There are many benefits of using a fuel card and it is like a silver bullet that works well for both the truck fleet owner and other business ventures where fuel consumption is out of the charts. In the following article, out experts have discussed everything you need to know about the trucking fuel card and what are the benefits of using one.
About using a fuel card
If you are a fleet owner of class 7/8 commercial trucks and you ply your trade as an over-the road company, you will need to buy diesel in bulk. Fuel cards are for the truckers as they are designed to benefit carriers of different sizes, from a single vehicle to the entire fleet. Fuel cards are available for the contracted carriers, private fleets and even the independent owner and operators.
How to calculate fuel savings?
Fuel discounts are usually on a per gallon basis and a deal is stuck between the merchant and the fuel card company. The two models of saving are the “retail-minus” and the “cost-plus.” For the first option, the retail-minus it is exactly what the name suggests which means a portion of the cost is deducted from the base price. This saving is passed to the fuel card holder. The second option is a bit complicated and here the OPIS or the Oil Pricing Information Service determines the base price and adds taxes and transportation costs to the pricing.
The many benefits of using a fuel card
The primary advantage of having a fuel card is the saving of money. However, there are several other benefits as well. These are listed as the following:
Cap your spending
Fuel cards offer various weekly lines of credit and bonuses that drivers can use to pay the expenses of the road. This is the ultimate alternative to the wad of cash or the unlimited usage credit card that you need to hand over to your fleet drivers. This reduces the chances of fraud and limits as well as monitors the spending on each fuel card.
Fuel cards for better fleet management
There are fuel cards that come associated with online accounts with a detailed report and real-time information about transactions. These reports are advantageous if leveraged to collect data on driver spending, offers from retailers about some of the best deals. This way you can operate your fleet much better and efficiently.
Fuel cards for better communication
Fuel prices fluctuate on a regular basis and therefore it is imperative to have a fuel card to regularly update you on the prices and discounts for the retail part of the network. Fuel cards can even be checked using mobile apps which means you can keep tabs on a situation all around the clock by simply using your Smartphone. You can even plan the shortest and most fuel efficient routes with the maximum number of fuel stops along the way.
Various miscellaneous savings
With a fuel card it’s not just about the diesel but also the repairs and maintenance of tires, vehicle documents and other common expenses including driver food and lodging. There are many advantages of getting your fleet a fuel card today!
As a carrier find the most beneficial fuel card for your fleet right now.