Approximately 32 million commercial vehicles traverse America’s roadways at this point based on the latest data from the U.S. Commercial Vehicle Market Report. An estimated 13 million of those are trucks. Trucking companies, their drivers, and their vehicles are crucial to the economy and to consumers. They keep goods moving and help to keep store shelves stocked so we constantly have access to the items we need of Fuel cards for truckers.
Several factors must come together to keep trucking companies’ pickups and deliveries flowing smoothly, including the efficiency of the shipping and receiving departments at the companies they haul for. Minimizing problems and delays on the road is also essential. At the same time, freight carriers are up against several major expenses, such as their trucks, drivers’ salaries, and ongoing maintenance. Fuel is also a significant cost. For truckers and the companies they work for, using a fuel card can help with managing expenses and mitigating certain unexpected problems.
Keeping Fuel Costs Under Control
One of the main benefits of fuel cards is helping trucking companies to keep fuel costs under control. Companies that offer fuel cards generally forge partnerships with specific truck stops and fueling stations. Those partnerships enable them to pass fuel discounts along to their clients. That means companies that equip their drivers with fuel cards can save money on one of their most significant expenses. Actual savings usually only amount to a few cents per gallon, but when you’re looking at anywhere from 120 to 400 gallons per truck and multiple fill-ups per week, those savings can quickly add up.
Preventing Fraud and Unnecessary Spending
Fuel cards can also aid in preventing fraud and unnecessary spending for fuel companies. Drivers must enter several key details before filling up using a fuel card. Those may include their driver identification number, truck number, the truck’s odometer reading, and the trip number. They typically have a PIN that’s unique to each driver as well. With that being the case, if a fuel card is ever lost or stolen, unauthorized people aren’t likely to be able to use it.
Furthermore, drivers can only use their fuel cards for fuel, DEF, and, in some cases, certain other truck-related essentials, like engine oil, grease, and hydraulic oil. They can’t use their fuel cards to stock up on snacks, buy souvenirs, or fuel up their personal vehicles. That, alone, can help trucking companies save a great deal of money. Reports show that businesses in America lose a collective $100 billion per year due to company credit card fraud, but fuel cards can help to keep those losses at bay.
Tracking and IFTA Reporting
Additionally, fuel cards allow companies to more easily and effectively track their spending on fuel. Each time a driver uses a fuel card, the transaction is immediately processed and sent to the company’s account. From there, the company can see which driver used the card, how much he or she spent, what was purchased, and other important details. That, in turn, allows the company to track each driver’s spending as well as its overall costs of fuel and other related expenses. A fuel card account can automatically generate IFTA reports as well, which greatly simplifies the reporting and filing process.
Equipping Drivers With Fuel Cards
Trucking companies are up against numerous hurdles as they transport goods across the continent. High fuel costs are among the most significant. Managing expenses and keeping track of fuel receipts enter the mix as well. Fuel cards can help alleviate those burdens. They can reduce fuel costs, prevent unnecessary spending and fraud, and simplify the IFTA reporting process among other benefits. Besides that, they can reduce unexpected problems and delays at the pump for drivers.
