Magellan provides fleets variety of price protection products
New EZ¬PAY financing offers cash flow relief and payment flexibility at pump
With fuel prices escalating to record highs, Magellan Fuel, the leading provider of card integrated fuel price protection programs, is busier than ever. Founded in 2007, Magellan has developed and executed fuel price protection programs for businesses of all sizes, from small, owner¬-operated fleets to Fortune 500 companies. In a few quick and easy steps, companies can pre-¬purchase unleaded and diesel fuel at the prevailing price online, and take delivery at the pump using their existing fleet cards.
Magellan offers a variety of price protection products including FUELFOX which is available through Comdata, Fuelman Protection available through FleetCor Technologies, Inc. and 360PriceProtection, available through 360Fuelcards.
Magellan enables fleets of all sizes to prepay for fuel at a fixed price with their Fleet Cards. Magellan provides ongoing data to users that allow them to track usage and savings to help plan and manage their costs more effectively. If the pump price is below the customer’s locked ¬in price, the customer has the option of saving the price protected fuel and paying the lower pump price.
Magellan has just launched a new, user ¬friendly payment option plan: EZ¬PAY financing. Designed to minimize the customer’s initial outlay, EZ¬PAY provides clients with the benefit of locking in their fuel purchase at a fixed price, without having a large upfront expenditure. Customers can now pay over a six month term by pre¬paying one¬ third of the cost, and financing the rest at a competitive interest rate. “Our primary operating principle is that businesses should have control over the price they pay for fuel," said Michael Smith, Co¬founder and Executive Vice President, Magellan Fuel. “Our selection of price protection products puts fleet managers in the driver’s seat by helping them proactively manage one of their largest variable costs.”
During the recent run up in prices, many Magellan customers who purchased price protected fuel only a couple months ago were saving a dollar or more per gallon at the pump which represents a significant savings for companies trying to protect their bottom line from fuel price uncertainty.
“Our products have been designed to make it easy and affordable for a fleet to secure protection against rising gas prices,” added Mr. Smith. “Signing up for the program is straightforward, it’s easy to use with a company’s current fleet card, and our on¬line tools allow customers to monitor every transaction and track their savings on a daily basis, helping them to meet their budget goals.”
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