Since fuel costs are one of the biggest expenses for any trucking company, there is no doubt that funding for fuel is always on the minds of owner-operators and owners of small trucking companies. Based on our many years of running a trucking company and working with trucking companies, we have put together some frequently asked questions about funding for fuel to try and help ease the worry.
Q: Is there a way to get money to pay for fuel before I haul a load?
A: YES! Fuel advances, from a company such as Tetra Capital, provide you with immediate funds for fuel once you pick-up a load and scan or fax the needed documentation. The fuel advance will ensure you are never without funds for fuel.
Q: Is there a way to save per gallon on fuel costs since I purchase so much each year?
A: We have good news, there is! Fuel cards can save you money every time you fill up. They can provide up to $.10 off per gallon, plus give you the cash price even when you pay with a card.
Q: Is there a way to lower my fuel costs?
A: There are several ways trucking companies can lower their fuel costs. From the above mentioned savings you can receive from using a fuel card to changes to your driving and more. Check out our blog post 8 Ways Trucking Companies Can Save on Fuel for more tips.
Q: Is there an easy way to track what I am spending on fuel?
A: Another great feature of fuel cards is that they provide an online management system to help you track what you are spending on fuel. They also provide information on what locations you have purchased that fuel in and more.
Q: I don’t want to carry a lot of cash with me while I am on the road but in the past few years it seems that all gas stations are charging more if you pay by credit. What options do I have?
A: One option is to pay with a fuel card. When you use your fuel card at the participating station you can receive the cash price even when you use the card. That could be a $.05-$.10 savings per gallon from the credit price in addition to the up to $.10 you could also receive for using the card.
Q: Is there a way to leverage the fuel purchased by other carriers to get a volume discount?
A: When you use fuel cards the savings that you receive are because you are leveraging the fuel purchased by other carriers.
Q: Is there a way to use my fuel card to pay for other items at the fuel stops?
A: Yes, with most you can purchase tires, oil and more including cash advances. Additionally, with most you can set controls to ensure your drivers are only using it for approved purchases.
Q: Is there a way to plan my trip to purchase fuel at the lowest price?
A: With technology at your fingertips you have several options to plan your trip so you can purchase fuel at the lowest prices. Websites such as http://www.findfuelstops.com and GasBuddy.com, which is also has an app, ensure you can make smart decisions about the route you take and the fuel stops you make.
The good news is when you partner with Tetra Capital you can have funds directly added to your fuel cards immediately.