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Why a businesses would use a fuel card
As the price of fuel continues to soar, more and more businesses are using fuel cards for financial savings and other benefits.
Fuel cards work in a similar way to credit cards: they can be used anywhere within a specified network (there are branded fuel cards limited to certain stations such as Shell or Esso, or a multiple-brand card which will cover a bigger range) and are usually paid monthly. However, unlike credit cards, fuel cards can only be used to buy petrol or diesel, making it much easier to keep track of fuel costs and reducing the risk of fraud.
The system is flexible and caters for different needs. It's possible to use a petrol card or diesel card only, or a general fuelcard. There are two main card types: fixed price and pump price. The fixed price version (based on weekly bulk prices) is used more by hauliers and is normally diesel only, though there is a fixed price petrol card available from Texaco. These rates are usually lower than pump prices.
The pump price fuel card offers other benefits, one being that the participating networks mainly avoid the more expensive stations. Claiming back VAT is also made easier by the fuel card system as all transactions are recorded in detail including time and place, and are made out in the name of the company using the card, so there is no need for receipts and admin is much easier. Fuel cards comply with EU VAT regulations.
Your fuel card account is held in your company name, but you can have as many individual cards on the account as you like. A fuel card can be registered for a specific vehicle, specific driver or driver and vehicle, depending on your firm's needs. Many fuel card companies now offer online support so you can check your account at any time; you should also have online access to other services including cancellation, ordering new fuelcards or requesting detailed invoices.
With these and other advantages on offer, the steady growth in fuel card use by businesses is no surprise.
Why a businesses would use a fuel card
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