If you’re looking at freight factoring, you may want to consider a fuel card. Fuel cards not only can make shipping by truck cheaper, they also give your drivers greater flexibility while on the road. Each can help you save on your bottom line and enhance the value of the work you do with factoring services in Madison, WI.
What a Fuel Card Is
A fuel card is basically a credit or debit card that is used to make purchases while freight drivers are on the road. It can be associated with one brand of fuel or franchise or be controlled by the freight company as a form of credit extended the driver to address fuel and maintenance costs. Regardless of the type of fuel card arrangement, most systems can work as both a prepaid debit card or like a corporate credit card. Freight companies go with fuel cars for many reasons, but they’re particularly convenient if your company works with factoring services in Madison, WI.
Convenience and Speed
A freight driver will encounter a need to refuel on longer trips and will occasionally have incidental repairs and maintenance costs associated with the delivery of goods. A fuel card lets them cover those expenses without having to carry around or have access to a lot of cash. It also lets the freight company quickly and easily track the cost of expenses. If your company is working with trucking factoring companies in Madison WI, it lets your drivers get to their destination quickly without delays waiting for approvals before gassing up or getting maintenance performed.
Almost every card that is not issued as a freight company prepaid debit card offers some form or rewards for fuel card membership. This can be in the form of discounts on fuel, free products, or services. Making sure you review membership options and select a plan that is best for your company is key to maximizing the benefits to your company and its drivers. With discounted fuel, the savings across a fleet via a company fuel card can be significant, especially if the company always has some vehicle on the road working with a factoring company in Madison, WI.
Control of Costs
In a backhanded way, issuing fuel cards to your fleet hands you control over what they spend money on. Summaries of purchases allow you to scrutinize what was bought and when. Real-time reporting can help you track where your drivers are and where they are spending. Many cards also allow you to put controls on spending, which ensures you have a say over what company funds can be spent on by your drivers.
A fuel car gives flexibility to a driver, saves time on approvals, gives you discounts and promotions and lets you control costs. There is no reason if you do a lot of work with freight factoring companies in Madison, WI, that your fleet should not add a fuel card as part of your arsenal to maximize your factoring payment power.