Fuel+, a new management tool designed to cut business fuel expenses has been launched by payment business Barclaycard, part of Barclays Bank PLC, it announced on Friday.
Barclaycard Business Solutions launched Fuel+ in association with Fuel Card and Mileage Expense Management specialist The Miles Consultancy (TMC). The management tool is designed to help companies improve the management of their fleet fuel expenses and is expected to cut their business fuel costs by around 25%. Fuel+ provides drivers and fleet managers with a combination of a fuel expenses Barclaycard and a mileage capture and audit system, which was developed by TMC.
With global Visa acceptance, the Fuel+ Barclaycard enables drivers to refuel at most UK petrol forecourts. The TMC mileage system provides fleet managers with complete visibility of fuel spend by drivers, with streamlining and automating processes resulting in lower costs.
A successful pilot has been conducted with 30 corporate clients, including supermarket chain Morrisons over the last year. Morrisons found that the solution delivered a direct saving of over £300,000 on the corporate fuel budget in the first year of operation. The company further identified potential cost savings of £500,000, as well as tax-efficiency improvements.
Fuel+ is currently available for large vehicle fleets that spend over £500,000 on fuel and in due course the system will be available for smaller fleets. It enables drivers to log their business mileage online, over the phone or by text. A TMC Mileage App that allows drivers to utilise the GPS tracking in their smartphone is also available, so that they can log their miles on the go. All relevant data such as card purchases, mileage stats, distance travelled and vehicle-specific tank capacity is analysed by the system, which significantly reduces over-claims by identifying any irregular spending patterns. VAT can also be reclaimed accurately, as there is no need for driver receipts.
Managing director of Barclaycard Global Commercial Payments, Alejandro Stein, stated: “Fuel costs are a significant and rising cost for many businesses and can be complex and time consuming to manage. Fuel+ will help to make things much simpler for both drivers and fleet managers and could help businesses cut, on average, a quarter off their business fuel costs.
Paul Jackson, Managing Director of The Miles Consultancy, said: “Fuel+ gave outstanding results during the extensive trials when it was in daily use by thousands of drivers employed by 30 fleets. It is a single, proven, fleet fuel and mileage solution combining market-leading audited mileage capture options with a global Visa corporate payment card. It also sets new standards for visibility and control over corporate fuel budgets, helping ensure HMRC compliance while freeing drivers to buy fuel efficiently wherever they are.”