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Inside WEX

WEX Wrap-Up April 2016

May 10, 2016

A lot of news to cover from each of our business lines, with very little time. To address this, we bring to you each month the WEX Wrap-up, a look back at the last month across each of our business lines across the industries we serve: Fleet, Health, Travel, and more.

WEX Fleet

Big news from WEX Fleet, as the entity recently released new technology to provide fleet management anytime, anywhere access to fleet account features via Android or iPhone App. Called Fleet SmartHub, the app provides convenient, real-time access to features that allow fleet managers the following controls while on the go:

  • View and make bill payments
  • See all available billed and unbilled credit
  • Access purchase transaction details
  • Re-issue, terminate and check the status of fleet driver fuel cards
  • Monitor all payment activities

Learn more about Fleet SmartHub via the blog.

Overcoming the Negatives Posed by Fleet GPS Tracking

As with many forms of beneficial change within an organization, the major benefits of tracking your drivers using GPS Technology will face opposition, as well as a few hurdles you will need to overcome. Among the concerns and downfalls, GPS tracking could have a negative effect on your employees’ morale, you could face complexities in implementation, and the challenge of just how much time it will take to manage GPS Tracking. How to Overcome the Negatives of Fleet GPS Tracking introduces readers into some of the things you will need to overcome when implementing tracking.

How Factoring Can Enhance Driver Retention

There is a continued demand for truckers, as well as a fight to minimize costs. While looking at the options available to improve both retention and cost, one option has become a major trend in accomplishing both: Factoring. By selling its accounts receivables to a third party, the company gets immediate access to funds and can address other operating costs. Among the benefits of factoring, your drivers will gain access to faster repairs and maintenance, better payroll funding, and back office relief. Learn more about the advantages of factoring with WEX Fleet One here.

Continued Advancements in Trucking Technology

It’s a fact, “We have a lot more computing power on a truck now than the space shuttle had when it was running,” says Bill Kahn, Advanced Concepts Manager at Peterbilt. Truck Technology Keeps Advancing takes a deeper look into the current advancements highlighted at the Technology Maintenance Council.

WEX Index: Prices in Spring Rally Mode

Retail gasoline prices are in the midst of the annual spring rally as US prices have climbed by some 30 cents per gallon from March 1 to April 1. While inventories are stable, refinery maintenance is going on, leading to concerns about supply during the transition phase.

WEX Travel

How Much Are Businesses Losing on International Travel?

The quick answer is three percent. But for the average mid-sized travel management company or travel agent, this three percent charge per international booking adds up—reaching £1 million over the course of a year. In a recent infographic, shared below, WEX Travel shares with you just how much 3% per booking costs you, and how virtual card numbers can help you overcome. Click here to download the info graphic.

Virtual Card Numbers Fighting Fraud

In today’s digital payments environment, there’s always a need for higher security—it just goes with the territory. With fraud running rampant—from the inside and out—travel businesses could see up to 1% of revenue squandered. However, there is one secret weapon in the fight against fraud: Virtual Card Numbers (VCNS). More secure than traditional plastic cards, each transaction is given its own secure 16-digit number—a number that can be used only once, and for a specific purpose as defined by the travel manager. Learn more here.

Three Ways Travel Brands Can Tackle the DIY Travel Trend

These days, travelers are deeply engaged in the trip planning process. They’re online looking for inspiration, searching for deals, and actively creating custom getaways. For these customers, it is important for brands to take a different approach. This blog highlights three ways—simplify, offer flexibility, and inclusivity of all travelers (including DIY luxury travelers). Learn more in Three Tips to Tackle the Do It Yourself Travel Trend.

WEX Health/Healthcare Trends Institute

Following the rebranding from Evolution1 to WEX Health (see the press release here), there were many talking points—starting with the Annual Partner Conference. At the Annual Partner Conference, leading WEX Health Partners were recognized for their achievements throughout 2015, with top firms receiving a Partner Excellence Award for Growth Excellence, Brand Evangelism, Innovation, Market Making, Sales, Service, and more. See the entire press release announcing all the winners, including Partner of the Year Optum.

Six Cyber Security Tips for Businesses

Every three minutes an individual is a victim of a cyber crime. And according to IBM estimates, companies are attacked 16,856 times yearly, meaning that most businesses need to fend off two attacks a day. The Healthcare Trends Institute took a deeper look at how organizations can fend off attacks and make the most of their Cybersecurity goals. See more in 6 Tips for Better Cybersecurity.

What the New Fiduciary Rule Means for Advisors, Brokers, and Others

The Department of Labor (DOL) issued last week its final fiduciary rule that will affect how financial professionals advise their clients about retirement savings. The announcement will bring more investment advisors, brokers and other agents under an existing rule known as the fiduciary standard which requires financial professionals to put their clients’ best interests ahead of their own profits. See what it means for retirement, as well as health savings accounts.

Why Wellness Programs Matter for Businesses and Employees

Employers are faced with the responsibility of managing cultural considerations, safety and accident prevention procedures, health and life insurance benefits, etc. the list goes on and on. But is a wellness program really important? New research says yes. Read more about the effect of Wellness Programs on employees and businesses here.

Keep Up with All the Latest in Payments

WEX has long been the leader in payments—whether that’s Fleet, Travel, Healthcare, Media, Insurance, or more. Stay up to date with all of the latest from WEX and its sub-brands by following WEX on LinkedIn.

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