While Mercer has many types of freight that they haul, the U.S. Government is their biggest customer for whom they haul military equipment across all 50 states. Alert type; WEX Inc. End-of-Day Stock Quote Alert. WEX payment solutions can be tailored to your business. Other buyers may be leveraging a second AP automation product. If you are a WEX stockholder and need to amend the details of your stock record, please contact: “What they’re saying is, ‘We know we’re not going to hit our goals, let’s use this time that we’re given in this terrible financial year to focus on some infrastructure activity.’ We’re seeing this across in-corporates, across financial institutions, and across large suppliers – instead of them focusing on how to drive the next dollar of revenue in 2020 we’re seeing them – where they have resources – focus those resources on infrastructure projects.”. Before every load, Stone and Howard would meet each truck driver, inspect their equipment and let them run under their authority for one trip. A webcast of the presentations will be available live on the Investor Relations section of the Company’s website, www.wexinc.com. As Heisten puts it, “We have good freight coming out of our core customer base but backhauls have died down substantially. Senior Vice President, With many stores shuttered, that type of freight is drying up, and we are doing more delivery transactions with brokers. Once Stone and Howard got a couple of trip leasers, they started telling people they were ready to haul freight. The app also gives real-time location updates, including weather and construction updates. 1-866-668-6550, Deloitte and Touche LLP Click here to learn more about how WEX payment solutions can be tailored to your business, so you can operate easier and faster while creating lasting growth and success. For those unable to … Our wholly owned bank subsidiary, WEX Bank, is a Utah industrial bank that began operations in June 1998. WEX Inc. SEC Alert. Investor Relations The Company has been in business since 1983. By serving them, we’re participating in getting America’s vital goods, including medical and food supplies, delivered throughout the country. Video of Logan Miller talking about what he did: TA/Petro Stopping provides places along the major arteries across the U.S. for truckers to refuel, grab a bite to eat, use shower and restroom facilities, and take a break from driving. Due to COVID-19 and the increase in the need for medical equipment and supplies, Tenet was running into supply shortages with their existing vendors. 40 million shares sold at $18.00 per share. All fuel lanes are open, all TA Truck Service centers are open and RoadSquad 24-Hour Roadside Assistance is available. “In AP automation they try to provide as much data into the suppliers’ ERP as possible but there are always invoices that are exceptions whether they’re card or check or ACH there are always these exception payments where someone has to email the supplier the payment method, the invoice number and the data associated with those payments and so there’s a great deal of highly manual reconciliation processes and payment processes associated with the B2B space.”. When did WEX become a publicly traded company? Investor Relations Department 1-800-245-5703 or 763-764-3202. As Brian Helton describes it, “So here’s the crazy part. South Portland, ME 04016 Accounts Payable New Technologies Keep Emerging, What About Accounts Receivable? AllCard is our card production vendor in Ontario, Canada who produces and ships cards to our Fleet customers located in Canada. We’re unlikely to return to the way B2B payments were transacted before the pandemic as COVID-19 has trained a spotlight on B2B payments inefficiencies. I’m interested in doing an article about the Company. “Historically, the industry has always focused on the buyer. We’ll touch on this question in this post today and provide you with a link to an article and podcast for a deeper dive. They are reconfiguring some of their production equipment to manufacture these Face Shields and are using materials that are coming directly out of their card plant located in Cambridge, Ontario — the same one where they manufacture our customer’s cards. 59 Maiden Lane, Plaza Level SVP Global Investor Relations WEX Mar 2016 - Present 4 years 10 months. They are paying high rates to haul, which had included bonuses, but there are no longer offering bonuses. They called WEX on Sunday, March 22, looking for help. Accounts receivable (AR) organizations have not evolved as quickly technologically and still use many manual, paper-based processes. AllCard received that status within the next 24 hours and now they are able to pay it forward by reconfiguring their production equipment to support the front line workers in the fight against the Coronavirus.”, “Love’s believes professional truck drivers are the heroes of the highway. Because they are a small operation, it’s all hands on deck: they don’t have the bandwidth to provide back-up if people are not able to come into work. We are grateful to them for providing critical fuel and a safe environment for over-the-road truckers. 