WEX Wrap-Up: February 2017

Following a busy month as a leader in corporate payments, we like to take a monthly look back at some of our news, insights, and highlights from the prior month in what we like to call the WEX Wrap-Up. February 2017 featured new partnerships, financial results, and more, all of which you can read about below.

News: WEX Surpasses $1B Revenue in 2016

Some of the biggest news that we’ve announced: For the first time in our company history, we’ve surpassed $1B in annual revenue, joining two other Maine-based companies in achieving this prestigious mark in 2016. We look back on the moves that got us to this point and thank our employees in our blog: WEX Hits $1B Revenue Mark for the First Time.

WEX Fleet

• Sunoco® Free Fuel 5000 Sweepstakes Winners: WEX’s partner Sunoco is excited to announce the winners of last year’s 2016 Sunoco® Free Fuel 5000 Sweepstakes. Sunoco fleet customers were entered into the sweepstakes every time they purchased fuel at a Sunoco station using their Sunoco SunTrak® or Sunoco Universal Fleet Card. To see the winners and additional facts about the sweepstakes, click here.
• Using Flexible Card Types to Manage Vehicles, Drivers, or Both [Whitepaper]: Many fleet managers think fleet cards are just like mid-sized sedans. Pick a brand you like with a good reputation and great service record, and determine which dealer will give you a good discount. However, the truth is, today’s cards offer fleet managers more than just a convenient way to purchase fuel. They also provide new options to leverage technologies that were not possible just a few short years ago. Read more about selecting the right fleet card technology here.
• WEX Announces Five-Year IT Schedule 70 contract with the U.S. General Services Administration (GSA): Federal customers will now be able to purchase WEX Telematics solutions through a standardized procurement process. This agreement will provide government officials access to data-driven insights, which will enable them to make more informed business decisions. Learn more about the agreement and its importance here.

WEX Index: Prices Remain Steady

Oil markets have been stuck in a range for much of the past month and that has left retail fuel prices flat to a bit lower to start February. However, prices are running significantly higher than they were in early February 2016.

WEX Travel

• Improving the Supplier Experience with VCNs: Virtual Card Numbers have been prevalent in the travel industry for decades, but getting suppliers on board sometimes poses a challenge. In Challenges of Cross-border and Foreign Currency Payments for Suppliers, we discuss the current state of travel and the costs of traditional payments, addressing the benefits VCNs offer suppliers in 5 Reasons Suppliers Love Virtual Payments and Supplier Cost Savings as a Result of Customer VCN Use.
• Business Travel Trends: It’s getting so much easier for travelers to book directly with suppliers—via websites or mobile apps—and it’s raising some red flags for travel managers with a keen eye on duty of care and budget issues. In Corporate Travel Managers Beware: Your Business Travelers Keep Booking Direct, we look at some of the challenges that travel managers face and how to address them with proper policy.
• Nuances in Travel—Trends to Watch: Sweeping trends in the travel industry include online and mobile booking, self-service and personalization and use of the sharing economy. However, there are much more nuanced trends to watch. Appreciating the Nuances in Travel Trends shares the results of a recent Expedia survey and what it means for the travel industry.

WEX Travel News: WEX Announces Partnership with Vibe

On February 15, WEX announced a new agreement with Vibe Systems Ltd. Vibe delivers advanced front and mid office technology to travel businesses, such as online travel agencies, retail agencies, travel management companies and consolidators. The agreement allows a direct integration of WEX’s virtual debit, prepaid and credit cards with either pre- or credit funding into the Vibe platform which enables automated supplier payments in 24 currencies across the globe. Learn more from our Press Release.

WEX Health and the Healthcare Trends Institute

• Telehealth Trends to Watch in 2017: One cost-saving, health promoting benefit employers are turning to is telehealth services. Providing easy, affordable healthcare access for healthcare consumers, 90% of employers reported they will provide telehealth benefits in states where they can this year. However, consumers aren’t taking advantage. In “Employers Looking to Telehealth Benefits, But are Employees?,” HTI looks into the current state of telehealth, providing communication tips in “Increase Employee Telehealth Utilization through Strategic Communications.”
• How Insurers are Fighting to Combat Rising Prescription Costs: It’s no secret that rising costs of prescription drugs, particularly expensive specialty drugs, are one of the key drivers of higher medical insurance premiums. In this guest blog from William Stuart of WEX Health Partner Benefit Strategies LLC, the author explores six ways insurers are fighting increasing prescription drug costs.
• Five Risk Factors Wellness Programs Need to Address: Workplace wellness programs have the ability to help employees take action in the right direction toward healthy living. They have the potential to keep employees healthy and productive, avoid illness and absenteeism, and save them money by consuming fewer healthcare resources. What should wellness programs work to address? WEX Health explores five things these programs should focus on for success.

WEX Health News: Survey Findings Announced in Whitepaper and Webcast

What do employers have to say about the current benefits landscape and how are they working to prepare for the upcoming changes and challenges that will undoubtedly come in 2017? Following an employer-focused survey completed in Fall and Winter 2016-17, the Healthcare Trends Institute shared key takeaways and tactics employers are taking in the 2017 Healthcare Benefits Benchmark Study and offered even more in the webcast, Healthcare Benefits Trends to Watch in 2017.

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