Fleet One Factoring is a Nashville, Tennessee based freight factor. 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 falls into the group of trucking factoring firms.
Freight factoring, in general, mainly when you add fees, is not a cheap source of funding. However, it does provide fast financing and facilities for credit and collections. And, for recourse factoring, Fleet One advertises rates as small as 1%.
What Differentiates Fleet One from Other Factoring Companies?
Via their ancillary services, the company provides significant value to ensure customer satisfaction and come back for more.
Over thirty years in the industry is a testament to the company’s unique services and is remarkably more than some of the factoring companies.
You can find more information in our article about Fuel Cards for trucks and fleets.
Fleet One Edge Card
Through Fleet One card program, the company stands out, saving customers on anything from fuel to tires. With customers-on the payment side, this is where the company deal shines.
The Edge Card can be found at more than 8000 Fleet One fuel card locations. For clients, it is a great deal.
- Fuel discounts at more than 3600 vehicles stop across the country
- 8000 gas stations that accept Fleet One cards
- Fuel average savings of 15 cents per gallon
- Offer Savings on Maintenance and Tires
The WEX Acquisition of Fleet One Factoring
Wright Express (‘WEX’) purchased Fleet One for a record of $369 million in cash, back in 2012. The merger offered some synergies across Fleet One’s vehicle factoring solutions and WEX payment systems.
Moreover, as with other acquisitions, particularly from a public company, customers will face growing pains.
Next, Fleet One, Nashville and South Portland, Maine (WEX headquarters), have two head offices.
And, as a result, this reportedly given rise to uncertainty among employees looking for guidance on business issues.
Concerning the company customer, the changes in the company policy that has upset most truckers tend to be a $75 late fee for overdue invoices.
It was presumably done after the takeover by WEX. Some customers also reported that if you’re late on a small $6 monthly account fee, there would be a $75 late charge.
However, other fleets one customer said that there was no such problem for them, saying their invoice payments were auto-deducted just fine.
The company typically spelled out both payments and fines in a factoring agreement. There is no evidence of their agreements that the company charged something that was not in the agreements.
Contracts are something that consumers need to look out for in any business that offers financing for small businesses, whether it is a commercial bank or an alternative lender.
On their customer support website, Fleet One offers a great deal of self-service information as well as documents.
WEX Fleet One Fleet Cards
Known for outstanding customer support and robust systems as well as reporting, WEX is a leading fuel card supplier for corporate fleets. Serving more than 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.
And in collaboration with hundreds of suppliers of fuel, they offer outstanding fuel card solutions to a large variety of fleet types.
In the fleet company’s quarterly report, analyzing the fuel costs is frustrating at best. But worst of all? It is a daunting task that makes fleet managers feel uncomfortable when a balance sheet merely mentioned.
Of course, when WEX originally appeared as a fresh-faced startup in 1983, fleet managers breathed a sigh of relief everywhere.
There was a business that not only recognized the fuel overspend dilemma but also aimed at helping companies solve it.
The issue was, will WEX deliver on their promise of greater fuel efficiency at relatively low-than-credit card rates and also, improve fleet performance?
With robust systems as well as reporting, coupled with outstanding customer service, WEX rapidly became the go-to supplier of the company for fleet fuel cards.
And this is still true today. Up to 400,000 U.S. businesses use WEX Fleet One fleet cards, and the number is increasing every day.
Some customers said they are happy to recommend the company’s fuel card, and also, some customers said they are delighted to subscribe to their services.
Who Can Use WEX Fleet One Fuel Cards?
Also, many fleet owners that are satisfied with their fleet ‘s results would probably be wasting money on the things that they don’t even know yet.
Therefore, if that resonates with you, then you can understand that there is scope for improvement in any fleet.
And, this is why we assume this WEX will help fleet save resources and do more useful work.
With that being said, the company universal and partner-branded fuel cards tailored to help fleets of any size overcome suspicious fuel spending.
That also applies to various fleet styles. Interstate bus fleet operators can save money with WEX Fleet One fuel card services, as well as single-city taxi cab businesses.
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 on 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?
Yet, are you 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 Fleet One factoring reviews.
Wex Flee One Services
Wex provides fuel fleet cards and other fleet management solutions for the fleet for all sizes. The following are the company’s services.
WEX Fleet Card
The WEX Fleet Card is the most common solution for small fleets business.
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 the 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 of $2
WEX Flex Card
The Flex Card fits well with small to medium-sized fleets company, where cash flow can be a constant problem.
The FlexCard, along with all the features of WEX Fleet Card, offers:
- 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 are varying by the retailer, and fuel rebates 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 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 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 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, in addition to fleet cards; features an end-to-end fleet management system for a fleet company of all sizes.
Fleet managers are provided with comprehensive online reports on fleet operations, fuel usage, health reports for employees, spending, driver conduct, tax, compliance problems, routing and scheduling.
These extra features enable fleet managers to track the performance of their drivers, fuel consumption, efficiency and safety issues while at the same time avoiding moonlighting as well as vehicle theft.
And WEX also provides the drivers with access to 20,000 vehicle maintenance centers in the U.S. and Canada.
And this includes roadside assistance, incident response, and federal, and state DOT compliance guidance.
Most of all, WEX Telematics goes hand in hand with the fuel management services provided by the company.
When a fleet company uses them in combination, they can quickly get cost reductions well above the 15% that WEX ‘s fuel cards offer.
WEX Customer Support
WEX provides 24/7 email as well as Fleet One phone number support, with dedicated customer representatives, and on-staff consultants who can assist with compliance, bulk orders, and the like.
Customers typically like the quality and versatility provided by WEX; however, the solution provided by the company received mixed feedback.
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.
The Wex Fleet One Factoring Merchant Agreement is a 60-month annual renewal contract terms 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 (depend 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.
Wex Inc. received a large number of customer’s complaints about the terms of its contract. The most widely describe cases among merchants is unforeseen additional fees as well as high termination fees.
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, we are able to find many negative reviews of Wex Inc., however, none of which 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 feedbacks 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 contacts details which include phone and email of the company customer support staff and also meets minimum standards of a top-rated Wex Fleet One customer service processor.
All-day long we may talk in a highly enthusiastic and effusive way about WEX however, the bottom line is that we strongly recommend WEX Fleet One fleet cards.
The benefits of using WEX cards include getting a fuel card that operates at most U.S. fuel stations, a smart reporting package for fuel management, as well as access to an entire fleet management ecosystem.
Furthermore, if you look at fuel cards as a means of controlling spending, WEX cards are undoubtedly one of the reliable ways to get your money.
Fuel credit card issuers focus on providing quotes based almost entirely on the size and location of the fleet when it comes to money.
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 yet, the company remains one of the best in the market.
Several complaints of the companies are undoubtedly unrelated to its merchant processing services; however, its overall criticism 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 Fleet One. We ‘d like to hear from you whether you’re a current or a former customer. What is your experience with the company?
Moreover, if you find it challenging to find a suitable fuel card or fleet management system for your business needs, kindly fill the consultation form, and we will get back to you in no time.