Over the past 5 years, trucking businesses have dealt with unprecedented volatility in fuel prices due to major disruptions, geopolitical events and more. These massive fluctuations, combined with record-high operating costs, have made it more important than ever for fleets to identify cost-saving opportunities. That’s where fuel cards can make a major difference.
In a time where trucking companies are dealing with razor-thin margins, read on to learn how fuel cards can help you save money and which type of fuel card may be right for your business.
The Different Types of Fuel Cards
Before discussing how you can save with fuel cards, it’s important to understand your options. There are several types of fuel cards you can choose from, depending on your business needs, including:
- Fleet fuel cards — Popular with fleets and owner-operators running consistent routes; accepted at specific truck stop chains or partner networks
- Discount fuel cards — Best for fleets and owner-operators looking for the highest discounts per gallon; usually part of a large fuel network with thousands of locations
- Prepaid fuel cards — A popular option for new or budget-conscious trucking companies; uses your own, pre-loaded funds to fuel
- Credit-based fuel cards — Operate like a business credit card; good for growing fleets that need cash flow flexibility
- Mixed-fleet fuel cards — Offer fuel savings for fleets that run both gasoline and diesel vehicles
Saving at the Pump
One of the biggest advantages of fuel cards is access to discounted fuel pricing. With a fuel card, truck drivers can save on every gallon they purchase, and those savings add up quickly.
For instance, take the following example:
- A fuel card provider like RTS can offer truck drivers an average discount of 45 cents per gallon.
- Your truck holds 150 gallons.
- You get an average savings of nearly $70 per fuel stop.
Over time, this can lead to hundreds of dollars in savings each month and thousands each year!
And often, these savings aren’t limited to a single station. Part of working with a fuel card provider is getting access to their fuel network, which can mean discounts on diesel fuel and convenience items such as snacks, coffee, soft drinks and more at thousands of locations nationwide.
Truck Care Savings
Beyond saving you money at the pump, fuel cards can also help by providing exclusive discounts on truck care, maintenance and equipment.
Like with diesel fuel, trucking companies can use their cards to earn deals at hundreds or even thousands of service centers nationwide, giving you access to discounts on services such as:
- Oil changes
- Emergency repairs
- Tires
- Seasonal/preventative maintenance
- Replacement parts
- And more!
Additionally, these discounts aren’t just helpful for maintaining cash flow in the present. On average, trucking companies incur unplanned maintenance costs of $5,000 – $15,000 per year. On the other hand, having consistent access to preventive maintenance discounts can also help extend vehicle lifespan, leading to even more savings in the future.
Hidden Benefits of Fuel Cards
Beyond significant discounts on fuel and maintenance, here's how else you can benefit from joining a fuel card program.
Enhanced Data
With a fuel card, you can observe your fuel transactions in real-time, receive automatic digital records of every purchase and develop a preventative maintenance schedule by tracking your mileage and fuel consumption trends.
Save Time & Reduce Errors
Automatic data entry eliminates manual work, reducing errors and streamlining tasks like bookkeeping and IFTA reporting.
Card Security
As fuel fraud becomes more common and more sophisticated, fuel cards offer an additional layer of protection with security features such as card lock, purchase limits and driver-specific PINs.
Improved Cash Flow
Fuel card programs can also help fleets bridge cash flow gaps by offering flexible payment terms and short-term credit lines. A partner like RTS can even offer bundled services to help secure better factoring rates and larger fuel savings.
Finding the Right Fuel Card for Your Small Business
There are several great fuel card options out there for small businesses. Of course, a good fuel card program should offer significant discounts on diesel fuel, but that’s not all. Here are several other important factors to consider when comparing options.
- How many fuel stations are in the network?
- What types of cards are available?
- Are there maintenance or truck care discounts?
- What is the pricing structure?
- Are there any hidden fees?
- Will I have access to reporting tools?
Perhaps most importantly, your fuel card provider should have a reputation for delivering exceptional customer service. At RTS, for example, our fuel card customers trust our team to provide reliable support when questions or issues pop up.
“The fuel card comes with excellent savings, and my fuel team always helps resolve any problems and questions I may have.” – Amanda M.
Start Saving on Fuel Today!
Joining a fuel card program can provide massive benefits for small trucking companies looking to save money. However, more important than joining a fuel card program is joining the right program, which can make all the difference in keeping your business on the road to success.
Want to learn more about the RTS fuel card program? Fill out the form on this blog, and a representative will be in touch shortly!