Once you’ve evaluated different fuel card providers and narrowed your search down to two or three that you would like to work with, you should evaluate the differences in their fuel card application processes. If you are still uncertain read our overview of all the different fuel cards. Here is some essential information on the timeline and differences between providers to help determine which will be the best partner for your team right from the start. Here is a link to P-Fleet's application:
How long does It take to apply for a fuel card?
The time frame for your application depends on several factors, including which provider you’re working with, your credit score, and the amount of paperwork involved. Some companies still use paper applications, increasing the time frame to get your application reviewed and submitted. Many companies, including P-Fleet, have online applications which speed up the process and make it easy to get your account set up.
What personal information is needed?
Again, the amount of personal information required to apply for an account varies by company. All require the owner’s info, but fleet card companies that are also licensed as banks need more information in order to meet OFAC regulations that prevent money laundering. If you are working with a company that requires an OFAC check, you must list all owners who hold over 25% of the company, along with their social security number, date of birth, and home address. However, a non-bank or independent card provider will usually only require the primary owner’s name. However, there are certain circumstances where they may need more information, including the home address and social security number of one of the owners to personally guarantee the account if the company cannot establish a high enough credit limit on its own.
Can independent contractors and owner-operators apply for a fuel card?
The fuel card application process is often more difficult for independent contractors and owner operators, as they typically lack the references that help verify their creditworthiness and company history. However, it is still possible for them to qualify for an account, as they can sometimes use their personal credit to sign up instead. Additionally, there are programs where independent contractors and owner operators can get credit either through their carrier or settlement deduction programs. The best option depends on many of factors, so reach out to a fleet card provider for guidance in finding the right program.
Given the variations in applying for a fuel card, you should take these insights into consideration when picking a vendor. The best fit for you will depend on how quickly you need the card, your company’s credit score, and whether you are willing to submit to an OFAC check. If you have any questions about applying, contact us.