Fuel cards are an excellent tool for any business that spends much on gas, including trucking companies and businesses with delivery drivers. They offer control, reporting, and cost savings.
A few things to consider when choosing a fleet gas card are the network coverage, discounts, and fees. Some cover 95% of all fuel stations and 45,000 service locations.
Benefits
Using a Fuel Card provides owner-operators with several benefits, including controls, reporting, and cost savings. These cards replace handing drivers cash, debit, or credit cards and simplify bookkeeping and budgeting. In addition, they help fleet managers stay up-to-date on purchases. Fuel cards can be used at any truck stop to purchase fuel and other products or services. Some cards provide discounts on other assets, such as maintenance, tires, document scanning, and lodging.
Choosing the best fuel cards for small trucking companies depends on your needs. Some fuel cards are tied to specific gas brands, while others offer discounts at any truck stop. Some even offer a higher per-gallon value than the retail minus or cost-plus price at each truck stop. Whether you have a small fleet or manage a large one, finding the right card will help you save money and improve your company’s profitability.
Another benefit of fuel cards is tracking expenses in a single account. This makes it easier to compare data and find ways to increase efficiency. Additionally, many fuel cards have built-in fraud protection to prevent theft and loss. Finally, some fuel cards have a dedicated customer support team to assist you when problems arise or your card is used fraudulently. This is particularly important for smaller companies that don’t have the workforce or resources to handle these issues independently.
Costs
Fuel cards come with a variety of benefits and savings opportunities. However, you should be aware of any fees associated with using one. These fees may include account setup, administrative fees, and more. These fees can vary by the card provider. Some offer a free initial bonus and annual fee, while others charge a percentage of each purchase. Some cards also feature a minimum credit score.
For small trucking companies, a fuel card can be a helpful tool for managing expenses. These cards can help you control costs and save money on gas and maintenance while providing streamlined IFTA reporting and other business management tools. In addition, some cards allow you to set spending controls for each driver and vehicle, ensuring that funds are spent only on business-related items. They also help you keep track of car and driver performance over time.
Fuel cards are a good option for small fleets because they are easy to use and offer the same benefits as traditional business credit cards. For example, they can be loaded using bank-to-bank transfers or third-party checks. They are also tax-ready and provide IFTA reports. Moreover, these cards can also be used to pay for other vehicle-related expenses, such as repairs, parts, and insurance. They also come with a mobile app, which makes it easier for drivers to find gas stations and truck stops.
Security
Fuel cards can save your fleet time and money by allowing you to manage costs in real-time. You can see exactly what you’re spending and when and even make changes if necessary. You can also access detailed purchase documentation, including driver ID and odometer readings, sales tax, and gallons purchased. This information can help you with your quarterly IFTA reporting and streamline the accounting process.
In addition, some fuel cards come with perks that can benefit your drivers. These can include roadside assistance, a lifesaver in a crisis. They may also provide odometer monitoring and maintenance alerts, which can help keep your vehicles in good shape. Finally, many fuel cards can provide reports of driver purchases and help you identify which drivers are costing your business the most.
If you’re ready to get your fleet on the right track, look for a card with a vast acceptance network and low transaction fees. It would be best to look for a flexible payment plan with multiple options for loading funds onto the card and reloading it as needed. You should also check whether it includes features allowing you to control your spending, such as daily gallons, transaction limits, and postal code restrictions. This gives you better control over each purchase and can help prevent fraud, theft, or unauthorized spending.
Network
A Fuel Card can help trucking companies manage one of their most significant operational expenses by reducing the amount of cash that each driver has on hand. Additionally, the cards provide fleets access to detailed reports and insights into drivers’ spending habits. These reports can help them identify patterns and take action to improve overall fleet efficiency.
Most Fuel Cards offer a comprehensive online account with real-time, detailed transaction reporting. This makes it easy for fleet executives to view and analyze the data and make informed decisions. These reports can also help with quarterly IFTA filings by providing the relevant fuel recipes and costs associated with each fill-up.
Another feature available through a Fuel Card is saving money at select truck stops and gas stations nationwide. Some cards partner with truck repair shops and other providers, offering discounts on items like oil changes or new windshields. Other benefits include the convenience of not having to carry cash on the road, which can reduce theft and other safety risks.
Some fuel card providers offer enhanced security features like PIN protection and transaction limits. This protects against fraud by ensuring only authorized drivers can use the card. Additionally, some providers have a dedicated team of fraud professionals to monitor real-time activity and quickly respond to suspicious behavior.
