A fuel card gives truckers access to diesel and gasoline discounts, helps them track their spending, and streamlines IFTA reporting. Quality cards have negotiated discounts that are not available anywhere else.
They also offer security and control through adjustable spending controls, daily transaction and gallon limits, postal code restrictions, and more. This allows for transparency through real-time documentation and reduces the chances of theft.
Save Money at the Pump
The best fuel card for truckers can offer savings at the pump and other business-related benefits. Whether it’s to help reduce overhead or to provide additional convenience, trucking companies can see significant financial savings when using fleet fuel cards.
In addition to fuel discounts, many card programs have enhanced security features and various monthly reports that help prevent fraud. The ability to restrict spending on certain items like AdBlue also ensures that only authorized expenses are charged.
When choosing a fuel card program, trucking businesses should ensure the network coverage fits their needs. Some cards only work at specific locations, while others can be used nationwide. The ExxonMobil BusinessPro card, for example, offers a brand-specific network of over 12,000 Exxon and Mobil stations, along with a fleet card that covers 95% of all gas locations nationwide.
Additionally, some fuel cards have a feature that allows for one-click payroll and can help improve cash flow and save time by eliminating the need for manual receipt collection and expense claim submissions. By taking advantage of these and other essential benefits, a fuel card can help optimize trucking company profits.
Track Your Expenses
There are many ways to track expenses while on the road. Some truckers use accordion folders, while others rely on a digital solution like Optym’s LoadOps TMS. Regardless of your method, keeping records organized is essential to avoid fines and other costly errors.
For fleet owners, a fuel card offers a streamlined way to monitor spending on the road. Typically, the cards provide expense tracking and reporting so managers can know what each driver is purchasing immediately. This also helps managers monitor suspicious activity and make informed decisions about company-wide spending.
Most fuel cards work much like a business credit card. The primary account holder is responsible for paying the card off at the end of each billing cycle, and the cards are often only valid at select chains. However, freight factoring companies like eCapital use their collective buying power to secure discounts at thousands of major truck stops across North America. This allows small and midsize fleets to enjoy significant fuel savings. The resulting cost advantage helps them quote freight more aggressively, even in a weak market.
Receive Automated IFTA Reporting
Regarding IFTA, the International Fuel Tax Agreement, truckers must keep detailed records of miles driven, fuel purchased, and taxes paid in each jurisdiction they travel through. This task can be arduous and time-consuming, requiring manual calculations and paper chasing.
Fleet cards offer a more straightforward solution to this problem, allowing drivers to automate IFTA reporting through a GPS and odometer tracking system. This streamlined process can save drivers and fleets time and money while ensuring compliance with the law.
Choosing the right card for your company is critical. Many legacy fuel cards function like business credit cards and have strict minimum spending limits, severe late fees, and sky-high reward thresholds unsuitable for smaller fleets. Instead, opt for a more open-loop card accepted at 95% of gas stations across the country or anywhere credit/debit cards are accepted. A card like WEX has a national network, numerous card options, and robust expense management features. The right fuel card for your company can allow you to manage expenses without sacrificing driver safety or efficiency.
Make the Lives of Your Drivers Easier
Unlike legacy fuel cards that are closed-loop and limit where drivers can refuel, the best fleet fuel cards offer more flexibility. In addition to providing a flexible line of credit, these cards come with tools that help trucking companies monitor costs over the long haul, making budgeting easier. For example, some cards have purchase alerts to inform managers when drivers refuel at non-approved locations.
Regardless of the type of card you choose, finding a provider that offers dedicated customer service and a flexible payment system is essential. These features make it easy for you to manage your card, reducing your stress.
Fuel cards are an essential tool for trucking companies. They provide many advantages for both companies and their drivers, including savings on fuel and IFTA taxes. By using these convenient tools, truckers can focus more on their job and less on the administrative tasks necessary to run their business. For more information about how a fuel card can improve your business, contact Porter Freight Funding. We’re a top-rated fuel card company that can help you save money and time on fuel expenses.
Access Roadside Assistance
Using fleet fuel cards gives you more control over how your employees use company vehicles. They’ll automatically send purchase information and odometer readings to a central server for processing. These servers will then send monthly vehicle analysis reports to you showing each purchase’s exact location. They’ll also give you a list of the types of vehicles purchased and the amount spent on each. This data is vital for identifying fraudulent transactions and protecting your business from losses.
Most fuel cards offer a small network of stations where they’re accepted. Some will even have truck service centers where you can get discounts on tires and maintenance. The TCS Fuel Card, for instance, has several truck service locations and offers round-the-clock roadside assistance from RoadSquad.
Overall, fuel cards provide valuable features for truckers to help minimize transportation-related expenses month-to-month. They’re typically more helpful than traditional business credit cards that don’t include robust purchasing tracking tools or telematics solutions. They can also help you control spending by driver and vehicle, allowing you to issue or deactivate cards as needed.
