A taxi business can be quite profitable, however it does involve managing the many costs associated with maintaining a fleet. Some costs, such as insurance and garage storage are fixed costs paid from the main office. Some, such as gas, maintenance, and inspection fees may need to be paid for by drivers when they are away from the office.
For costs both in and out of the office, a corporate prepaid card can help. A prepaid card can be used to pay for some of the expenses that come in through the office, eliminating the added expense of cutting and mailing checks. And when you choose a program like PEX Card for your prepaid cards, there are additional benefits. Drivers can be issued cards easily through the PEX Administrative Website, and funds can be added to these cards with a few clicks of the mouse, while you maintain control of their spending by adding appropriate funds to their individual cards. In addition, up-to-the-minute transaction details and monthly reporting let you see how much gas different vehicles are using or see how much repairs are costing, giving you easy access to valuable information to keep spending under control. This information can also assist you in deciding when to retire older vehicles.
By making payments a breeze, you can spend more time evaluating and cutting down taxi fleet costs and running a profitable business. Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.