FleetOne & WEX – Complete Guide 2024

FleetOne and EFS are factoring and payment solutions companies owned by Wex, Inc. Technically, Fleet One Factoring is now WEX Capital. And all three companies offer factoring services. FleetOne is Nashville, Tennessee-based, and offers invoice factoring and accounts receivable factoring. As a veteran in the industry, Fleet One has been in the business since 1988. And they have spent more than three decades in the industry.

With names such as OTR Capital, Triumph Business Capital, Apex Factoring, and Saint John Capital, Fleet One Factoring falls into the group of trucking factoring firms.

Wex now offers freight factoring too. But what sets Wex apart from FleetOne and EFS is Wex Payment Systems AND Wex provides trucking finance throughout the US.

Freight factoring in general, mainly when you add up the fees, is not a cheap funding source. However, it does provide fast financing and a vehicle for credit and collections. And, FleetOne advertises rates as low as 1% for recourse factoring.

What Differentiates FleetOne from Other Factoring Companies?

Via its ancillary services, the company provides significant value to ensure customer satisfaction and come back for more.

Having over thirty years in the industry is a testament to the company’s unique ability to prevail. And its services are more established than some of the competing factoring companies.

FleetOne Edge Card

Through the FleetOne card program, the company stands out by saving customers on anything from fuel to tires. With customers on the payment side, this is where the company deal shines.

The FleetOne Edge Card is available at over 8000 participating FleetOne fuel card locations. Here is why it’s a great deal.

• Fuel discounts at more than 3600 rest stops across the country
• Accepted at 8000 gas stations
• Fuel average savings of 15 cents per gallon!
• Offers Savings on Maintenance and Tires

You can read more about Fuel Cards for trucks and fleets here.

The WEX Acquisition of FleetOne Factoring

Wright Express (‘WEX’) purchased FleetOne for a record $369 million in cash in 2012. The merger offered synergies across Fleet One’s vehicle factoring solutions and WEX payment systems.

Since the acquisition, WEX has continually evolved, especially in digital payment solutions and fleet management. In 2024, the focus on expanding payment options, including virtual cards, is notable. This evolution aligns with the industry’s shift towards digitization and data-driven financial forecasting​.

Any growing pains that may have emerged due to the acquisitions and mergers have long been settled.

The biggest complaint from customers, and what upset many truckers, was the change in the company’s late fee policy. A $75 late fee for overdue invoices was implemented after the takeover by WEX. Some customers complained that if they were late paying the small $6 monthly account fee, they were charged a $75 late fee. However, other FleetOne customers said that there was no such problem for them, saying their invoice payments were auto-deducted just fine, leaving no room for late fees.

Payments and fines are always defined in a factoring agreement contract.  Contracts need to be read thoroughly in any business, but should be looked at especially closely when any kind of business financing is involved, whether it is credit from a commercial bank or an alternative lender. You can find a lot of self-service information and documents on FleetOne’s website.

WEX Fleet One Fleet Cards

WEX is a leading fuel card supplier for corporate fleets, known for outstanding customer support, robust systems, and reporting. The company serves over 400,000 U.S. businesses that use Fleet cards provided by WEX. For over 30 years, Wex has been supporting small, medium, as well as large fleets. In collaboration with hundreds of fuel suppliers, they offer outstanding fuel card solutions to a large variety of fleet types.

Analyzing fuel costs in the fleet company’s quarterly report can be frustrating and daunting for fleet managers, making them uncomfortable when a balance sheet merely mentions it. However, when WEX appeared as a fresh-faced startup in 1983, fleet managers breathed a sigh of relief everywhere. There was a business that recognized the fuel overspending dilemma and aimed to help companies solve it.

The issue was whether WEX would deliver on its promise of greater fuel efficiency at relatively low-than-credit card rates and improve fleet performance. WEX quickly became the go-to supplier for fleet fuel cards with robust systems and reporting, coupled with outstanding customer service. Today, up to 400,000 U.S. businesses use WEX Fleet One fleet cards, and the number is increasing every day.

