WEX Fuel Cards
A Guide To WEX Fuel Cards
For all businesses regardless of fleet size, fuel cards are an ideal solution to many of the management-related problems that come with keeping your commercial vehicles running. As we will see during this guide, fuel cards not only help to reduce your fleet's day-to-day admin workload, but you can also save money on fuel in most cases and also hold drivers to account for their activities.
Fuel cards, such as WEX Fuel Cards, ensure that your fleet operates efficiently and at the lowest possible price point. With the right commercial fuel card, whether it be a WEX Fuel Card or one from another provider, you can streamline your company's fleet management and everything that comes with it.
Thanks to the many benefits that come with fuel cards, they have grown rapidly in use by businesses throughout the last couple of decades. Today, most businesses that operate a fleet use fuel cards to keep their vehicles running.
WEX Fuel Cards are one of many commercial fuel card options available to you as a business operator. In this guide, we are going to look at WEX Fuel Cards and everything that they have to offer so that you can make an informed decision.
WEX fuel cards from iCompario
About WEX Inc.
WEX inc. is a provider of payment processing services in the U.S., Canada, South America, Europe, Asia, and Australia. The company was founded in 1983 as Wright Express Corporation and expanded to provide corporate payment solutions across the fleet, travel, and healthcare industries.
WEX Fleet provides vehicle fleet customers with telematics and fuel cards for their fleet drivers. In 2012, WEX Fleet acquired Fleet One in order to provide the latter of these services, fuel cards. Thanks to its many partnerships with the likes of Chevron and OnDeck, WEX is able to provide services to a wide range of customers worldwide.
Thanks to the company’s successes during its early days, WEX was able to deliver on outs promises of optimal fleet performance and used this to quickly grow and become a go-to provider of its services for companies large and small.
In the U.S. today, over 400,000 companies use WEX fuel cards and this number is constantly growing.
WEX Fuel Cards Explained
If your company has a fleet of vehicles and you are not yet using a fuel card, they are well worth looking into. Whilst there is no shortage of options (there are plenty of providers) we are going to focus on WEX Fuel Card for the purpose of this guide. It is a very popular choice in the U.S. and has also had success over here, too.
What is a Fuel Card?
A fuel card (often called a ‘fleet card’) is a payment product for businesses that allow its fleet drivers to ‘buy’ fuel for the vehicles they use in the course of their employment or for other business purposes.
Simply put, a fuel card is a sort-of payment card that looks and works in the same way as a credit or debit card, with the primary difference being that it can only be used for fuel-related purchases at specific service stations. Whether your fleet drivers are using a WEX Fuel Card or one from a different provider, it will work in virtually the same way.
Using a WEX Fuel Card, your fleet drivers will fill up their vehicles’ tanks as normal and then use it to ‘pay’ for what has been drawn. Periodically, you will be sent an invoice with the subtotal of all fuel drawn during a given time period, plus VAT.
How Do Fuel Cards Work?
They work in the same way as any other payment card.
Your typical fuel card will have a magnetic strip and chip for payment verification purposes, just like a credit card, in addition to the name of the fleet driver or fleet vehicle to which the card is assigned. This card can then only be used either by that person or on the designated vehicle.
As for fuelling activity, this can often be viewed online for simple, real-time monitoring of expenditure and driver activity.
Where Can I Use My WEX Fuel Card?
The places where your drivers can use their WEX Fuel Cards will depend on which WEX Fuel Card you choose. In Europe, WEX’s partnerships mean multiple options are available. We are going to explore this in more detail shortly and although forecourt access varies between the different WEX Fuel Cards, the general benefits remain the same:
- HMRC-compliant invoices that cut your administrative burden;
- 24-hour real-time monitoring through an online dashboard;
- See who is using what, how much, and when;
- A top-down view of your fleet and its efficiency; and
- Money saved on fuel as per any card pricing schemes or offers.
The Esso Card ‘WEX Fuel Card’
The Esso card provides access to 3,467 fuel stations at the time of writing, including 2,284 24-hour and 1,148 truck sites.
