Wex Inc., headquartered in Portland, is a merchant account provider contributing its services in Australia, the US, Asia, South America, Japan, Canada, and Europe. Founded in 1983 as a startup named Wright Express Corporation, Wex provides payment processing services and fleet cards to various trucking and fleet companies. Companies issue these fleet cards to their drivers for fuel and vehicle maintenance and expense management of their vehicles.
Wex Inc. provides POS terminals for businesses at gas stations, enabling them to make virtual and in-person fleet card payments. The company is affiliated with Optal, Benifitexpress, and eNett, among several other processors.
Wex Inc. Products and Services
Wex is an international payment processor for almost all kinds of businesses. It facilitates transport industries by providing them with simple processing methods and valuable products to solve their payment problems. Below is a review of the products and services that Wex offers.
Fleet Cards and Fuel Management
Wex Inc. provides a range of fleet cards for businesses to choose from as per their needs. It offers Wex small business gas cards, Wex large fleet gas cards, gas cards specified for government fleets, and fuel cards for truckers. These fleet cards are accepted at 95% of the gas stations in the US.
Wex Telematics
Wex Telematics is a GPS tracking solution that helps reduce fuel usage by pointing out the vehicle’s driving and idling time. Its in-cab cameras observe the driver’s performance. Wex Telematics tracks a vehicle’s history reports detectable danger and sends reminders and IFTA reports.
Roadside Services
Wex Inc. has a partnership with National Automobile Club, and as a result, businesses using Wex fleet cards are offered 24/7 roadside services like towing, winching, tire changing, fluid delivery, and lockout service without any annual or subscription charges.
Fleet Mobile Apps
With Wex fleet mobile apps, drivers can access mobile payments anywhere. They can get fleet card benefits and collect rewards and points with the Wex loyalty program. With the Fleet Smart Hub app, you can keep track of your payments and get insight into unverified spending. Wex has another app called Wex Connect that helps users find nearby gas stations where fleet cards are accepted. You can search by lowest price, distance, and brand. These locations can be saved for future ease.
Users can check their card history, schedule payment transfers, and access EFS and fleet card functions on the go using Wex Card Control. Wex EFS Carrier Control app provides a money code if the user cannot use the EFS card to pay for roadside emergencies.
EFS Permit Services
Over-the-road (OTR) fleets can submit and print out the trucking permits online with the Wex ESR service. This service saves a considerable amount of time by taking care of all permit-related needs of a user and grants trip, fuel, super-load, annual, and overweight permits.
Level 2 and Level 3 Processing Service
Wex Inc. claims to offer level 2 and level 3 processing services for all B2B and B2G commerce transactions. It uses advanced payment processing technology to facilitate these services, which benefits businesses in negotiating contract terms and saving money.
Wex Inc. Contract Terms and Pricing
Merchants are offered a five-year contract that renews automatically after the end of the contract term, with an early termination fee varying from $0 to $10,000. This fee depends on the time left in the contract when a consumer applies for early cancellation.
The provider charges 3.5% on swiped transactions, 3.5% with an interchange fee of $0.20 per keyed-in transaction, and 3.5% + $0.30 on phone transactions.
Wex Inc. Customer Service
In case of any issue or queries, Wex offers its customers an email address, multiple phone numbers, and live chat support. The merchants have a form on the company’s website for further information.
Wex Inc. Reviews and Complaints
There are over 20 public complaints against Wex, and their subject varies. Some of these negative reviews are related to delayed payouts, customer service, hidden charges, and a few about payment processing. However, none of these complaints accuse the company of fraud or being a scam.
Lawsuits and Fines
A lawsuit against a company stains its reputation and damages its stature. Wex Inc. was charged $35 million for violating the banking and investor protection act. A class-action lawsuit was also filed against them in 2020 when the company, concerned about COVID-19, backed off from a deal with Optal and eNett International. After settlement, the provider held their end of the contract with a lower purchase price and paid an additional delay cost.
BBB Rating
Wex Inc. received over 107 complaints in three years; 62 negative reviews are about billing and collection, and 36 regarding products and services. There are also some negative reviews about the company’s advertisement, delivery, and warranty issues. Only 49 of these issues were fixed, and the rest were either not resolved or did not receive any satisfactory response. This complaint count gave the company a D rating on its BBB profile.
Wex Inc. Drawbacks
Wex Inc. reviews indicate that the merchants are unhappy about their concerns being ignored by the provider. Even though the company provides a wide range of services and products, it lacks in some significant areas.
Below-Average Customer Service
A company can have a well-grounded relationship with its customers by providing adequate customer care. Companies as big as Wex are expected to have excellent customer support, but merchants have complained that it is quite the contrary. Their calls to the help center are either ignored or denied their rights as a customer. Numerous complaints say that when a consumer calls for information, the telemarketing agent signs them up for long-term contracts without permission. It indicates that the company’s telemarketing team is scamming the consumers.
Uninformed Changes in Policy
The reviews show merchants are charged for new accounts opened without authorization. When questioned, the company justifies it as a change in the system. When further pressed, the consumers are paid a meager amount to shun them.
Early Termination Fee
Wex Inc. binds merchants with a long-term contract, and they have to pay a termination fee to cancel it. The fee is not fixed and makes it hard for merchants to cancel midway, forcing them to keep the contract. Sometimes, merchants are tricked into long-term contracts without their knowledge and have to pay charges to get out of these unwanted contracts.
Bottom Line
Uninformed changes and hidden policies are not positive signs for a consumer to choose a particular account provider. A customer expects an open and transparent system for their payment solution, but the complaints against the provider regarding these expectations make it an unreliable option. The merchants are advised to look for a better-suited option for their business to provide helpful customer service, resolve their issues, and be available when needed.
Overall, Wex Inc. is not recommended for merchants, even if they are from the trucking or logistics business. Several processors offer better services without hefty fees and shady policy practices. Before signing a binding contract, merchants are advised to research their potential merchant service providers thoroughly. Merchants should ensure to avoid processors with characteristics like the ones described in this Wex Inc. review.
