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Fuel expenses remain one of the biggest operating expenses for trucking companies, accounting for up to 30 percent of total operating costs. As fuel prices fluctuate, it can be hard for a business to budget for these expenses. Fleet managers and owner-operators continuously look for ways to keep these costs under control, and many turn to a commercial fuel card to help achieve this goal.
What are Commercial Fuel Cards?
Commercial fuel cards are used to pay for gas or diesel at the pump. Fleet managers and owner-operators use them to track costs and simplify paying for necessary fuel. Unlike conventional credit cards, the cards offer benefits designed specifically for trucking companies, and they provide fleet managers with complete control over fuel expenses. Someone might want to know how to get a fuel card for my trucking business. Before they answer this question, they need to determine whether this card will simplify operations and which card best meets their needs.
The cards work with established networks and create a seamless driver payment system. Trucking companies must ensure their preferred fuel stations partner with the card provider to see the maximum benefits. When the cards are used, drivers won’t need to carry cash or use personal credit cards to fuel their trucks. Owners can monitor real-time transactions and obtain detailed reports to see where they may cut these expenses.
Cost Savings
Many card programs offer immediate savings at the pump. The card issuer negotiates a volume discount with the fuel retailer and passes the savings on to members. Discounts may be as little as a few cents or significantly greater. The program and the fleet’s fuel volume determine the savings. Trucking companies that consume thousands of gallons of fuel monthly can achieve significant savings with field cards and increase their bottom lines.
Financial Control
Fleet managers gain more control over fuel spending when these cards are used. They can restrict or limit purchases and set specific limits for individual cards. Doing so allows them to set predetermined budgets for fuel expenses. When a company begins using these cards, unauthorized purchases, fraud, and misuse are no longer concerns. For example, the fleet manager can set the cards only to allow fuel transactions. Drivers won’t be able to use the cards to purchase snacks, drinks, or other items. The manager may be able to set that card so it allows for purchasing maintenance items that drivers frequently need.
Comprehensive Reporting
Fleet managers appreciate the comprehensive reports and analytics provided by fuel card programs. They can use this information to make informed business decisions. The reports provide information about fuel consumption patterns, driver behavior, and cost trends. Managers can sort this information by driver, route, vehicle, or other elements and look for ways to save even more. For example, a change in fuel consumption patterns might suggest that the vehicle needs to be maintained or repaired. It could also mean there has been a change in the driver’s route and the route must be reevaluated.
Fuel cards help trucking companies save on necessary expenses. However, the right program must be selected, as each company is different. The cards should allow drivers to remain with their existing routes and preferred fuel stations while providing excellent discounts and customer support. When this card program is found, the company will see the maximum benefits.
