Fuel cards simplify fleet expense management and can help trucking companies save money. They eliminate the need for paper receipts, scanning, and month-end reconciliation. They also provide tax-ready, detailed reporting and support International Fuel Tax Agreement (IFTA) filings.
However, not all fuel cards are the same. Many factors should be considered before choosing the right card for your fleet.
Cost
Every dollar a trucking company earns, it spends 95.2 cents on operating costs. That leaves only 4.8 cents for profit, so reducing fuel expenses is the number one concern of many trucking fleets and owner-operators alike.
Implementing a trucking fleet fuel card program is the best way. These cards offer a wide range of benefits, including savings for diesel fuel and acceptance at all major truck stops.
Whether your trucking business is large or small, these fleet cards can save money while streamlining expense reporting and IFTA compliance. They allow real-time transparency to see where and when your drivers spend their business gas dollars.
In addition, these cards can help you cut out internal theft by eliminating the need for cash and paper receipts. By connecting your driver to fuel stations along their routes, these cards can even save you time by avoiding costly detours. With some research, you can find the best fuel cards for trucking that offer many perks and savings.
Convenience
Fuel cards effectively manage trucking expenses, set spending controls, get significant fuel discounts, streamline IFTA reporting and more. Learn about the best fuel card options for fleets here, including Samsara’s Exxon Fleet Pro Card, which has fixed tariff rates, a considerable network of acceptance, low fees, and outstanding program perks like odometer reading and truck telemetry integration.
A quality fuel card should allow for flexible spend control settings that reduce the risk of drivers carrying wades of cash vulnerable to theft and eliminate the administrative costs of submitting reimbursement requests for purchases made in the field. Some fuel cards can also upload transaction data directly into a business’s accounting system, eliminating the need to collect and organize receipts.
Look for a card that accepts at least 95% of fuel stations nationwide, and consider those that offer both point-of-sale discount pricing (discounted cash prices billed to the fleet) and rebates at the end of the month (retail price billed to the merchant, then credited back to the fleet). The WEX fleet card, for example, is accepted at 45,000+ sites across the U.S. and offers an average 3 cents per gallon discount and a host of other benefits.
Security
Whether you’re a large trucking company or an owner-operator, fuel is a significant expense. That’s why a fuel card can be a valuable tool to help you save money on your refueling costs.
A quality fuel card program offers a range of benefits to fleets of all sizes, including discounts on diesel and gas at partnered truck stops and fueling locations. The best fuel cards also allow you to track purchases in real-time, set spending controls, and automate IFTA reporting via an online account.
Another benefit of using a fuel card is that it provides increased transparency into the operations of your trucking business. You can see all the information associated with a purchase on your fuel card account, including odometer readings, driver ID, vehicle details, and the date and time of the purchase. It can help you monitor your refueling expenses, prevent fraud, and make better-informed decisions for your fleet. It is much more efficient than tracking fuel purchases with spreadsheets or relying on paper receipts.
Flexibility
Many people don’t realize that trucking fuel cards can be pretty flexible. They operate like credit cards and can make it easy for fleet managers to track purchases and costs, set spending controls, audit expenses, automate IFTA reporting, and more through an online account.
They can also make it easier for drivers to track expenses on the road. By eliminating the need to carry wads of cash that are easily stolen and reducing the administrative expense of keeping up with reimbursement requests, fuel cards can help keep trucking costs under control.
When selecting a trucking fuel card, it is vital to consider the discounts and rewards offered, the acceptance network, and the other benefits the program offers.
Reporting
Fuel cards allow truckers to save money on diesel, eliminate cash advances for fuel, and simplify the billing process. They also offer an element of security that a regular credit card cannot, such as adjustable spending controls, daily gallon limits, and postal code restrictions to prevent fraud and theft.
Many of the best fleet fuel cards provide an online account with real-time transaction documentation, enabling trucking businesses to track fuel purchases, driver behavior, and route optimizations. This information helps companies cut down on unnecessary expenses, manage driver compliance, and streamline quarterly IFTA reports.
These specialized fuel cards are designed to benefit trucking fleets of all sizes, including contracted carriers, less-than-truckload and private fleets, and independent owner-operators. They offer significant savings on diesel and convenience for over-the-road truckers, and they can be used at in-network fuel stations across the country. Some of them are even backed by roadside assistance services, which can help drivers quickly find and access valuable help on the road. With all these benefits, a trucking fleet fuel card can make your business more efficient and profitable.
