Fleet fuel cards allow trucking companies to lock in prices and enjoy extra discounts. This allows them to reduce costs and increase profit margins.
Rather than having drivers keep track of tiny slips of paper, a fuel card can help truckers manage expenses and get reimbursements promptly.
Cost-Effectiveness
While fuel cards for trucking companies may appear similar to credit card programs, they offer trucking companies and drivers several unique benefits. Besides being easy to use, these cards allow companies to control costs and track expenses in real-time. They also help prevent fraud and eliminate the need to keep paper receipts. They can also be used for non-fuel purchases wherever Mastercard is accepted, giving truckers more options.
Whether you’re a small fleet owner with just one truck or a large corporation managing a thousand vehicles, fuel cards can make your business more efficient. These cards simplify several operations, such as tracking fuel purchases in real-time, auditing expense reports, automating IFTA reports, and setting spending limits. These perks can make a significant impact on your bottom line.
The biggest advantage of a fuel card is convenience and efficiency. Instead of keeping track of tiny slips of paper or dealing with the hassle of getting reimbursed, truckers can focus on their driving and earning more money. Additionally, these cards can save you from being trapped by brokers who offer cash advances on diesel or maintenance expenses and from turning down high-paying jobs because you can’t afford to buy fuel.
However, if you want to take full advantage of the benefits offered by fuel cards, it is important to research them carefully. Some cards require you to refuel only at specific stations, which can be expensive. Additionally, you should avoid a card that charges many or costly fees for out-of-network refueling.
Convenience
Whether you’re a fleet manager managing a fleet of 1000 vehicles or an owner-operator with a single truck, fuel cards are a powerful tool to help optimize and control your business expenses. They have features that track spending, monitor driver behavior, and even offer significant discounts at fuel stations. In addition, they can eliminate the need for advance payments or waiting for client reimbursements.
Most of the best fuel cards have built-in security features to prevent fraud. They provide details of every purchase and driver and a clear breakdown of how the money was spent. These reports are generally available online in real-time, allowing companies to respond to suspicious activity quickly.
With these tools, fleet management can monitor spending and driver behavior while eliminating the need for paper receipts. Some fuel cards can even automatically upload transaction data to accounting systems for ease of use. This helps eliminate the need for manual data entry, improving productivity and efficiency.
Some cards have special features to help drivers save on non-fuel purchases, such as perks at truck stops, and some also offer one-click payroll for subcontractors or employees. Be sure to check out the fees and network coverage to make an informed decision. You don’t want to end up paying extra for a fuel card that doesn’t save you money in the long run.
Security
A fleet fuel card is an excellent tool for a trucking company. It eliminates advance payments for diesel and other expenses and helps streamline the reimbursement process. Additionally, the cards capture more detailed transaction information than traditional credit card statements, including odometer readings, driver ID details, and purchase data. This makes it easier to compare and analyze spending patterns, identify opportunities for savings, and improve route planning.
Fuel cards also provide some other benefits that help trucking companies stay profitable. They allow the company to track its fleet’s real-time purchases, reducing risk and improving transparency and accountability. Moreover, they can be used to pay for car washes, maintenance, and emergency repairs. The company can also use them to purchase lubricants and other products.
In addition, many of the best fuel cards for trucking offer discounts on ancillary purchases. These discounts can significantly offset the cost of a fuel purchase. In addition, the cards can be linked to GPS devices to provide insight into MPG usage and vehicle performance.
When choosing a fuel card for your fleet, look for a program offering nationwide acceptance and robust features.
Flexibility
Whether you’re a fleet owner or an owner-operator, using a fuel card can simplify back-office expenses and optimize trucking costs. These cards can be used nationwide at many truck stops and offer many features. They’re also more secure than carrying large cash in the cab. In addition, a fuel card allows you to set spending limits for your drivers, which helps reduce the risk of theft and abuse.
Another benefit of fuel cards is that they can provide detailed reporting on trucking-related transactions. The information includes the date, time, location, driver, and vehicle. These reports can be accessed in near real-time and help streamline accounting processes, including IFTA filings. These reports can also be uploaded into the trucking company’s accounting system.
Fuel cards can provide detailed Level III data, unlike debit or credit cards, which provide limited transaction details. This can include the date, time, location, driver, and odometer readings for each purchase. This information can be used to track gallons and fuel usage for each driver, as well as for tax-reporting purposes. Some fuel cards can even be integrated with GPS devices to provide more precise tracking of mileage and MPG data. This can help improve fleet performance and save money by optimizing calculations such as cost per mile. Moreover, a good fuel card can offer additional benefits, such as maintenance discounts, document scanning, and RTS financial help.
