Is Wex Inc. Worth It? A Clear Look at Their Rates & Reputation

Founded in 1983 as “Wright Express Corporation”, Wex Inc. is a merchant account provider that primarily offers fleet card and business management services for the transportation and logistics industries.

Wex has made many acquisitions, including eNett, Optal, and benefitexpress.

Payment Processing

Wex specializes in self-issued fleet cards for trucking companies and government fleets, allowing drivers to purchase fuel and other essentials at gas stations nationwide. Additionally, Wex provides point-of-sale payment solutions for gas stations and trucking companies, facilitating both in-person fleet card acceptance and virtual B2B Level III e-commerce transactions.

Fleet Payment Solutions

Wex offers fleet payment solutions designed to help businesses manage fuel and vehicle-related expenses efficiently. Their fleet cards include customizable spending controls, real-time data, and reporting features, enabling businesses to monitor and manage expenses effectively.

Travel Payment Solutions

Wex also serves the travel industry with payment solutions that simplify transactions between travel agencies, suppliers, and customers.

Healthcare Payment Solutions

In the healthcare sector, Wex focuses on streamlining transactions between providers, insurers, and patients. Their services include healthcare benefits administration, electronic remittance advice, and electronic funds transfers.

Customizable Integration

Wex provides businesses with customizable APIs for integrating their payment processing services into existing platforms and software. Wex also offers technical support to assist businesses with the integration process.

Evaluation of Wex Inc. Reviews

Our review has identified over 20 negative Wex Inc. reviews, with none categorizing the company as a scam or ripoff. The complaints predominantly focus on Wex’s fleet card services rather than its payment processing solutions. After considering the relevance, complaints about payment processing highlight issues such as unsatisfactory customer service, unexpected fees, negative experiences with sales representatives, and delays in payouts. The diversity of these complaints does not indicate a widespread problem with Wex Inc.’s services or products. We invite you to share your personal experiences with Wex Inc. in the comments below.

Wex Inc. Customer Support Analysis

Wex Inc. provides customer support through phone and email, aligning with what is expected from top-rated customer service processors. This commitment to accessible support channels demonstrates Wex Inc.’s effort to address client needs effectively.

PaymentPop Rating for Wex Inc.

Negative Feedback

Scam company. Service fees for everything try closing account taking months. Call and say close account now than Bill is generated next month than you call say close they say can’t because of balance due you say only a balance because the account is not being closed talk to a manager you explain situation said I will pay the service fees close account. You send payment in and the next month you get a new bill for all the service fees.

Positive Feedback

There are no positive reviews published about Wex Inc. on the PaymentPop website.

Wex Inc. BBB Rating

Wex Inc. has an “A-” rating with the Better Business Bureau and is currently not BBB accredited. The company has received 160 complaints in the past three years.

Wex Inc. has a 1.06 out of 5 star rating based on 251 user reviews on the Better Business Bureau website.

What Merchants Say

Wex has also received 251 informal reviews to its BBB profile, all but 3 of which are negative. The most recent review referencing their processing services describes unexpected account creation and inadequate customer support:

A d minus rating. What would it take to get an f rating. This company sends credit card statements to businesses after the due date . They then make the business go through a nightmare procedure to resolve the issue.

Clients can typically expect huge companies like Wex to have longer customer service wait times than smaller, top-rated merchant account providers.

An “A” Performance

Given the company’s complaint total and resolution ratio, we have slightly adjusted the BBB’s rating. Some of the company’s complaints are unrelated to its merchant processing services, but its overall complaint total indicates that its customer support department may lack the resources to resolve all issues in-house.

Google Maps Rating for Wex Inc.

Wex Inc. has a 3.7 out of 5 star rating based on 25 user reviews on Google Maps.

Positive Feedback

Wonderful company

Negative Feedback

Horrible Customer service. Don’t let your company use this administrator.

Wex Inc. Contract Terms

The standard Wex, Inc. Merchant rates agreement entails a 60-month contract with automatic renewal for 24-month terms unless canceled six months before the initial termination date. Merchants are subject to a 3.5% charge per swiped transaction, 3.5% plus $0.20 per keyed-in transaction, 3.5% plus $0.30 per phone transaction, and an early termination fee, the amount of which appears to be contingent on the remaining duration of the contract at the time of cancellation.

Level 2 and Level 3 Processing Services

Besides its conventional merchant services, Wex Inc. also offers Level 2 and Level 3 processing for B2B and B2G transactions. These processing tiers operate on distinct interchange rates compared to standard consumer credit transactions. Implementing these rates necessitates specialized payment processing technology from a merchant account provider to transmit the requisite data for these transactions.

Few Contract Complaints

While there are a limited number of complaints concerning Wex Inc.’s contract terms, businesses commonly cite unexpected incidental fees and high termination fees. Wex’s per-transaction fees are less competitive compared to those of the most cost-effective merchant accounts, and its protracted contract duration exceeds industry norms.

We also encourage business owners to review our compilation of the top merchant accounts.

In 2020, Wex Inc. faced a class-action lawsuit related to its attempted acquisition of travel companies Optal and eNett International. The lawsuit arose after Wex Inc. sought to back out of the purchase due to the COVID-19 pandemic’s impact, leading to a settlement that included Wex Inc. completing the acquisition at a significantly reduced price and covering various associated costs. Additionally, Wex Inc. has incurred fines exceeding $35 million for violations concerning banking and investor protection in the US.

Inside/Outside Sales Team

Wex Inc. appears to rely on inside telesales and a W-2 outside sales team to market its services. There is no evidence at this time indicating that the company employs independent sales agents, but we have found some Wex Inc. reviews related to the company’s telemarketing team. Merchants specifically claim that they only expressed interest in learning about fleet cards over the phone, but they soon found out that they had been signed up for long-term contracts by their telesales agent.

This does not compare favorably to our list of best credit card processors. To avoid this issue, we recommend asking for promotional information but not providing any information about your business name or location that could be used to bill you.

No Misleading Quotes

Wex Inc. does not appear to engage in any deceptive advertising strategies in its official materials. If you suspect that Wex Inc. is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

Wex Inc. has established itself as the leading payment processing option for fleet card acceptance based on all available data. This dominance in the fleet card market is notable, although it’s worth mentioning that the company’s pricing may not be the most competitive in the broader payment processing landscape. Despite this, Wex Inc. has successfully maintained a relatively low rate of complaints considering its large scale of operations, suggesting a level of service that generally meets customer expectations.

For businesses, particularly those in sectors like transportation or logistics where fleet cards are commonly used, Wex Inc. often becomes the go-to provider. However, it is important for these businesses to realize that they are not necessarily confined to Wex for all payment processing needs. If the pricing feels prohibitive, business owners should consider exploring other options. Specifically, they could benefit from comparing services and rates offered by top-rated petroleum payment processors that also handle traditional merchant accounts.