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EFS Fleet Management
OTR fuel expense management: How a fuel card program helps
Managing a trucking business means controlling costs and maintaining oversight on fuel spend. It also means helping drivers out on the road as unexpected expenses arise. In this article we’ll cover some ways fuel card program helps you keep costs down, keep your drivers operating at maximum capacity, and keep your business running smoothly.
Learn about how to save on fuel with this blended fleets white paper
Explore strategies to manage fuel costs for blended fleets, and optimizing savings with the use of a fuel card.
What to look for in a fleet card
At a time when fuel prices continue to fluctuate, shopping around is more important than ever. Most fleet cards offer fueling and maintenance at a network of truck stops nationwide. The perks vary widely, so it’s important to shop around for the right card for your business. Things to look for include:
- Discounts or rewards on fuel and maintenance
- Fraud protection
- Roadside assistance
- Detailed Level III reporting
Other ways to economize and become more efficient through fleet card use include managing truck repair and service costs. These charges add up quickly and become a drain on fleets of any size. However, optimizing your fleet with regular preventative maintenance will catch problems early before a driver is broken down on the road or you’re faced with a large, unexpected repair bill.
Use fuel cards to get cash to your truck drivers
An easy and secure way for your drivers to get cash while on the road is through a fleet card. If a trucker needs a cash advance, you can pre-load your WEX fleet cards with funds. This allows drivers to get cash at participating truck stops without a fee. Drivers don’t have to purchase anything – they just pick up the cash and head on down the road. There are also checking options that come with some fleet card programs.Â
Additionally, drivers can use the WEX OTR fuel card at participating ATM machines if they need cash while on the road. This card can be used at PLUS Network ATM machines or Interlink debit sites for a fee with every transaction. As an added benefit, these cash transactions are documented and will appear in your reporting. This helps ensure driver accountability, and gives business owners the power to track every purchase.
Use checks to get cash to your drivers
Here are some examples of how you can use checks to help your drivers when they have unexpected expenses out on the road:
Checks and MoneyCodes: WEX offers checks and MoneyCodes which provide immediate payment to the user. This is a great alternative when using the WEX or Fleet One EDGE card isn’t an option. Similar to a personal or company check, these checks are accepted pretty much universally. Here’s how they help you get cash to your truck drivers:
- Advance funds to drivers immediately
- Instantly pay lumpers, repair shops, or roadside services
- Access check cashing information in real time
- Issue instantly via the web, a mobile app, or a phone
- Integrate with your back-office or interface directly with dispatch software
Learn more about getting cash to your drivers with checks and money codes!
Cashing different types of checks while on the road
Since most banks have limited hours of operation, the ability to withdraw funds or cash a check at a truck stop is going to be essential for your drivers. Truck drivers’ schedules require that services be available 24/7. A limitation is that many of these convenient stores and stations on the highway don’t cash money orders, tax refunds, insurance checks, third-party foreign travelers, or gift checks.Â
Walmart and other large supermarket chains, on the other hand, will often cash many of these types of checks. At Walmart, go to the customer service desk in the MoneyCenter for check cashing services.They will also cash money orders up to $5,000, charging fees from $4 – $8, depending on the amount. Of the 5,206 Walmart locations across the US, many offer 24-hour check cashing at the service desk.
Flexible fueling card offers savings for OTR businesses
The Fleet One EDGE fuel card helps growing fleets save thousands per year in fuel discounts alone. Additionally, the card offers no fuel transaction fees at over 4,000 in-network sites, and big discounts on tires, maintenance, wireless plans, and more. Easy-to-use spending controls help prevent misuse and fraud. The cards automatically provide you with the valuable data and reporting you need.
WEX’s fleet card helps mid-to-large fleets better manage and control fuel purchases. With this card you get real-time fuel card data integration and greater insights into purchasing and volume performance. Consolidating transactions onto a single platform is ideal. It gives fleets one place to manage things like purchases, driver pay, settlement, and cash advances.
Trucking fleet analytics that come with a fuel card
WEX trucking fleet analytics and reporting services provide insights at your fingertips. Above all, these insights allow fleet managers to operate more profitably. Insights include fuel card purchase monitoring and industry trend tracking. Having access to this information helps fleet managers cut costs, streamline fleet operations, and uncover savings. You’ll find new ways to forecast and budget expenses, spot any unusual activity or misuse, compare performance with other fleets, and provide accurate fuel tax reporting.
Access cash with fleet factoring to keep your drivers on the move
WEX Capital keeps your fleet vehicles moving by accelerating your company’s cash flow at the lowest industry rates. If your business is experiencing a cash crunch, you get access to cash within 24 hours. Factoring is not a loan and there are no banks involved. The WEX Capital money you receive is already owed to you from your accounts receivable.
Using the WEX factoring-funded fuel cards, funds come in from your factored invoice and go directly to your fuel card account. Fleet managers and business owners factor as many or as few invoices as needed. Additionally, customer service representatives make recommendations based on your company’s needs.
Fuel discounts and expense tracking
Fuel cards are the perfect solution for OTR businesses spending large amounts on fuel every year. Not only are these cards convenient for your drivers, they also have easy expense tracking and reporting features. You’ll have access to a network of stations and truck stops where your drivers can refuel and get routine maintenance done all in one place.
Fleet cards can be like business credit cards for drivers, offering significant fuel and maintenance discounts and an ability to purchase items beyond just fuel. Fleet managers can place different controls on their drivers’ fleet cards depending on the driver. Cards can be used strictly for fuel and maintenance, or you might have a policy that allows drivers to buy drinks and snacks with their fuel cards. The cards are connected to each driver or truck and there are fraud protection features that check your driver’s identity at the pump.
Save on administrative expenses
The reporting and tracking features that come with most cards provide administrative savings for your trucking business. As an example, fleet managers can save significant time on bookkeeping, expense planning, and tax preparation with the tools that automatically come with a fuel card. WEX offers many different fuel cards for any size business. In addition to the sophisticated reporting features, managers can access GPS tracking with a mobile app that allows them to see the location of vehicles at any time.
Maintenance records and route optimization with your fleet card
Maintaining a full maintenance record covering each truck in your fleet will help you stay on top of vehicle needs. Ensuring there are extra trucks on hand to replace those in the shop can save fleets lost road time. Scheduling planned maintenance also reduces vehicle wear and tear.
Another cost-saver is delivery route optimization. Saving both time and money, mapping out the most efficient routes and stops will save your business thousands of dollars over a given fiscal year. By leveraging available technology combined with your fleet card program, you are making a valuable investment in your business and in your drivers, making their job easier.
Protecting against fraud with your fleet card
Whether your drivers are new or experienced, fraud is always a challenge for fleet managers. With a fuel card, if any transaction seems out of the ordinary, fleet managers can be automatically notified. These alerts help keep fraudulent activity to a minimum and save your business from having to pay unexpected costs. Monitoring your drivers’ activities in real time helps you ensure they are using the most thoughtful purchasing behavior. Many fleet fuel cards will allow managers to turn off card access immediately when fraudulent activity is detected. The WEX SmartHub App allows managers to stay up-to-date on all fleet card purchase activity, adding a valuable layer of security.
Learn more on how to better manage your over-the-road fleet:
All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.