Let’s say you are a truck driver and you need fuel. You pull up to a truck stop and park next to the fuel pump. How will you pay? Which payment method makes the most sense for a trucking company?
Let’s start with the obvious two methods and explain their benefits.
First you have cash. Cash is a fairly simple concept. One of the benefits of paying with cash is you can receive a lower price per gallon at some truck stops. If you look up at the flashing sign on the highway, you will see two prices being displayed. One is for cash and the other is for credit. The cash price is typically lower by $0.05 or $0.06 per gallon. Sometimes even more as you travel out west.
Credit cards are another popular way of paying for fuel. One advantage to using a credit card would be collecting points each time you use it. These points can be used for vacations, flights, tangible items, etc.
However one disadvantage of using credit cards and cash is that there really isn’t any way to keep track of transactions on a daily basis. There can also be fees and confusing reports with credit cards. That’s where fuel cards come in to play…
Fuel cards or fleet cards as some may call them, have several benefits to trucking companies. Unlike a credit card, which can be used for a plethora of things such as food, travel expenses, etc., a fuel card is specifically designed to be used for items managing a vehicle.
Some fuel cards have the options for restrictions, online account management, the accessibility to view real-time transactions, discounted pricing and the list goes on.
Fuel cards and technology in general are continuously changing and advancing in today’s industry. What can we expect in 10, 20 or even 30 years? Will mobile payments be the future? Will there be some sort of embedded vehicle payment option? Only time will tell.