In recent years, WEX has also emphasized the integration of artificial intelligence in its services, catering to the evolving needs of fleet management. This includes a commitment to sustainability and enhanced customer experiences, which are increasingly important in the industry as of 2024​​. Moreover, WEX’s market position remains strong, with financial analysts endorsing it as a ‘Moderate Buy’, reflecting its growth and positive performance outlook​.

Customers are happy to recommend WEX’s fuel card, and some even say they are delighted to subscribe to their services.

Who Can Use WEX FleetOne Fuel Cards?

Many fleet owners may be wasting money on things they are not aware of, even if they are satisfied with their fleet’s performance. Therefore, there is always room for improvement in any fleet.

WEX, a fuel card service provider, aims to help fleets save resources and utilize them effectively. The company offers universal and partner-branded fuel cards that are tailored to help fleets of any size overcome suspicious fuel spending.

WEX’s fuel card services are not limited to any specific type of fleet. Whether it’s an interstate bus fleet operator or a single-city taxi cab business, WEX Fleet One fuel card service can help them save money.

In case you are considering if WEX is right for your business needs, here are some things you need to take into consideration:

• Is your annual fuel spending more than what you would like it to be?
• Did your bank statements ever reveal any suspicious purchases?
• Do your fleet’s drivers waste administration time processing paper receipts?
• Do you sometimes get trouble keeping track of the spending habits of your drivers?
• Are you suspecting that your drivers are drastically making travel diversions to refuel?

Maybe you are still asking what sets the WEX fuel cards apart from the hundreds of other choices out there? Let’s continue to examine their range of fuel cards in this Wex FleetOne factoring LLC  review.

Wex FleetOne Services

Wex provides fuel fleet cards and other fleet management solutions for fleets of all sizes. The following are the company’s services.

WEX Fleet Card

The WEX Fleet Card is the most common solution for small fleets businesses.

The company claims that you can also use it to reduce your fuel costs by up to 15%. As we will see later, in some situations, WEX significantly reaches a savings of 15 percent.

WEX Fleet Card features include the following:

• Authentication of the driver I.D. used to track fuel spending and fraud
• Robust online software features for purchase management
• Small monthly Card Cost $2

WEX Flex Card

The Flex Card fits well with small to medium-sized fleets companies, where cash flow can be a constant problem.

The FlexCard, along with all the features of WEX Fleet Card, offers the following:

• Robust reporting of the fuel, and available for viewing in real-time or at the end of the month.
• 26 days’ ability to carry a balance
• A 3¢ per gallon rebate on fuel

The 3¢ rebate certainly adds up in the long run if you are a frequent customer.

So, while you may never have to use it, whenever you’re caught short-handed at the end of the month the ability to hold a card balance helps.

The Fleet Card as well as Flex Card uses Driver ID and also, vehicle odometer readings to approve and record use patterns.

And also, the cards feature activation and suspension tools to counter theft and fraud and allow fleet managers to set purchasing limits for the product and dollar.

Partner Branded Fuel Cards

WEX issues cards along with their two flagship fuel cards, in collaboration with major fuel as well as retail brands. Some partners do offer Universal Card options, meaning you could use them at some fueling outlets in the United States.

Partner-branded WEX cards come with their own advantages.

These cards vary by the retailer, and fuel rebates are also included (up to 5-7 gallon discounts), as well as the option to restrict purchases of drivers by dollar amount or form of purchase.

Other WEX Services

All partner-branded WEX as well as WEX cards provide secure, time-saving additional services through the Fleet One mobile app.

If you’re running your fleet from an office, construction site, or other places, a WEX fleet technology solution is guaranteed to get the job done.

WEX Connect

WEX Connect is an app with free fuel as well as a service locator. Generally, it lets truck drivers refuel without straying too far off their path.

The application also tells drivers which stations are near to get the cheapest possible fuel (including CNG and biodiesel), in real-time.

WEX Connect works well as it depends on a wireless connection to function like other applications.

WEX Telematics

We have had the opportunity to work with WEX Telematics and experience firsthand the benefits of their end-to-end fleet management system. I have used their online reports to track fleet operations, fuel usage, and employee health reports, and found them to be incredibly comprehensive and useful.

