PURCHASE, N.Y. -- Credit unions offering credit and debit MasterCards to small businesses could benefit from a new MasterCard program.
MasterCard announced it had adopted the Fuelman Network, a nationally recognized fuel and maintenance network, to the MasterCard Easy Savings program. Under the program, MasterCard will rebate part of the money small businesses pay for gasoline.
Climbing fuel prices have caused U.S. gasoline demand reach its lowest levels since April 2005, the card brand said when announcing the rebate deal. This indicates that high fuel prices may be draining financial resources from business segments, including small businesses that are very susceptible to rising gas and diesel prices. Recent MasterCard research shows that nearly 70% of small businesses are interested in saving on fuel.
"We recognize that small businesses are some of the hardest hit by increasing fuel costs and are proud to partner with the Fuelman Network to be the first payments company to provide small businesses with automatic savings that help alleviate this burden," said Bruno Perreault, an executive with MasterCard.
"The addition of fuel and maintenance categories to the MasterCard Easy Savings program demonstrates our commitment to continue to provide small businesses with savings in business-relevant categories while also enabling merchants and financial institutions with a unique way to both reach and build loyalty with small businesses."
MasterCard BusinessCard cardholders enrolled in the MasterCard Easy Savings program can now enjoy a 1% automatic rebate on gas and diesel at more than 15,000 gas stations in the Fuelman Network, and a 5% rebate on all maintenance purchases made at the more than 1,800 participating Fuelman Network maintenance locations across the country.
"With more than 25 years of experience serving small and mid-sized businesses, the Fuelman Network is excited to join the MasterCard Easy Savings program as part of our commitment to providing industry-leading solutions to the business marketplace," said Steve Smith, an executive vice president with FleetCor, the parent company to the Fuelman Network.
"Small businesses, especially those that provide delivery services or manage fleet vehicles, are spending in the neighborhood of $7,500 per vehicle each year on gas. So, these savings can help facilitate the growth of their business."