If you’re a fleet manager, own a trucking company, or run a business that relies heavily on driving, you likely have mixed feelings when it comes to fuel. You know it’s the lifeblood of your operations—and that it’s incredibly expensive.
Many businesses have turned to fuel cards as a way to manage costs and streamline processes due to the rising prices of fuel. The best trucking fuel card eliminates hassles when it comes to fuel transactions, but the wrong one will leave you with more questions than answers.
So, before committing to a fuel card program for your fleet, make sure you’re informed on the ins and outs of how they work, what benefits they offer, and more.
A fuel card is a payment card specifically designed for purchasing fuel, primarily used by truckers or fleet operators.
Similar to a credit card, it allows drivers to pay for fuel at designated fuel stations. However, unlike traditional credit cards, fuel cards often offer additional features tailored to the transportation industry's needs, such as discounted fuel rates, detailed transaction reporting, and the ability to monitor and control fuel expenditures.
They streamline accounting processes, provide insights into fuel usage, and can help businesses save money on fuel costs.
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Trucking company fuel cards provide a variety of benefits that make it easier to plan, manage, and optimize fuel expenses. Partnering with a card issuer who understands your industry will give you and your business the green light to grow.
While any business with several trucks or other vehicles can benefit from using fuel cards for fleets, they’re especially great for:
A fuel card tailored to the needs of these industries can be a huge financial asset, especially as they scale their operations and expand their reach.
Introducing a fuel-saving card into your fleet management system is easy. This is what you can expect:
To get started, truckers or fleet managers need to apply through a fuel card provider, like Nomad. You apply by providing basic information such as company details, vehicle information, and credit history. Once approved, the fuel card is issued, and the account is set up.
When your driver needs to refuel, they use fuel cards at dedicated stations. They may need to enter additional information such as a security PIN, unit number, and driver, and vehicle details to complete the transaction.
When a fuel card is used, the transaction details are transmitted to the issuer’s system in real-time, who verifies and checks it against the account’s available funds or imposed credit limit. Once approved, the purchase amount is deducted from the account associated with the card, after the fuel purchase. The issuer then records and stores detailed information about the purchase, such as the date, time, location, amount, and type of fuel purchased, as well as the vehicle or driver associated with the transaction.
Fuel card users can access their accounts online to view transactions, monitor fuel purchases, and view detailed reports. Owner-operators or fleet managers can track fuel expenses across their entire fleet, analyze fuel consumption trends,and identify opportunities for cost savings or efficiency improvements.
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Fuel cards for truckers are licenses to save money—why wouldn’t you take advantage of saving a few cents per gallon? It all matters, especially when your drivers are filling up tanks worth hundreds of dollars at a time. Whether it be through point-of-sale deductions or monthly rebates, the savings are substantial.
By allowing you to set daily transaction limits and daily gallon limits, trucking fuel cards prevent excessive and unauthorized spending. Having more control over how and where company money is being spent is never a bad thing, especially when considering the peace of mind it affords.
Company-wide accounting is tedious and complicated, but fuel cards for fleets make it simpler by tracking all the information you need. Rather than having to note everything down yourself, they condense receipts into an online portal. This is particularly helpful when it comes time to do International Fuel Tax Agreement (IFTA) reporting.
The last thing you want is for your drivers to encounter issues when trying to fuel up halfway through a long trip. Fuel cards make worrying about carrying cash, lost receipts, and declined credit cards a thing of the past, streamlining the entire process while improving safety by reducing the potential for theft or fraud.
With these benefits in mind, there are several factors to consider when evaluating the quality and effectiveness of fuel cards for trucking. These include:
Nomad is proof that not all fuel cards for fleets are made equal. As one of the best fuel cards for truckers, this program stands above the competition by checking more than a few of these boxes.
If you have a fleet of trucks, Nomad’s extensive network of truck stops can help you save across North America. While fuel prices are volatile and will vary based on external factors, business owners can expect to save $600 per truck every month that they buy $4,000 worth of fuel!
The benefits don’t stop there, as Nomad cards for fleets have no monthly fees or payments. Managing a cost-effective fleet has never been easier!
Selecting the right factoring partner is a critical decision that significantly influences the success of a wholesale or distribution business. Don’t forget the responsibility they are assuming—they’re going to be interacting with your clients, so you want to be sure they’re professionals who are going to represent your business well.
The following elements should be considered when evaluating invoice factoring services: When it comes to choosing the best fuel cards for trucking companies, the benefits you’ll receive are only as good as the company providing them. Here are some tips to ensure you’re choosing one that will set your business and its fleet up for success.
Reputable card issuers will go the extra mile to help truckers manage fuel costs by allowing credit terms on purchases. They may also integrate their fuel card programs into other financial management services such as transportation factoring.
The best card issuers allow drivers to withdraw cash as needed using their fuel cards to cover other driving-related expenses. You’ll be allowed to monitor and oversee these transactions.
Some fuel cards will provide you and your fleet with additional on-the-road services such as roadside assistance in case of a breakdown.
Security features such as PINs, passwords, and anti-theft systems should be included. They’re designed to protect your business and drivers from scams on the road.
Ill-informed fuel card issuers who pretend to know the ins and outs of your industry are trouble waiting to happen. They can’t possibly anticipate challenges or work with you to find solutions.
Fuel discount cards that charge you high monthly fees are likely ones that don’t have your best interests in mind. A large sign-up deposit being required is also a red flag that you should avoid.
A card issuer that doesn’t have a dedicated support team simply won’t be able to help you when you’re in need.
Not all fuel card issuers share our commitment to transparency. If a card issuer doesn't provide price files, or if the price files they provide cannot be verified, its probably best to take your business elsewhere.
Stop letting high fuel prices and complicated accounting hold your business back—clear the road to financial freedom with Nomad.
Our best-in-class fuel cards allow you to set limits and track transactions without any monthly fees or deposits required. Save $600 per truck every month you spend $4,000 worth of fuel thanks to our network of thousands of fuel stations and truck stops across North America, all backed by our unwavering commitment to superior customer service.
