DeAndre Gregg How a Fuel Card Can Benefit Truckers on the Road
A fuel card provides truckers with convenience, control, and savings. They eliminate the need to carry large amounts of cash and allow them to report expenses to accounting teams in real-time.
Fleet managers gain industry-leading controls, reporting, and cost savings with fuel cards that offer discounts at in-network truck stops. The data collected by the card can also help with quarterly IFTA tax filings.
Convenience
The benefits of a fuel card for truckers are numerous. These cards operate similarly to credit cards but offer specialized controls that optimize fleet management for the trucking industry. These features allow for greater transparency between the office and truck drivers out on the road.
In addition to offering significant discounts at the pump, truck fuel cards can provide additional services like IFTA reporting and payments. This is essential as trucking companies can often save money by reducing administrative expenses.
Additionally, fuel cards for trucking eliminate the need for truck drivers to carry large amounts of cash on the road. They also make tracking fuel expenses and MPG calculations easy with real-time data that can be easily uploaded into an accounting system.
Some fuel cards offer discounted cash prices at the point of sale, whereas others provide monthly rebates to reduce the overall cost of your fleet’s fuel expenditures. Both models offer significant savings, so finding the right solution for your business is essential. Whichever model you choose, look for a fuel card with flexible options and no hidden fees to ensure maximum savings for your fleet.
Save Money
With gas being one of the most significant expenses for fleets, fuel cards can offer discounts and rebates that can help drivers save money. Additionally, many fuel cards include a wide range of in-depth reporting features that automate expense tracking and improve fraud protection. Fleet managers can set detailed spending limits and restrictions on where, when, and who uses the card. This helps prevent fraudulent transactions, overspending, and unauthorized access.
Other fuel card features are designed to make life on the road more comfortable for truckers. These can include a station locator, odometer readings, and driver ID details that simplify invoicing. In addition, some cards can be used for cardless fueling at select stations nationwide and eliminate the need for drivers to sign receipts or verify their identities.
Some fuel cards also provide an easy way for truckers to calculate their International Fuel Tax Agreement (IFTA) reports, further streamlining documentation processes. By combining these features, fuel cards can save time and money for both drivers and companies.
Access to Discounts
Fuel cards work much like credit cards but have critical features explicitly designed for the trucking industry. For one, they provide a secure payment method that allows drivers to refrain from carrying wads of cash in the truck, which can be stressful. Fuel cards also give companies complete visibility into spending, enabling them to set budgets and prevent unauthorized purchases.
Lastly, many fuel cards offer negotiated discounts on things essential for the trucking industry, such as diesel fuel, maintenance services, tires, lodging, and tolls. These discounts help fleets save money to be reinvested into the business for long-term growth.
For owner-operators, fuel cards are a convenience that can reduce the time and hassle of tracking paper receipts and the administrative burden of submitting expense reports for reimbursement. Whether you own an independent trucking company or a large fleet, a fuel card program designed to meet your unique needs can be a game-changer for your business.
Fraud Protection
Fuel cards offer fleet managers simple and efficient fraud protection. All fuel and other transaction details are collated on one invoice, making it easy to spot irregularities. Fleet managers can also limit transactions to fuel, so they aren’t paying for personal expenses with company funds.
Many fuel cards can also be programmed to flag suspicious activity, such as multiple purchases within a short period or purchases that don’t match mileage or tank capacity. These alerts can help fleet managers spot unauthorized fuel purchases and take action quickly.
Additionally, drivers can use a fuel card to track their odometer readings and monitor for “distance creep,” a slow increase in reported miles, without an accompanying rise in business activity. This is often a sign of fraud and should be addressed immediately.
Drivers can also look for telltale signs of a card skimmer at the pump, like tampered security seals or loose card slots that don’t feel secure. Additionally, they can practice good driving habits, such as avoiding stopping at truck stops near large cities or towns where criminals are more likely to target trucks.
Tracking
With a profit margin of only 4.8 cents for every dollar a trucking company earns, saving money wherever possible is crucial. With a fleet fuel card, transport companies can easily optimize their operations while saving money on diesel fuel.
Most fuel cards do not charge monthly or transaction fees, making them an excellent option for fleets of any size. Many programs also offer additional services like personal managers, optimization of reporting, car wash and service station services, an expanded range of goods that can be purchased with the card, and more.
Many of these cards also come with software allowing easy access to International Fuel Tax Agreement (IFTA) reports, streamlining documentation processes.
This level of transparency between drivers and transport companies also helps prevent discrepancies at the end of a trip or month-to-month, eliminating headaches for all involved. A fuel card also eliminates the need for truck drivers to carry wads of cash while on the road, a practice that exposes them to security risks and can result in unnecessary administrative expenses.