WEX is best suited for industries like gas stations, healthcare, large businesses, small businesses, and subscription services.
WEX Inc is a merchant account provider that mainly focuses on fleet cards. It also provides different kinds of management services, primarily business, for industries like transportation and logistics. Its primary product is the fleet card that it issues.
Setup Fee: $0
Monthly Fee: Undisclosed
Swipe Rate: 3.5%
Keyed-in Rate: 3.5% + $0.20
Early Termination Fee : $0 - $10,000+
Wex Inc was founded by Melissa Smith in Portland, Maine, in 1983. Since then, it has grown to a large processing company, employing over 3,500 people. It is still headquartered out of Portland, Maine, and is not an ISO of any known bank. It mainly services the transportation and logistics industries.
Wex Inc provides fleet cards and business management to various companies in the transportation and logistics industries. Wex Inc's pricing model varies between interchange and interchange-plus depending on the type of transaction--whether it's a swiped card, keyed-in rate, or a phone transaction. Its industry focus is solely on transportation and logistics. Wex Inc has an overall positive reputation, considering it's a larger company and has a low online complaint total.
Melissa D. Smith
Merchant Provider Risk Tolerance
Point 1: Fleet Cards, Fleet Card Gasoline Savings
Wex offers fleet cards as well as noticeable savings for using them. On average, according to its statistics, the amount of money on a gallon of gasoline will go down as much as 15 cents when operating a fleet card over something else. This is noticeable and shouldn't be ignored. The larger an operation, the more this small margin could grow into something more substantial. The fleet cards Wex offers vary, provide different benefits and be used at most locations.
Point 2: Wex Health Cloud
Another service Wex offers is its health cloud service. Wex assists these companies by helping them keep track of the paperwork and plans provided to employees. Medical expenses can be paid with a payment card that Wex delivers, and it helps by simplifying COBRA and all of the various billing programs that health insurance has.
Point 3: Fuel Analytics and Reporting, GPS Truck Tracking
Wex has fuel analytics and reporting while also offering GPS Truck Tracking. Merchants can use all of this data to get a better view of the money they're spending and how much certain expenses are costing them. GPS Truck Tracking makes it easy to track property and keep track of employees.
Discloses All Important Terms
Public Pricing Available
Wex's fees and pricing are fairly straightforward. It charges interchange and interchange-plus depending on the type of transaction. The costs: 3.5% swiped rate, 3.5% +$0.20 for keyed-in cards, and 3.5%+ $0.30 for phone transactions. There is also a variable early termination fee that depends on how much time is left in the contract when it is canceled.
3.5% + $0.20
Mobile Payment Rate
3.5% + $0.30
Virtual Terminal Rate
3.5% + $0.20
Payment Gateway Fee
Early Termination Fee
$0 - $10,000+
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
Wex's contract features an extended agreement, automatic renewal, and a varying early termination fee. The contract's base length is 60 months, with an automatic renewal of 24 months, while also carrying an early termination fee that can quickly get out of control if left unchecked. The early termination fee can soon scale into thousands of dollars, so merchants should be wary about canceling.
Early Termination Fee
$0 - $10,000+
Wex has few online complaints overall. On BBB, it has 1.02 out of 5 stars, based on 42 reviews. It has 67 complaints closed in the last three years, and 26 complaints closed in the previous 12 months. The protests seem all over the place, more or less, which suggests that there is no widespread issue with Wex in general. Some complaints are about fleet cards; there are a few about customer service, a few about sales representatives, and so on.
Other sites generally give Wex positive reviews, usually 3.8 stars and above. Employee-centered sites like Indeed and Glassdoor also offer positive reviews, suggesting an overall good picture of the company interior. While not directly related to a merchant's relationship with a merchant account provider, this information could be relevant, and so it is here.
Wex is not involved with any lawsuits, currently or in the past, class-action or otherwise.
4.2 Stars / 21 Reviews
No Reviews yet
1 Star / 2 Reviews
Total Online Reviews
Total Online Complaints
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