The Commercial Bank of Ceylon has introduced a Corporate Fuel Credit Card and a Prepaid Fuel Card that can exclusively be used for fuel purchases and will eliminate the cumbersome fuel allowance reimbursement process currently followed by most companies.
Designed to benefit large companies as well as small and medium enterprises that reimburse employee fuel bills every month, these cards aim to replace company fuel books and travel voucher books and significantly save time spent on verifying bills, collating and reconciling usage information, and fretting over lost receipts, the Bank said.
A Prepaid Fuel Card is essentially issued to employees of a company, at the request of a company and is a reloadable card that works like a debit card and can only be used at fuel stations.
At the beginning of each month, a company can credit an employee’s monthly fuel allowance in advance to his or her ComBank Prepaid Fuel Card account which can then be used to purchase fuel.
Monthly usage is provided to the company by the Bank and the company can top up the card with the required amount to enable the employee to utilise his or her next month’s allowance.
Meanwhile, a Corporate Fuel Credit Card is enabled with an automated settlement option where the fuel usage of an employee is automatically debited from the company’s current account when the Card is used by the employee to pump fuel.