A trucking company has a lot to manage. Running a trucking company is not easy. When you have to look after multiple fronts, you can use any extra help you can get from technology and different products.
Management and maintenance of trucks, managing drivers, looking after finances, and a lot more falls on your shoulders as a business owner. The biggest challenge for trucking companies is often the management of finances.
When you are running a trucking company with more than one truck operating interstate or intrastate, you have to bear various expenses. Fuel expenses are the highest and most unavoidable expense in a trucking business. Therefore, getting business fleet fuel cards can help you a lot.
If you are not sure whether to get the fuel cards for your trucking company or not, here is what can help you make a better decision.
How Do Fuel Cards Work?
Fuel cards are the payment methods that can help your drivers get fuel for their trucks without having to pay from their pockets. When you get yourself a fuel card, your provider will tell you about the associated benefits.
Fuel cards provide you with diesel at discounted prices. However, not every station will give you a discount. The provider company of your fuel card has contracts with certain gas stations that provide fuel at discounted prices. They will let you know which ones to use.
Secondly, some fleet gas cards offer various other perks. For example, if you have not used the entire fuel limit for a month, it will be added to your next month. Either you will be rewarded with cash, or the cash will be transferred to your card for future purchases. These small perks can do a lot for your trucking company.
How Can Fuel Cards Help A Trucking Company?
When you own a trucking company, whether you are an owner-operator or not, you can utilize fuel cards for added advantages. Various perks offered by fuel cards are,
1. Security For You
As a business owner, you can feel much more relaxed while giving your truck away to a driver when you know that your fuel will be utilized for your business only. Many times, business owners do not know their fuel prices are hiking because drivers are using them for personal work.
Fuel cards give you security. A driver needs to give his unique PIN code and Identification number while purchasing fuel. If someone tries to use fuel more than required for the job, you will know.
2. Convenience For Drivers
Most drivers are not happy with their trucking job if they have to pay for the fuel from their pockets. That is why driver turnover can become a headache for many trucking companies. Fuel cards provide convenience to drivers.
Since fuel cards allow cashless payments, drivers do not have to worry about carrying cash on long hauls.
3. Transparency In Finances
You can have much more transparent financial auditing with fuel cards than without. This is mainly because fuel cards keep a track of your fuel purchases. If you did not remember to put purchases several times in your books, the fuel card record can help you get the figures right.
This kind of transparency in finances is crucial for businesses. Otherwise, you will never know why your finances are not balanced.
4. Protection Against Frauds
Since fuel cards are used by drivers using their ID number and a specific PIN code, you can find relief from fraud. No one else can buy your fuel without letting you know.
Business fraud can make companies suffer greatly. Trucking companies can not protect themselves, especially when the drivers control the vehicle on longer hauls. However, with fuel cards, you can know the location of your truck and the information of the driver.
5. Reduction In Business Expenses
Fuel cards can reduce your business expenses greatly. When you are getting fuel at a discounted price, you can save a lot of money. Some fuel cards can also help you avoid certain fuel taxes as well. This is just another way to save additional expenses.
Sometimes you can also win rewards by submitting your invoices. These rewards can also help you provide extra money for your fuel expenses, or reduce the strain on your pockets.
Should You Get Fuel Cards?
Now that you know the multiple benefits of a fuel card, you might wonder whether to get one for yourself or not.
If you are a small business, fuel cards can be a great choice for you. You can save up a lot on extra expenses, which can improve your profits.
Fuel cards are worth an investment, especially because fuel prices are always changing, mostly going upwards. Fuel cards can help you get stability in your business with every price hike.