Wex Inc. Credit Card Processing 2023: Reviews & Complaints
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.
Wex Payment Processing
Wex’s primary products are its self-issued fleet cards, which trucking companies and government fleets can provide to drivers to purchase gas and other necessities at gas stations across the country. Wex also provides point-of-sale payment acceptance options for gas stations and trucking companies to enable both in-person fleet card acceptance and virtual, B2B, Level III e-commerce. This review will focus on Wex’s payment acceptance products for merchants.
Fleet Payment Solutions
One of the key offerings of Wex, Inc. is its fleet payment solutions, which provide businesses with tools to manage fuel and vehicle-related expenses efficiently. The company’s fleet cards offer customizable spending controls, real-time data, and reporting features, helping businesses monitor and manage their expenses more effectively.
Travel Payment Solutions
Wex, Inc. also caters to the travel industry by offering tailored payment solutions designed to simplify transactions between travel agencies, suppliers, and customers. The company’s virtual payment services enable businesses to process payments securely and efficiently, helping to reduce costs and improve customer satisfaction.
Healthcare Payment Solutions
The company’s healthcare payment solutions focus on streamlining transactions between healthcare providers, insurers, and patients. Wex, Inc. offers services such as healthcare benefits administration, electronic remittance advice, and electronic funds transfer, allowing businesses to manage their financial operations more effectively and provide a seamless experience for patients.
Wex, Inc. provides businesses with customizable APIs that enable seamless integration of its payment processing services into existing platforms and software. This flexibility ensures a smooth transition and helps businesses maintain a consistent user experience for their customers. In addition, Wex, Inc. offers technical support to help businesses navigate the integration process.
Location & Ownership
Wex Inc. is headquartered at 1 Hancock St, Portland, Maine 04101. Melissa Smith is the president and CEO of Wex Inc.
Table of Contents
Wex Inc. Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||20+|
|Live Customer Support||Yes|
|Most Common Complaint||Poor Service|
Low Complaint Total
We are currently able to locate more than 20 negative Wex Inc. reviews, none of which accuse the company of being a ripoff or a scam. The majority of complaints are related to Wex’s fleet card-issuing services rather than its payment processing products, and we have discounted these in our review. Of the complaints related to payment processing, the most commonly cited issues are poor customer service, unexpected fees, negative sales experiences, and delayed payouts. There is no consistent theme to the complaints, which suggests that there is not a systemic issue with the company’s product or service. If you have your own Wex Inc. review to make, please do so in the comments below.
Wex Inc. Lawsuits and Fines
In 2020 Wex Inc. was the subject of a class-action lawsuit over the purchase of travel companies Optal and eNett International. Wex Inc initially withdrew from the deal over concerns related to the COVID-19 pandemic, which sparked the class-action lawsuit. After litigation was settled, Wex Inc. would hold up its end of the initial deal, however at a drastically reduced purchase price. Wex Inc also agreed to pay out other various costs related to the delay.
Wex Inc. has also been fined over $35 million in the US for banking and investor protection violations.
Wex Inc. Customer Support Options
Wex Inc. phone and email customer support information, which meets our minimum expectations of a top-rated customer service processor.
Wex Inc. Customer Service Numbers
- (833) 225-5939 – Toll-Free Customer Support
- (207) 773-8171 – Corporate Office
Wex Inc. Online Ratings
Here's How They Rate Online
Online Ratings Summary
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Over 100 Complaints
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.
What Merchants Say
Wex has also received 233 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.
Wex Inc. Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Unclear|
|Equipment Lease Terms||Variable|
Wex Inc. Contract Terms
The standard Wex, Inc. Merchant rates agreement is a 60-month contract with automatic renewal for 24-month terms unless canceled six months before the initial termination date. The company charges merchants 3.5% per swiped transaction, 3.5% plus $0.20 per keyed-in transaction, 3.5% plus $0.30 per phone transaction, and a variable early termination fee that appears to depend on the overall length of the contract at the time of early cancellation.
Level 2 and Level 3 Processing Services
In addition to its traditional merchant services, Wex Inc. also advertises that it provides Level 2 and Level 3 processing for B2B and B2G transactions. Level 2 and Level 3 processing rely upon different interchange rates than traditional consumer credit transactions. Accommodating those rates requires different payment processing technology from a merchant account provider to transmit the amount of data required to facilitate the transactions.
Few Contract Complaints
There are a few Wex Inc. complaints about its contract terms. Businesses most commonly describe unexpected incidental fees and high termination fees. Wex’s per-transaction fees are not competitive with those charged by the cheapest merchant accounts, and its long-term contract is actually more restrictive than industry averages.
We also encourage business owners to check out our list of the providers of the best merchant accounts.
Wex Inc. Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||No|
|Discloses All Important Terms||No|
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.
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