fuel cards for truckers

Fuel Cards for Truckers: Everything About EFS

Fuel is among the most significant expenses for trucking companies. As fuel prices regularly fluctuate, fleet managers often feel burdened by the rapidly increased costs, hesitant to settle into any fuel price lows. Therefore, properly budgeting for long-term profitability can prove difficult. Additionally, the strain of unpaid freight invoices due to fraud or delinquency often intensifies financial stresses.

Trucking companies can turn to various financial assistance methods, including a fuel discount card program. Below, we explore everything you need to know about an EFS fuel card – from the definition of a discount card to an application guide.

What is an EFS Fuel Card?

An EFS fuel card offers a convenient, powerful, and secure payment solution for transportation companies, regardless of fleet size. Across North America, fuel cards are commonly accepted at thousands of locations. The EFS card is designed to meet customized financial demands and consolidate transactions onto a single card.

Fuel cards offer discounts on diesel by the gallon. How does this work? Essentially, fuel card providers form partnerships with fuel stations, allowing card holders to receive exclusive discounts from these specific fuel stations.

Specific discounts vary by location. However, the cumulative savings brought by fuel programs can be extraordinarily beneficial for trucking companies.

What Are the Benefits of an EFS Discount Fuel Card?

EFS helpfully lists a few of the primary fuel discount card benefits, and we have expanded on each:

  • Increased Purchase, Authorization, and Financial Controls: Many EFS fuel cards allow for customized security restrictions. For example, you may choose to require driver ID authorizations before a purchase. Additionally, EFS fuel cards can easily be deactivated to prevent unauthorized spending.
  • Consolidated Transactions: The conglomeration of transactions onto a single fuel discount card allows for better management of purchases, fuel, cash advances, etc., and impactful fuel savings at most national, regional, and independent truck stops.
  • Significant Fuel Savings: Although precise price fuel savings differ depending on the fuel card program, many offer significant benefits from bulk fuel purchases and reduced pricing during filling.
  • ATM/cash Access: Many fuel cards allow for easy access to cash/ ATMs.
  • Real-Time Online Account Reconciliation: Access to real-time data allows fleet managers to add or delete drivers or vehicles, as the business develops.
  • Online and Mobile Account Management: Online account management allow for bill payments and customized purchase controls. Additionally, online management is convenient! You can track purchases in a single location, providing for easy accounting and less physical paperwork.
  • Fuel Card Industry Trends

    Many of the current benefits of EFS fuel discount cards step from industry trend-based development. A few of the most common industry trends include:

  • Omni-channel experiences: The entire card industry is trending towards creating a customized experience for the holder. Many fuel cards have developed customized experiences for the user as well. For example, certain programs help the cardholder identify the nearest service station, based on location.
  • EMV migration: Chip-based cards are extremely common now, even within the fuel card industry. Chip-based fuel discount cards offer increased security and control over “offline” credit card transactions.
  • Telematics data: Some fuel card programs have embedded telematics interface into product offerings, providing data designed to improve fleet management and operating efficiency.
  • CDCVM security: The Customer Device Cardholder Verification Method (CDCVM) is a security feature designed to identify the individual utilizing the fuel card.
  • How Can You Apply for an EFS Fuel Card?

    Applying for an EFS fuel card is simple and streamlined as most applications only require basic information. At Advanced Commercial Capital, two applications are required:

    1. EFS Master Services Agreement

    The first, an EFS services agreement, only requires a simple list of info, including:

    -Legal name
    -Primary address
    -Phone number
    -Fax number
    -Primary contact
    -Primary contact phone number
    -Billing contact
    -Billing contact address
    -Billing contact phone number
    -Billing contact fax number
    -Number of active vehicles in your fleet
    -Number of active drivers/ cardholders

    Depending on the number of vehicles in your fleet, an account set-up fee is required. If applying for an EFS fuel card with Advanced Commercial Capital, we cover the set-up fee in full. After the basic information has been provided, authorization is required, and the application is complete.

    2. Customer Application

    The second simple form is the customer application. Once more, information required to complete the final step of the application is straightforward. For example, the following items are included (but are not limited to):

    -Corporate name
    -Location address
    -Website URL
    -Location phone number
    -Federal tax (or CRA) ID number
    -DUNS number
    -DOT number
    -Years in business
    -MC or provincial operating license
    -Ownership type
    -Number of cardholders and trucks
    -Amount of average weekly fuel, check, and other
    -Description of transportation services provided to clients

    Once the final application has been authorized, you are finished applying for the EFS fuel card program. Both components of the application with Advanced Commercial Capital can be found at an easily-accessible EFS application pdf. If you have any questions related to the EFS program, feel free to call us at 435.673.4655 – or get in touch with our EFS/FTS Plus representative, Amber White, at 901.474.0835!

    Advanced Commercial Capital’s Fuel Discount Card & EFS Checks

    At Advanced Commercial Capital, we are proud to partner with EFS and offer our clients access to a fuel discount card and an easy-to-use check product. Part of the FTS Plus discount network, the fuel discount card allows for fuel discounts at the majority of national, regional, and independent truck stops. Additionally, through the FTS Plus network, truck drivers can save money on tires, oil, truck parts, insurance, and a wide variety of additional products and services.

    With your EFS account, you will be able to issue checks, similar to Comchecks and T-Checks, to transfer money to your drivers when needed. EFS Checks are easy to use, available at truck stops over the country, and have one of the lowest fee structures in the industry.

    EFS Fuel Card Discounts

    While fuel card discounts fluctuate with fuel prices, a few examples of fuel savings include:

  • Pilot Flying J: retail price minus 10 cents
  • Loves: retail price minus 5.5 cents
  • TA: retail price minus 5.5 cents
  • Other Regional and Independent Locations: average discount up to 20 cents per gallon
  • Advanced Commercial Capital

    We understand the financial strains that accompany managing a trucking business. Unpaid invoices and fluctuating fuel costs can be detrimental. This is why our non-recourse freight factoring service includes a fuel discount card program.

    What is the benefit of utilizing a non-recourse freight factoring service in conjunction with your fuel discount card? Of course, every company has to determine if freight factoring is the right financial service – many trucking businesses in need of immediate cash, experiencing economic difficult, waiting on a traditional bank loan, or in need of increased business stability find that freight factoring is a profitable solution.

    Why non-recourse factoring?

    Non-recourse factoring is a factoring method where the factor (our company) bears the credit and collection risk on purchased invoices. Because we won’t charge you back when your customers don’t pay their bills, there is no reason to hold reserves. To learn more about our non-recourse factoring services, give us a call at 855.465.4655 or reach out via our online contact form!