2, 2020-- WEX (NYSE: WEX), a leading financial technology service provider, will today announce WEX’s Health division’s 2019 Partner Excellence Award winners during WEX Momentum, a series of complimentary virtual learning and networking events. When you think about it, that’s a lot of supplies to keep stocked. “Greg Sassone will lead a team of payments experts who are industry veterans and understand the challenges financial institutions currently face from a payments perspective,” said Jay Dearborn , president of WEX’s Corporate Payments division. TA also provides a mobile app, TruckSmart, for truckers which allows them to reserve and pay for showers and parking right from the app. Please contact our Director of Public Relations, Rob Gould, at robert.gould@wexinc.com or (207) 523-7429. These numbers have since leveled out to normal levels of pounds shipped.”. Military veterans possess invaluable leadership skills and business acumen. IR … The Company’s common stock is traded on the New York Stock Exchange (NYSE) under the symbol “WEX.”. We simplify the complexities of payment systems across continents and industries—including Fleet, Corporate Payments, and Health. We’ve planted the seed in our customers’ minds to say ‘Please let us know what your needs are. The conference call will be webcast live online and may be accessed through the investor relations section of the WEX website, www.wexinc.com. Specifically, they have been working on the design of a Face Shield using equipment they have on hand for card production. Keep more of your money in your business, where it belongs.Apply for a fleet card today! We are grateful for organizations like Tenet who are working tirelessly out in the field to ensure the safety of their patients and care providers. Please note that our mailing address is 97 Darling Avenue, South Portland, Maine 04106. IR Presentation. We’re seeing it in the FI partners that WEX deals with – with the large in-corporates that we’re dealing with.” These companies have historically talked about bringing AP automation software or automating processes into their businesses and the pandemic has created an environment where it makes sense to finally take action and do so. Director, Investor Relations [email protected] (617) 535-2997. Our bank approves the customer applications for all of our funded programs and is the issuing bank for our Mastercard programs. We are proud to support him and his company and help them get through this difficult time,” says Bridget King, Manager of Account Services, WEX. Truck stops weren’t really sure how they were going to serve people yet and where Miller had pulled off to purchase a meal, in Richmond, Kentucky, that particular truck stop had temporarily shut down the restaurant and they were in the process of cleaning everything. It’s created this chokepoint in the industry where more and more people are trying to push more and more invoices and payments to suppliers but those suppliers don’t necessarily have the technology or the automation to accept all those payments at once.”, This imbalance between AP and AR is not a new thing, but rather dates back decades. 617-437-2000, Wilmer Cutler Pickering Hale and Dorr LLP investors@wexinc.com. Interactive Chart for WEX Inc. (WEX), analyze all the data with a huge range of indicators. To learn more about the AP/AR technology gap, click here to listen to Mark Aquilina on the PYMNTS podcast. With a female CEO, an executive team with 30% female leadership, and global workforce that is nearly half female, women are a key part of WEX’s business at all levels. WEX Inc. to Release Third Quarter 2020 Financial Results on October 29, 2020 They are out in the field every day keeping the economy going. What Mercer did back then to get their business off the ground is what is now referred to as trip leasing. WEX itself has a number of these platforms. Says WEXer Lynn Alexander, Vice President of Client Service Operations, “The major truck stop chains have been great partners for WEX and we’re grateful to them for providing critical fuel and a safe environment for over the road truckers. “Companies are learning how to be more efficient, do more with less, do more with technology and I don’t see that going away post-pandemic. WEX's corporate headquarters is located at 1 Hancock Street, Portland, Maine 04101. 