These stations are conveniently located across the UK, including on busy motorway sites. Due to the sheer number of fuel stations and how well they are spread out, your fleet drivers can reach their final destinations in the quickest possible time as there is no need for lengthy and costly route deviations.
This means less time and money wasted and happier drivers and customers.
Esso Card and UK Fuels ‘WEX Fuel Card’
WEX allows customers to combine both the Esso Card and UK Fuels cards to access one of the UK’s largest network of forecourts. With this combination, drivers get unlimited access to the Esso Card™ network, as well as UK Fuels’ strategically located filling stations, to make a total network of 5,789 sites.
This fuel card is ideal for businesses that operate nationally and where drivers need convenient access to their nearest fuel station no matter where they may be in the UK – in a town or city, on the motorway, or miles away from anywhere.
Esso Card International ‘WEX Fuel Card’
For businesses that operate in Europe as well as the UK, WEX offers the International Esso Card. The card can be used at 12,919 filling sites in 15 countries throughout Europe, including a network of 778 motorway stations.
Across Europe’s major roads, borders and ports, the International; Esso Card sites will keep your fleet vehicles fuelled and your business on the move. This cuts costly route deviations and increases your fleet’s efficiency.
As with the Esso and UK Fuels cards, the International Esso Card and EDC fuel card can be combined to provide drivers with one of Europe’s largest cross-border networks, a gargantuan collection of 21,134 national sites, 7,414 HGV sites, and 11,322 24-hour sites.
The Benefits of Using a WEX Fuel Card
There are a whole lot of benefits associated with using a WEX fuel card (or any fuel card for that matter) to keep your fleet running smoothly and efficiently.
What makes fuel cards better to just using cash or company credit cards, though? To answer this common question, we have put together three of the biggest benefits of using a WEX Fuel Card or any other fuel card.
1. Your business can save money on fuel
More often than not, especially with supermarket fuel cards, your business can save fairly decent chunk of money. The larger your fleet is, the more money your business can save.
Some fuel cards, for example, offer fixed weekly prices. This helps negate the impact of fuel price fluctuations (especially those that are sudden and short-lasting) because you pay the same amount per litre regardless. Other pricing benefits may be available too, such as wholesale discounts for larger fleets.
2. Your business can save time on administrative tasks
Financial benefits don’t just stop at the amount of money paid for fuel, either; your business can continue to save significant sums of money by saving valuable staff hours on fleet admin and related costs.
When your drivers use their fuel cards, the amount of fuel they draw and anything else paid for on their cards will be collected and, periodically, you will be sent a single HMRC-compliant invoice with a single figure plus VAT for everything spent. This greatly reduces the admin workload and makes fleet management that little bit easier and quicker.
With a WEX Fuel Card, fleet managers can access fuel card account information around the clock. See how much has been spent during a specified period, how much is being spent daily, weekly, and monthly on average, and which drivers are spending the most, amongst other things.
3. Easy tracking of mileage and fuel use
Most fuel cards, if not all fuel cards, come with some sort of online fleet management dashboard. This is typically delivered via a system that can be used to monitor your fleet in real-time, 24/7.
Information such as the routes drivers are taking, the amount of fuel being used, and your fleet’s mileage per gallon are all recorded and available as and when. This data gives you a valuable insight into your company’s fuel efficiency. Typically, this information is provided via fleet management software.
Picking the Right Business Fuel Card
Whilst many fuel cards are virtually the same, the finer details and terms and conditions can vary. This is why it is important to compare the different fuel cards available on the market and choose the one that makes the most sense for your business.
Compare the WEX Fuel Card Alongside Others Today
Why not compare the WEX Fuel Card offerings alongside a huge range of other ones and see which one will provide you with the best value? The full range of WEX Fuel Cards in partnership with Esso and UK Fuels, and fuel cards from several other providers, is available for comparison through the iCompario website.
iCompario is operated by fuel cards experts with over 30 years’ industry experience. By using their clever tool, you can quickly compare a WEX Fuel Card alongside a range of cards from other providers.
Do you think that a WEX Fuel Card might be right for your business, but you are not sure which specific one is best, if any? Compare the full range of WEX Fuel Cards today to find out more! iCompario’s fuel card experts are also on-hand to help should you need it.