Check out our article for everything you need to know about fuel cards in Ireland!SPONSORED BY iCOMPARIO
Fuel cards have been popular with businesses for years, with numerous benefits for savvy business owners looking to save money and run more efficient fleets. In this article, we are going to take a closer look at the market for fuel cards in Ireland and how to find the best fuel card for you!
What is a fuel card?
Simply put, a fuel card is a special payment card that drivers can use to pay for petrol and diesel. You can buy other products too such as tolls, car wash, AdBlue, and engine lubricants, where approved by the card owner. Depending on the card and provider, your fuel card can be used at a network of fuel stations in Ireland, the UK and around Europe.
Fuel cards are ideal for sole traders, new businesses, SMEs, and established businesses with larger fleets. Though there is rising interest in fuel cards for individuals and private use. They can be used by cars, vans, trucks, HGVs and mixed fleets. If you spend a lot of time driving for your business or have multiple drivers on the road working for you, a fuel card may be of benefit to you. The good news is that multiple cards can be issued per business and given to employees. This means that cards can be matched to specific vehicles or drivers. In this way you can track usage per driver and protect against fraud.
How do fuel cards work?
Every fuel card is valid for purchases at a network of approved fuel retailers. The driver just needs to present the card to the cashier or pay at the pump. The business will be invoiced directly. Invoices will show each transaction, location, time, amount in litres and the price charged for those litres. All transactions appear on one simple invoice. Even if you have multiple drivers in your company with different fuel cards.
Many fuel card providers now offer customers an account management system to view invoices online, run reports and monitor usage. How convenient is that?!
There are no interest charges on spends with fuel cards. There may be a small annual fee for the card so the advice is to check with the provider.
Are fuel cards worth it for business?
Fuel cards offer businesses and managers more control over your fleet and expenses. They are ideal if you are a sole trader or small business and don’t have the luxury of a dedicated fleet manager. Fuel cards can ease the burden of administration and make it easier to monitor the efficiency of your fleet. We’ve outlined the main benefits below.
Save money on fuel costs
Signing up for a fuel card means that you can avail of discounted rates and the best fuel prices. This is a clear advantage for businesses that spend a lot of time on the road with perhaps multiple drivers claiming expenses.
Improve the efficiency of your fleet
Fuel cards allow you to easily manage your fuel spend. Every fuel transaction is recorded so reports can be run to pinpoint any inefficiencies in your fleet’s fuel usage. For example, if one vehicle is using more fuel, it might point to driver behaviour or some maintenance being required for that vehicle.
Save time on admin
Using a fuel card scheme reduces your time spent on administrative tasks like recording usage of fuel, gathering fuel receipts or expense forms from staff and comparing them with time sheets. Reclaim your full amount of VAT on fuel spends thanks to no more lost or missing receipts.
More safety and security
You can monitor your fuel card transactions, reducing the risk of fuel fraud. Cards are pin protected for more transaction security. They can also be matched to a driver or vehicle registration number. For further security, you can set a cap on daily spend permitted.
Fuel cards for fleets can save money and time. The website iCompario allows you to compare what’s availableTop tips for finding the best fuel card!
To get the most out of a fuel card, you need to find the card that is best suited to your business. Take into account your fleet size, the region you travel, and your average fuel spend.
Use an online fuel card comparison tool like iCompario to research what’s available in Ireland. iCompario is the largest fuel card comparison site and compares all the major fuel cards on the market. The site has a handy search facility where you can add details of your business to find the best available card for your usage and fleet.
Check the coverage of your fuel card is enough to satisfy your business needs. Find a fuel card with the best coverage and network of sites. For example, do you need a fuel card for the Republic of Ireland only, or do you need coverage in the UK and perhaps pan-European?
Many fuel cards now offer online management software so you can log in from anywhere. In this way you can monitor transactions by card, vehicle or driver, order additional cards or cancel lost cards quickly and easily, and run reports to monitor the efficiency of your fleet. It can all be done conveniently from desktop, tablet or a smartphone. Apps can be downloaded to a smartphone to show drivers the nearest fuel stations that accepts your fuel card. You can also filter by 24 hour, HGV access, etc. to save time on the road.
Every business is unique with different needs and requirements. Find the perfect fuel card with iCompario, the largest fuel card comparison site!
By Caroline Kidd