3 reasons we see people flipping to a fuel card: Apply Now WexLocationCode.setTransientValue("wex02");WexBocaLink.setUrl("locations-flyout","WEXFleetUniversal","cc1"), “My team is helping customers during this pandemic and we have a wide variety of issues we deal with for our customers. Shares of WEX (NYSE: WEX) popped as much as 10% today after the company completed its acquisition of eNett and Optal. And during this shortage of hospital supplies, Tenet can use that virtual card to turn to less commonly used e-commerce web sites like Ebay, Amazon, and others and purchase from places they do not normally bulk order supplies.”. We are taking appropriate and precautionary measures to make sure truck drivers are taken care of while continuing to work hard to keep America moving during this pandemic.”, In order to be safe and remain an open option for truckers, TA has implemented new measures in the field: “Our employees are working tirelessly to ensure that our sites can remain open and ready to serve drivers when they need it. Historically Fintech Pays More Attention To Buyers. This allows us to see the company through a different lens or perspective than we normally would. As TA puts it, “Truck drivers have one of the most important jobs right now and TravelCenters of America thanks them for their unwavering commitment and dedication. 60 State Street The static nature of the economics associated with payment methods is one issue that we see in the marketplace.” The static nature of the economics of payments is one contributing factor to the B2B chokepoint currently being experienced in AP and AR transactions. As a result, their drivers on the road can continue to take care of the work of delivering goods and essential services.” WEXer LaTaschia Velasquez, Fleet. New WEX Story Unleashes Power for our Customers. Email. Investor Relations Proofpoint protects people, data, and brands across email, cloud, social media, and mobile devices. A WEX customer, Tenet Health, is a healthcare services company based in Dallas, Texas providing essential services during this pandemic. A WEX customer, Tenet Health, is a healthcare services company based in Dallas, Texas providing essential services during this pandemic. The conference call will be webcast live on the Internet and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. On their behalf, we argued that our card products provide the ability to procure fuel for first responders and truckers that are keeping the supply chains open and flowing for critical supplies to be distributed all across North America. Women play an important role at WEX. We help customers protect critical data—and respond quickly when things go wrong. This was what Jason Miller was hauling when he ended up with Vienna Sausages for dinner a few weeks ago. Investor inquiries are welcomed by mail, telephone or e-mail at: What we’re seeing in the supporting research is that 83% of our respondents agreed that they had to deliver new business efficiencies and new sources of revenue for their customers in a post-pandemic economy. We have good freight coming out of our core customer base but backhauls have died down substantially. Find the latest SEC Filings data for WEX Inc. common stock (WEX) at Nasdaq.com. WEX Inc. News Alert. That’s an awesome story from the field.”. D&D is committed to keeping their business up and running as they, like others, face many challenges. (Mercer Owner Operator). “Cards have historically been one-size-fits-all…When suppliers have been asked to accept cards it’s really kind of been forced down their throats unfairly and typically with economics that is unfair to the supplier as well.” Suppliers have been slow to adapt while at the same time buyers come to the table expecting that suppliers have evolved as they have. They built a fleet of over 2,000 trucks that way. WEX’s SVP of Product & Strategy, Mark Aquilina, was recently interviewed on the PYMNTS podcast and talked about the imbalance within the world of B2B payments. They called WEX on Sunday, March 22, looking for help. Integrity, Innovation, Execution, Relationships, and Community have taken on a whole new meaning for all of us.”, — WEXer Tamela Mills-Stephens, Customer Service Support I – Triage, Corporate Payments. WEX also provides its partners with maximum choice across multiple card schemes with a single front end. These numbers have since leveled out to normal levels of pounds shipped.”, iy_2020; im_12; id_16; ih_11; imh_24; i_epoch:1.60814669378E+12, py_2020; pm_10; pd_26; ph_10; pmh_23; p_epoch:1.60373300283E+12, link-block; link-block_link-block; bodystr, pn_tstr:Mon Oct 26 10:23:22 PST 2020; pn_epoch:1.60373300283E+12, https://www.wexinc.com/insights/blog/inside-wex/banking-and-b2b-payments-innovation-fixing-the-imbalance-between-buyers-and-suppliers/, Banking and B2B Payments Innovation: Fixing The Imbalance Between Buyers and Suppliers. Who