Fuel can account for up to 40% of a trucker’s expenses. Getting a fuel card can help you manage your fuel purchases and save money and time at the pump.
Having a fuel card can also mean better jobs with better pay per mile for you as it shows you are serious and committed to your business. A fuel card might not be a requirement for getting a top-shelf job, but it is a great advantage if you have it. Brokers will know that they’re not dealing with some amateur when dealing with you, no sir, you are a serious driver that is ready for whatever might come your way.
Other ways you can benefit from having a fuel card:
- Higher security/prevention of fuel theft
- No need for receipts, all transactions are registered online.
- Simple payment and invoicing solution
- Available discount fuel prices
- Card management tools
- The ability for monitoring the filling patterns
- Expense management efficiency
- Reduced costs
- The possibility of points or rewards scheme
Things to consider when getting a card:
Before you start the search for a fuel card think about exactly what your needs are, for example, where will you be using the cards? Some fuel card companies only operate in certain countries or regions. Others may only be accepted at specific stations. This could lead to you or your employees burning up extra fuel and (not to mention time) finding a pump. If availability is in question, then a universally accepted card may be your best bet.
The price you see at the pump is not always what you get with a fuel card. Certain products will a better price depending on the volume of fuel you purchase. This can, of course, save you money, but it could come with added fees that other cards may not have. The key here is to have an idea of what (and where) you are currently purchasing fuel and if that trend will continue, increase or decline in the future.
One of the biggest differences between a regular credit card and a fuel card is just that: CONTROL. You can limit your card uses, however, you would like. Cards may be restricted to the pump or they might be usable for vehicle service. Either way, you know that you or your drivers are much less likely to abuse the company card. To keep them from loading up on free gas, you can consider the next topic on our list.
If you are simply getting a statement at the end of the month, then you aren’t doing enough with your fuel expenses. Most fleet management products now work with major fuel card providers to create a direct link to the rest of your vehicle info. With this data, you can get an overall cost/mile for your vehicles, see automatic fuel economy calculations, monitor irregular fuel purchases, etc.
Basically, looking at real numbers will make it easier to make better decisions and managing your expenses.