WEX Inc., a provider of corporate payment solutions, is giving small businesses some breathing room by launching the WEX FlexCard, its first revolving payment fleet fuel card for small businesses.
WEX said its FlexCard is designed to help small businesses save time and money on fuel and vehicle services, two of their biggest expenses. The card provides small businesses with revolving credit, wide acceptance, and online management tools.
The new card combines the functionality of a credit card and a fleet card payment solution, providing small business managers and drivers with flexibility, security, data intelligence and expense control. The biggest payoff for small businesses is gaining the flexibility to pay in-full or carry a balance when cash is tight, according to the company.
The FlexCard is best suited for fleets with 30 or fewer vehicles, for example landscaping, delivery, and other small fleets that operate vans and box trucks.
Beyond its revolving credit options, the FlexCard also includes the ability for driver ID tracking for protection against unauthorized spending; real-time viewing of purchase transactions; and online tools for ordering, deleting, and immediately suspending lost or stolen driver cards. The online component is another one of the innovations that will help small business fleets have better flexibility over their accounts, said Peggy Watson, VP of Fleet Product and Marketing for WEX. The company also provides 24-hour customer service.
“According to our research, for 70 percent of small businesses in that 30 or fewer vehicle range, having available credit is really important to them,” said Watson. “With WEX FlexCard, we’re meeting small businesses' credit needs and introducing them to the ability to carry a balance, which gives them some additional flexibility. We’re also seeing that even the smallest businesses are looking for universal acceptance in a gas or a fleet card, so we provide that as well. Essentially, we are taking the best attributes of the fleet card in terms of its reach, reporting, and controls and combining them with the ability to carry a balance to provide that additional flexibility to small businesses that are managing cash flow.”
The FlexCard is available directly from WEX on its website and via its 800 number (866-885-4936) and through various oil and other company partners that offer co-branded or proprietary cards through WEX.