is WEX's Transfer Agent? A WEX customer, Tenet Health, is a healthcare services company based in Dallas, Texas providing essential services during this pandemic. AllCard was soon granted the essential service provider exemption and have been manufacturing and shipping our cards without disruption since. The next day, Logan, a thirteen-year-old boy, takes his allowance to Sam’s Club, makes lunches, and goes up to the truck stop near his home and hands out lunches to the truck drivers there at the truck stop. WEX approached (E) BrandConnect earlier this year to conduct research into the state of business-to-business payments, and this research had results that reflect this analysis. We are helping them take care of their employees, meet payroll, and even when working from home seamlessly run their business. So what can be done? That disconnect is causing dissonance in the space. LaTaschia Velasquez has been helping WEX customers in the trucking industry for almost eight years. “We’re so proud of Logan Miller and grateful to his dad, Jason, and to all the truck drivers out there on the road for our customer, Mercer Transportation. More than ever before, we understand the importance of work and family balance. Focusing on diversity also means focusing on inclusion. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. They are essential to the livelihood of the men and women in the Fleet industry as they can sometimes be the only option open at certain hours of the day and in some locations. You can download it from this website when available by clicking on the News Releases tab. WEX They called WEX on Sunday, March 22, looking for help. Due to COVID-19 and the increase in the need for medical equipment and supplies, Tenet was running into supply shortages with their existing vendors. The deal was first announced in January and … … FARGO, N.D.--(BUSINESS WIRE)--Jun. The Company does not currently intend to declare or pay cash dividends to its common stockholders. 617-526-6000. As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX … Email Alerts Required fields denoted by an asterisk (). Because one side of the cash flow interaction is faster and more efficient than the other, which results in a bottleneck. Wex (WEX) came out with quarterly earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.44 per share. Some of the things drivers are faced with are long delays loading and unloading, and an inability to find places to eat on the road but their spirits remain high and they are grateful to be able to continue to bring in an income. You’re going to need some kind of a middleware player that’s going to tie these different islands of technology to different pockets of AP automation technologies. Having essential service provider status would allow them to keep producing our cards without disruption. Aquilina proposes that what is required is for fintechs to adopt the role of middleware integrators and provide the necessary connection points between AP and AR technologies. The employees at the truck stop were in limbo waiting to find out how they were going to proceed to help prevent the spread of the disease. WEX Bank has an independent board of directors. As Helton describes it, this is what happened: “Just two weeks ago, when things were just starting to get kind of spooky with COVID-19, we had a driver over in West Virginia, Jason Miller, who had just left home that afternoon and after driving for several hours was ready to get a bite to eat before settling in for the night. The first key factor is the antiquated transaction pricing and static payment methods and models that are tied to card products. They are out on the roads every day delivering goods to keep products on the shelves for those of us sheltering in place. When the provinces of Ontario and Quebec announced lockdowns in late March due to COVID-19, WEX supported AllCard in their efforts to gain “essential service provider” exemptions from the lockdowns. What is the CUSIP number for the Company’s common stock? Aquilina describes three key factors that are attributing to the B2B chokepoint. You’re going to need to find participants like a WEX or even like the Visas or the MasterCards where both Visa and MasterCard are trying to create these network of network solutions. At WEX, we promise to treat your data with respect and will not share your information with any third party. The third key factor to the B2B chokepoint in AP and AR transactions is the one-off automated technologies that are not universally shared across companies. “There are these islands of automation that occur in the B2B space (that) just create an overall lack of AP to AR integration. “Fintechs are becoming middleware integrators. Annual Report. 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