Everyday more and more businesses are choosing to fuel their vehicles using fuel cards rather than cash.
What are the key differences though with fuel cards vs cash?
In this blog post, we will cover the key differences.
Cash: The Limitations
Many businesses are still using cash to purchase fuel for their vehicles.
While using cash can be convenient, there are many drawbacks and limitations.
1. Vulnerable to Fraud and Theft
Although flexible using cash exposes you to the potential of fraud and/or theft. There is next to no protection or security as once cash has been stolen it is unlikely to be returned. Cash can also be misused to fuel other vehicles that are not business related. Fuel cards offer increased security due to limits and minimising use to strictly fuel, with all transactions stored online.
2. Increased Admin Time
When using cash to purchase fuel you will have to collect all of your receipts if you are VAT registered and wish to reclaim it. This will take a considerable amount of time especially if you have multiple vehicles. When using a fuel card you receive a VAT approved invoice which massively reduces the time spent doing admin.
3. No Savings
When paying for fuel using cash you will be paying the price displayed on the forecourt. However, when using a fuel card you will benefit from savings compared to the pump prices.
4. Lack of Monitoring
As mentioned above, when using cash you will not be able to monitor what vehicles were refuelled. This means you won’t be able to track how efficient your drivers are when it comes to fuel. This can lead to using more and spending more on fuel than required.
What is a fuel card?
A fuel card is a method of payment for fuel that is similar to a credit or debit card.
They are purpose-built for purchasing fuel and due to this offer features such as transaction limits and product selection.
How do fuel cards work?
Fuel cards are available to use at selected sites as part of a fuel card network. The Fuelwise Fuel Card is accepted at over 5,000 fuel stations across the UK and Ireland.
When a driver uses their card, the data is automatically uploaded to a fleet management system. Businesses can then monitor this data, create reports and manage their fuel cards.
A fuel card offers many more benefits versus cash, as well as credit cards.
Fuel Card Benefits
Just like cash, using a fuel card offers great flexibility for businesses. There are many other fuel card benefits which we have listed below:
- Reduction in fuel costs
- VAT approved invoices
- Automated reporting system
- Reduced admin
- Increased security and prevention of fraud
- Online Management Tools
- Monitor filling patterns
- Fleet Efficiency and accurate MPG reporting
- Reduce internal administration costs
How To Get Fuel Cards
If you wish to move your fuel purchasing away from cash and to fuel cards then simply complete the form below.
By completing the form you will have taken the first step towards getting fuel cards.
Once received our team will contact you to discuss the next step.