Chargecard for Esso
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SO PETROLEUM is launching Chargecard, a new credit card facilfor buying fuels and lubricants, next month.
kny company with more than a vehicles can have a Charge.d — one for each vehicle. 'ten presented at any of the acified Esso petrol stations, card can be used to purchase Isel or petrol fuel on credit at prices shown on the pumps. Dyer a two-week period all the nsactions made with the card II be listed on an invoice and an sent to the company, which an has a further week to pay. ihe invoice gives a detailed planation of which vehicles ught how much fuel, the date the purchase, the location, d the total amount for all the largecard purchases during a two weeks.
The Chargecard will be lerated by Esso Petroleum in njunction with Petroleum rargecard, a new company -rned to administer the credit rd and run jointly with Wells rgo Bank and Great Universal ores. Wells Fargo will provide the financial backing.
Esso has a network of 3,500 trol stations, and though not of them will accept Chargerd, Esso believes that at least 90 per cent will co-operate.
No extra charge is made for using the card at the pumps, although a "merchant's fee" of one per cent will be added for each transaction on the invoice. If the card is lost or stolen, and Petroleum Chargecard is informed, there will be no liability for the customer.
Esso is the first of the oil companies to introduce an "own label" charge card for business use. Industry uses £4.5bn of motor fuel each year and Esso feels that its new enterprise will be of interest to many companies operating vehicle fleets.
The company needs to issue 1,500 cards before it breaks even, and it estimates it will attract about 100,000 users within a 12-month period.