Many trucking companies use fuel cards to save money on fluctuating fuel prices and streamline back-office processes like IFTA and fuel tax refund filings. They can also provide real-time transparency through detailed transaction documentation. This information can include the date, driver, vehicle, odometer entry, purchase amount, price per gallon, and federal and state taxes.

Convenience

One of the top benefits offered by fuel cards is that they allow fleets to save money on gas. Often, these savings come in the form of discounted per-gallon pricing and can add up over time when applied to large fleets. These discounts are a big win for trucking companies as they reduce the overall costs of fleet operations and improve margins.

The convenience of fuel cards also extends to the drivers who use them. They are easy to use at the pump and eliminate the need to carry cash or manage receipts. For owner-operators, this can mean less stress and more time to focus on the road ahead.

Additionally, many of these cards offer a variety of features to help optimize fleet spending. These include weekly credit lines, allowing fleet managers to control driver spending and prevent fraudulent purchases. Other benefits may include extensive discount networks, 24/7 customer support, and even trucking accessories and maintenance discounts. Some cards also provide transaction-level detail that is tax-ready and can streamline International Fuel Tax Agreement (IFTA) reporting.

Discounts

While tips for truckers on how to save on fuel can be helpful, fleet cards offer more robust data that gives drivers and managers a clear picture of the exact amount they are spending. The best fleet fuel cards capture price per gallon, location, driver ID, and odometer readings at brand-name stations for a complete view of spending and areas where savings can be made.

Many fuel card programs provide additional benefits in addition to saving money on fuel. Some cards offer partner discounts on truck accessories, maintenance, and emergency services. While these discounts are less visible, they can make a big difference in bottom-line costs.

Moreover, fuel cards for trucking companies are a simple and convenient solution for managing expenses. It helps improve bookkeeping and provides the flexibility of a debit card with potential fraud notifications, ATM access, and reporting features to help meet IFTA tax compliance. Fuel cards can also integrate with factoring services to streamline the accounting process and give owner-operators a discount on fuel advances while reducing slow-paying invoices.

Security

Trucking companies operate on small profit margins, and much of their profits go directly into operating costs. One of the most extensive and unavoidable costs is diesel fuel, so any savings on this cost instantly impact profit levels.

Fuel cards can significantly save fuel costs for trucking companies and help reduce other operating expenses. Many of these cards allow fleet managers to set spending limits for individual drivers to prevent overspending, and some even offer additional fraud protection.

The best fuel cards like the OTR Fuel Card offer much more data than a standard credit card. This includes information like date, time, location, vehicle, driver name, odometer entry, fuel product, price per gallon, federal and state taxes, and the total amount for each transaction.

Access to this data helps reduce accounting and bookkeeping costs and streamlines IFTA reporting. Combined with the savings on fuel costs, these benefits can significantly improve profitability for trucking companies. A good fuel card program will also have a hotline allowing trucking companies to contact a dedicated person to handle any questions or concerns, providing owners even more peace of mind.

Taxes

Whether a fleet manager managing a large fleet of trucks or an owner-operator, fuel cards help make your life easier. You no longer have to worry about drivers paying with cash, saving receipts, and waiting for reimbursement on their paychecks. Instead, your fuel purchases will be logged into an online management portal with detailed tax-compliant invoices for your review.

Besides providing significant discounts per gallon, fuel cards are also helpful in tracking fuel expenditures in real time and automating IFTA (International Fuel Tax Agreement) reporting. All these features will save you time and money when filing quarterly taxes.

Using a trucking fuel card also helps to prevent fraudulent transactions. For example, suppose a driver is caught purchasing more than the designated limit for their route. In that case, the fuel card will notify the company, and they can block the purchase so that no further purchases can be made until the driver’s account balance has been restored. These features will give you peace of mind to know your drivers are safe.

Reporting

Unlike debit or credit cards, fleet fuel cards provide detailed transaction data to help trucking companies save time and money. Rather than only listing the date, location, and amount of each purchase, these fleet cards typically include Level III details such as driver and vehicle, odometer entry, the type of fuel purchased and its price per gallon, state and federal taxes, and more. This information helps streamline accounting processes, including quarterly IFTA filings.

Whether you run a large fleet of trucks or are an owner-operator, using a fleet fuel card is a simple way to save on diesel fuel costs, gain convenience and security, and reduce overhead for your business. With various available features, including different card limits and account tools to prevent fraud, this payment method can improve your company’s bottom line.

Ready to get started? Learn how a fleet fuel card can improve your business by reducing expenses, setting spending controls, providing significant discounts, and streamlining IFTA reporting.