I’d say we were particularly impressed with the features that allowed us to track driver conduct, fuel consumption, and safety issues. These features not only helped us identify areas where we could improve efficiency and reduce costs, but also helped us to address issues related to moonlighting and vehicle theft.

Another aspect of WEX Telematics that we found valuable was their partnership with over 20,000 vehicle maintenance centers in the U.S. and Canada. This gave our drivers access to essential services such as roadside assistance and incident response, as well as federal and state DOT compliance guidance

In our experience, the integration of WEX Telematics with their fuel management services was seamless and highly effective. We were able to quickly see significant cost reductions well beyond the 15% savings offered by their fuel cards alone.

WEX Customer Support

In our experience, WEX’s customer support is exceptional, with dedicated representatives available 24/7 via email and phone. We have worked closely with on-staff consultants who provided valuable assistance with compliance and bulk orders.

While WEX has received mixed feedback from customers, we have found that the majority of them appreciate the quality and versatility of the solution.

Critics especially challenged the consistency of pricing, its ability to sort out results by price rather than location, as well as the app’s often inconsistent refresh rates. However, this is also outweighed by other features in terms of their success as a whole.

Pricing

The Wex Fleet One Factoring Merchant Agreement is a 60-month annual renewal contract term unless terminated six months prior to the original termination date.

The merchants of the company are being charged

• 5% per swiped transaction
• 5% plus $0.30 per phone transaction
• 5% plus $0.20 per keyed-in transaction
• Variable early termination fee (depending on the total length of the contract).

Wex Inc. also advertises, in addition to its standard merchant services, that it facilitates the handling of b2b as well as b2g transactions at levels 2 & 3.

Processing at levels 2, as well as levels 3, depends on different exchange rates than typical consumer credit transactions.

And to meet such rates, a merchant account provider uses specific payment processing systems to transmit the volume of data required to facilitate the transactions.

User Reviews

Wex Inc. received a large number of customer complaints about the terms of its contract. The most widely described cases among merchants are unforeseen additional fees as well as high termination fees.

In our experience, Wex’s per-transaction rates are not competitive with other merchant accounts and, in addition, its long-term contract is more stringent than industry averages.

Currently, you are still able to find enough negative reviews of Wex Inc.; however, none of them accuse the service of being a rip-off or scam.

Many negative reviews apply to Wex’s fleet card-issuing services apart from its payment processing items.

The feedback related to payment processing, terrible customer support, unforeseen additional fees, frustrating sales experiences, and delayed payouts are the most widely cited problems. However, the complaints do not have a consistent theme which indicates that there is no structural problem with the product or service of the company.

Wex Inc. gives contact details which include the phone and email of the company’s customer support staff and also meets the minimum standards of a top-rated Wex Fleet One customer service processor.

Conclusion

All day long we may talk in a highly enthusiastic way about WEX however, the bottom line is that we recommend WEX FleetOne fleet cards. While the core services of WEX FleetOne remain commendable, it’s crucial to note their ongoing commitment to adapting with the times, especially in the realms of digital payments and AI integration.

If you look at fuel cards as a means of controlling spending, WEX cards are undoubtedly one of the reliable ways to save you money.

Fuel credit card issuers focus on providing quotes based almost entirely on the size and location of the fleet. With too many great options out there, shopping around and competing vendors against each other to find the best deals really pays off. Even, when considering the overall rating as well as the resolution ratio of WEX, the company remains one of the best in the market.

Several complaints of the company are undoubtedly unrelated to its merchant processing services; however, its overall criticism in total strongly suggests the company may lack the expertise of its customer support department to help solve all issues internally. And this is our verdict on the services rendered by FleetOne.

We’d like to hear from you whether you’re a current or a former customer. What is your experience with the company?

We also recommend the Motive fuel card and the Coast fuel card. Actually, they are both more than just fuel cards and are quickly gaining market share. Read more about Fuel Cards for trucks and fleets here.

However, if you still don’t know which fuel card or fleet management system is best for your business needs, kindly fill out the consultation form, and we will get back to you in no time.