Ford and Wells Fargo to Offer Unique Small Business Credit Card
12 April 2000
Ford and Wells Fargo to Offer Unique Small Business Credit Card
DEARBORN, Mich., April 12 Ford Motor Company , in
partnership with Ford and Lincoln Mercury dealers and Wells Fargo & Company
, is launching a unique co-branded MasterCard(R) that will enable
small and medium size businesses to more effectively manage their purchasing
needs.
The Ford Motor Company BusinessCare(SM) MasterCard(R), developed with
Wells Fargo, combines the features of purchasing, fleet and travel credit
cards into a single card, dramatically streamlining the paperwork associated
with those transactions.
In addition, using this multiple purpose card, business owners can
customize their employees' credit cards to the cardholder's role in the
business. For example, business owners can limit a driver's card to gasoline
and vehicle service charges while allowing salespeople to charge meals and
travel expenses on their cards.
"The company that launched the Model T and the financial services company
long known for its trademark stagecoach have combined forces to provide this
exciting new product for small and medium size businesses," said Mike
Lombardi, North American business development manager, Ford Customer Service
Division. "This will help our dealers to continue to build a long-term
relationship with local businesses by giving these customers a unique credit
card with outstanding benefits, including payment convenience, flexibility and
incentives to visit the dealership for all vehicle service and sales needs."
"Wells Fargo has almost 150 years of experience meeting the financial
needs of business," said Marc Bernstein, executive vice president and manager
of Wells Fargo's Business Direct. "By combining our expertise with Ford and
its dealers' deep understanding of customer vehicle sales and service needs,
we can help serve a very important segment of the market."
"MasterCard has extensively surveyed the small business market to better
understand its needs. This agreement with Wells Fargo and Ford provides small
businesses with new efficiencies in purchasing and access to outstanding
products and services," said Steve Abrams, senior vice president, Corporate
Payment Solutions, MasterCard. "MasterCard is committed to designing
innovative programs for small businesses and the Ford BusinessCare(SM)
MasterCard(R) is precisely the kind of program that small businesses need."
The BusinessCare(SM) MasterCard(R) is the first credit card to provide a
total business management solution with the following benefits:
-- The card provides detailed vehicle reporting and business expense
tracking of all BusinessCare(SM) purchases, including spending on vehicle
maintenance and repairs, operating costs, service reminders and specialized
business reports.
-- "Rewards Dollars" are earned for service at participating Ford and
Lincoln Mercury dealers. Five percent of the total dollars spent in the
service department (total repair order amount) at participating Ford and
Lincoln Mercury dealers is earned toward the purchase or lease of new Ford,
Lincoln or Mercury vehicles.
-- Customized spending controls provide businesses with the flexibility
to determine where and how business cards can be used.
-- BusinessCare(SM) replaces multiple payment methods now used by small
and medium businesses, including numerous personal and corporate credit cards,
fleet cards, purchasing cards and open accounts.
-- Business owners and their employees enjoy reduced administration time
and cost.
-- Eliminating the need for cash advances, separate lines of credit and
checks can improve cash flow and working capital.
-- The card features financial products oriented to small and medium
business needs, including a revolving line of credit.
Beginning in mid-May, small and medium business customers can apply for
the card at participating Ford and Lincoln Mercury dealers. Wells Fargo will
also offer the credit card to select customers by mail beginning in mid-July.
About Ford Motor Company
Ford Motor Company is the world's largest producer of trucks and the
second-largest producer of cars and trucks combined, last year selling more
than seven million vehicles globally through its seven brands. Ford Motor
Company employs approximately 345,000 people in plants, offices and
laboratories to serve consumers in more than 200 countries and territories.
Ford is also one of the largest providers of financial services worldwide
through Ford Credit and related businesses. Ford provides consumer and
commercial financial services through 2,400 branches in 33 countries.
About Wells Fargo
Founded in 1852, Wells Fargo & Company, the bank leader for small business
lending, is a $218 billion diversified financial services company providing
banking, insurance, investments, mortgage and consumer finance from 5,310
stores, the Internet ( wellsfargo.com ) and other distribution channels across
North America.
About MasterCard
MasterCard International has the most comprehensive portfolio of payment
brands in the world. With 23,000 member financial institutions, serving
consumers in 220 countries and territories, MasterCard is the industry leader
in quality and innovation. Nearly 700 million MasterCard(R), Maestro(R),
Cirrus(R) and Mondex(TM) cards are in circulation today. With more than
17 million locations, no card is accepted in more places and by more merchants
than the MasterCard(R) card. In 1998, gross dollar volume exceeded
$650 billion. MasterCard can be reached through its website at
http//www.mastercard.com .
