, and flexibility and variety. Fuel cards also allow businesses to access a breadth of data and enjoy fuel points and rewards.
Who Can Apply for a Fuel Card?
A fuel card isn’t designed for everyone. Those who can apply for a fuel card include limited companies, self-employed individuals/sole traders, charities, government bodies and partnerships. And it’s because of tax reasons. Fuel card providers offer different types to meet the unique needs and requirements of a wide range of businesses, from small and medium-sized to large and established ones.
Since a fuel card must be registered against a business, it’s not available for personal use. You must meet this requirement when applying for a fuel card in order to receive one. If you have a business, use the best comparison tool to find a fuel card with great deals.