How does a company fuel card work?

How does a company fuel card work?

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.

What are the benefits of a company fuel card?

Just some of the benefits of fuel cards are as follows:

  • A quick and convenient way to pay for fuel.
  • Increased security and a safer alternative to carrying cash.
  • Tighter control of business expenses.
  • Streamline mundane admin processes.
  • Increased flexibility for refuelling across a huge network.

Should I get a company fuel card?

Company fuel cards can reduce the costs of filling up your business car(s), especially as most of them only work at discounted fuel stations. Fuel cards also take away the time and money spent on administration/accounting needed for a pay and reclaim system.

How much is tax on a company fuel card?

The use of company fuel cards for personal travel, including journeys to and from work, is effectively using company funds to pay for personal expenses. This is classed as a taxable benefit. The business must then pay National Insurance contributions (at 13.8%) on the value of the fuel being used for personal use.

Is a fuel card cheaper?

While using a fuel card may limit your drivers in terms of where they can top up, fuel cards offer cheaper rates than more traditional payment methods. Most fuel card providers offer tools for locating the service station closest to you.

How does a fuel card work for a company?

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:

Is it safe to use a fuel card?

Paying with a fuel card is the safest way to fuel up. Paying with cash at the truck stop can put your drivers in danger of being robbed. When you use a fuel card, you get an extra layer of protection because you and your drivers will use a special PIN or company DOT number to make safer purchases.

Where can I use my fuelgenie 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.

How does a fuelgenie loyalty points card work?

Here is how the process of using a fuelgenie fuel card works: Present the fuelGenie fuel card at the till, along with any supermarket loyalty points card 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

How to create a driver fuel card policy?

You can get a head start by downloading this free driver fuel card policy template. Here’s some specific examples that will help you create a complete driver fuel card policy Employees authorized to fuel company vehicles are issued a (5) digit Driver ID to be used with the company’s [PRODUCT NAME].

What happens when you pay with a fuel card?

When you pay with a credit card, you pay the credit price, which is typically $0.05-0.06 per gallon more than the cash price. When you use a fuel card, like the TCS Fuel Card, you always get the cash price or better (at discount locations).

Can a company prove an employee misused a credit card?

It may be hard to prove an employee misused the card if you never offered any guidance on how to use the card appropriately, but an attorney may have some creative ideas after delving into the particulars of your situation. See related: Which corporate credit card is right for your company?

Why does every fleet have a driver fuel policy?

Why every fleet should have a driver fuel policy? To set a clear expectation of how your company fuel cards should be used; To give your drivers a sense of ownership or responsibility over their fuel card; To let your drivers know the consequences of misuse and theft