Company fuel cards work by allowing drivers to pay for company fuel using the fuel card instead of cash or a credit or debit card. This enables companies to save money on fuel costs and reduce admin time required to process employees claiming back business fuel expenses.
Company fuel cards can be a great solution for controlling travel costs, streamlining admin and managing a fleet of one or more drivers and vehicles. Read on to find out:
- How company fuel cards work
- The advantages of company fuel cards
- How company fuel cards save money for businesses
- Which companies use fuel cards
- Where you can use company fuel cards
- Why fuelGenie is a great company fuel card
How does a company fuel card work?
Using a company fuel card, each employee can refuel at approved forecourts and pay by presenting the fuel card. This allows the company to be billed directly, with no need for the use of cash, company credit cards or debit cards.
Here is how the process of using a fuelgenie fuel card works:
- Go to an approved petrol station
- Fill up on petrol or diesel, as needed
- Present the fuelGenie fuel card at the till, along with any supermarket loyalty points card
- You will be asked for the VRN (number)
- You will be asked if you wish to record the mileage
- The cashier swipes the fuel card, in payment for the fuel
- Once payment if authorised, you will be asked to sign confirming the transaction
- Collect receipts if needed (all payment info is digitally stored on the online dashboard so this is optional).
What are the advantages of company fuel cards?
As well as eliminating the need for owner-operators and employees to pay and later reclaim, the fuelGenie card offers the following benefits to businesses using it as a company fuel card:
- Savings of over 3p/litre by consistently directing drivers to low-cost supermarket fuelling stations*
- No fees to pay
- 24/7 online dashboard for easy admin and management
- HMRC-approved invoices for easy VAT reclaim
- Competitive credit facility with no minimum spend
- Unlimited number of free fuel cards
- It allows drivers to gain reward points on supermarket loyalty cards
How can a company fuel card save money for businesses?
Businesses using the fuelGenie fuel card save money in four different ways:
- Cheaper fuel: fuelGenie cards are exclusively used at supermarket fuel stations, where the petrol is on average over 3 pence per litre cheaper than elsewhere.
- Reduced administration time: fuelGenie removes the need to manually reconcile fuel purchases and receipts. This means less time and less money spent on these activities thanks to the automatically generated digital records.
- Reduced accounting time: Companies using fuelGenie benefit from HMRC-approved invoices that make VAT reclaim simple and easy.
- Controls spending: Unlike pay and reclaim, or company bank cards, fuelGenie only permits employees to spend on fuel and, if authorised, some car-related purchases (e.g. oil and car wash), keeping the expenses bill down.
Which businesses can use a company fuel card?
Fuel cards are an intelligent solution for almost any type of business. fuelGenie is available to all businesses in the UK, from sole traders to SMEs to large companies with fleets, subject to an initial credit check.
Where can you use a company fuel card?
Fuel cards are specifically linked to certain brands or chains of petrol stations. fuelGenie cardholders can use their fuel card at Tesco, Morrisons and Sainsbury’s forecourts across the UK. These supermarket petrol filling stations charge an average of over 3 pence per litre less than others, saving the business money and keeping costs down.
* The “over 3 pence per litre” saving message is based on the difference between the published Government Weekly diesel fuel prices and the price paid per litre for diesel by fuelGenie customers for the comparable period. Over a 16-month period (02.01.2017 – 02.04.2018) fuelGenie customers buying diesel at Tesco, Morrisons and Sainsbury’s saved an average of 3.2 pence per litre when compared to the Government Weekly road fuel prices