Profile: WEX Inc (WEX.N)
27 Jul 2016
WEX Inc., incorporated on June 18, 1999, is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets. This segment also provides information management services to these fleet customers. The Travel and Corporate Solutions segment focuses on the complex payment environment of business-to-business payments, providing customers with payment processing solutions for their corporate payment and transaction monitoring needs. The Health and Employee Benefit Solutions segment provides healthcare payment products and software as a service (SaaS) consumer directed platforms, as well as payroll related benefits to customers in Brazil. The United States operations include the Company and its subsidiaries WEX Bank, WEX FleetOne, Evolution1 and Benaissance. Its international operations include its subsidiaries, WEX Fuel Cards Australia, WEX Prepaid Cards Australia, WEX New Zealand, WEX Europe Limited, UNIK S.A., and an equity position in WEX Europe Services Limited and its subsidiaries.
The Company's Fleet Solutions segment provides fleet vehicle payment processing services with over 9.4 million vehicles using its fleet payment solutions to purchase fuel and maintenance services. Its fleet products are based upon technology with closed-loop networks in the United States, Australia and Europe, and site acceptance domestically and abroad. It delivers security through individualized driver identification and real-time transaction updates, purchase controls and reporting tools. It collects a range of information at the point of sale, including the amount of the expenditure, the identity of the driver and vehicle, the odometer reading, the identity of the fuel or vehicle maintenance provider and the items purchased. It uses this information to provide customers with analytical tools to allow them manage their vehicle fleets and control costs. It provides customized offerings to its customers for accepting merchants, processing payments, and providing information management products and services to fleets. Its closed-loop networks allow it to provide its customers with detailed, fleet-specific information and customized controls that are not available on open-loop networks, such as limiting purchases to fuel only and restricting the time of day and day of the week when fuel is purchased.
The Company offers customer service, account activation and account retention services to fleets and fleet management companies and the fuel and vehicle maintenance providers on its network. Its services include promoting the adoption and use of its products and programs and account retention programs on behalf of its customers and partners. It handles authorization and billing questions, account changes and other issues for fleets through its customer contact centers. Fleet customers also have self-service options available to them through its Websites. It assigns designated account managers to businesses and government agencies with fleets. It offers account approval, credit management and fraud detection programs. Its representatives work with fuel and vehicle maintenance providers to enroll these providers in its network, test all network and terminal software and hardware, and to provide training on the sale, transaction authorization and settlement processes.
Travel and Corporate Solutions
The Company's Travel and Corporate Solutions segment is consists of virtual and prepaid products. It allows businesses to centralize purchasing, simplify complex supply chain processes and eliminate the paper check writing associated with traditional purchase order programs. Its virtual card is used for transactions where no card is presented, including, transactions conducted over the telephone, by mail, by fax or on the Internet. Its virtual card also can be used for transactions that require pre-authorization, such as hotel reservations. Under its virtual card programs, each transaction is assigned an account number with a customized credit limit and expiration date. The account number limits purchase amounts and tracks, and settles and reconciles purchases. The virtual card products offer both credit and debit options. Its prepaid and gift card products are offered through WEX Prepaid Card Australia and WEX Europe Services to companies throughout Australia and Europe. These products provide secure payment and financial management solutions with single card options, access to open or closed loop redemption, load limits and variable expirations.
Health and Employee Benefit Solutions
The Company's Health and Employee Benefit Solutions segment product suite includes its 1Pay and 1Plan payment solution products and its ExchangePoint, 1Cloud and 1Direct SaaS platforms. With its healthcare payment products, it provides payments in the healthcare market. It partners with health plans, third-party administrators, financial institutions, payroll companies and software providers to provide a SaaS product to support employers' healthcare benefits programs and to administer flexible spending, health saving and reimbursement accounts, and other healthcare related employee and dependent benefits. Its paycard products are offered through UNIK S.A., a provider of employee benefit cards, private label and processing services in Brazil, specializing in the retail, government and transportation sectors.
97 Darling Ave
SOUTH PORTLAND ME 04106-2301