When you use fuel cards, you can eliminate the paperwork, lengthy reimbursement processes and costly mistakes that can often occur. You can also cut down on fleet management costs. When choosing a fuel card, consider region, fees, discounts and controls. The right fuel card can provide significant daily, weekly, monthly and annual savings.
Reduces Paperwork
One of the major advantages of gasoline cards is that they streamline operations for your trucking business and simplify spending tracking. Fuel card providers often use a credit card-like system that provides a monthly statement detailing each purchase and how much fuel was used. It eliminates the need to have drivers pay out of pocket at the pump and then submit an expense claim for reimbursement.
Many fuel cards provide a better understanding of your fleet’s spending through detailed transaction data, such as odometer readings and driver ID details for each refueling. Many also offer a “better of” option for fuel prices, automatically selecting the lowest retail-minus or cost-plus pricing to benefit your drivers and fleet.
Depending on the type of card you choose, you can set restrictions for each driver that limit their purchases to specific kinds of fuel or times of day. It helps you ensure that your drivers use their fuel wisely and is another way to protect against fraud. Some fuel cards also come with a GPS tracker that allows you to monitor a truck’s activity and identify any potential theft or misuse
of the card. Lastly, most fuel cards provide automated International Fuel Tax Agreement (IFTA) reporting, further simplifying your accounting process.
Saves Time and Money
A fuel card acts like a credit card and provides truckers with an efficient and easy payment process for vehicle purchases. In many cases, trucking fuel cards also offer a discount on the per-gallon cost of the fuel itself for fleets, making it an effective way to save on fuel costs.
With the right fuel card program, fleets can control their spending and track all their on-the-road expenses. It allows for weekly, monthly and yearly savings from fuel and other vehicle-related costs. Whether you manage a large fleet or just one truck, you may choose the gasoline card that best suits your needs and budget.
Many of the top fuel card programs also offer a fixed weekly price for the purchase of diesel, allowing fleets to stabilize their overall fuel cost and avoid volatile pricing models. It can help to reduce a fleet’s risk of fluctuating prices and the need for manual spreadsheet reconciliations.
Additionally, most fuel cards offer a simple fee structure and less complex pricing than credit cards. Many fuel cards don’t even charge transaction fees, allowing fleets to take advantage of discounts and rebates. Some cards also allow for a streamlined expense reporting process, including receipt scanning and integration with accounting systems to eliminate unnecessary steps.
Other features that can make a fuel card worthwhile for fleets include security measures like odometer monitoring and driver or vehicle-specific PINs to limit purchases to only the appropriate individuals and prevent fraud.
Access to Discounts
With a fuel card, you can often get better prices for gas than if you paid cash. Sometimes, you can even get discounts on trucking maintenance services at participating locations. This can save a lot of time because drivers don’t have to spend extra effort looking for stations with the best rates. Most cards operate like credit cards; you will receive a monthly statement listing all transactions.
It can help you stay on top of your fleet spending and ensures your drivers only purchase what your company needs. You can also set up spending limits, so a driver cannot make any additional purchases after a certain amount of money is paid. Some fuel cards offer a “better of” model that automatically selects retail-minus or cost-plus pricing to provide the maximum discount. It eliminates the need for fleets to switch back and forth between the two pricing models and provides a consistent value for drivers.
Another great feature of many fuel cards is their ability to reduce fraud. They have tools to catch suspect activity and can even block a card remotely. It is important because fraud can happen at fuel stations just as it does anywhere else. In addition, some fuel cards offer a rewards program that gives drivers cash back on their purchases. It can be especially useful for small to mid-size trucking companies with smaller fleets.
Tracking
Whether you manage one truck or hundreds, choosing the right fuel card can help you reduce costs and streamline your logistics. Instead of requiring employees to purchase fuel out of pocket, submitting receipts for reimbursement and cutting expense checks for every driver each month, fuel cards can help you save time, money and frustration by streamlining the process.
With a fuel card, fleet managers can document each transaction in real-time and see where their drivers spend money. They can set limits on individual purchases, ensuring each driver does not pay more than their allotted amount while reducing the potential for fraud. Many of the top fuel cards on the market include security features that help prevent unauthorized spending or usage of funds.
In addition to providing detailed documentation of every purchase, most fuel cards provide IFTA reporting, eliminating the need for manual calculations. In addition, some cards also offer a “better of” option that allows fleets to choose between retail-minus and cost-plus pricing models, making it easier to achieve savings.
With the wide variety of benefits and convenience that fuel cards can bring to your business, it’s clear why more carriers, heavy-duty repair providers, tow companies and warehouse services are modernizing their payment processing solutions.
