: Three Factors To The B2B Chokepoint, We Need Middleware Integrators To Bridge The AP To AR Chasm, Payments Changes Due To COVID Are Here To Stay, To learn more about the AP/AR technology gap, click here to. 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. Keep more of your money in your business, where it belongs.Apply for a fleet card today! AllCard is our card production vendor in Ontario, Canada who produces and ships cards to our Fleet customers located in Canada. A majority of our freight is shuttle movement within a 125-mile range for food manufacturing businesses. Who is WEX's Transfer Agent? As a result, there is automation on one side of the cash flow equation and a manual process on the other. 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. ERGs drive diversity by fostering new bonds and communities across the company. And neither one of them drove a truck. We have good freight coming out of our core customer base but backhauls have died down substantially. IR Presentation. The deal was first announced in January and … More than ever before, we understand the importance of work and family balance. How do I get a copy of WEX's earnings release? Our spirits are definitely high. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. A WEX customer, Tenet Health, is a healthcare services company based in Dallas, Texas providing essential services during this pandemic. PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced it will present at the following upcoming investor conferences: On … Annual Report. 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. Nowadays drivers lease on under Mercer’s authority and haul just for Mercer. We have antiquated and static pricing models within B2B payments, paired with the highly manual nature of payments and the manual reconciliation processes that occur, and what results is an overall lack of AP to AR integration. … This was what Jason Miller was hauling when he ended up with Vienna Sausages for dinner a few weeks ago. D&D is committed to keeping their business up and running as they, like others, face many challenges. Presentation Alert. Women play an important role at WEX. Our wholly owned bank subsidiary, WEX Bank, is a Utah industrial bank that began operations in June 1998. Digitization will become the norm: “What we’re seeing across the merchants that we touch, the financial institutions that WEX touches, and the large customers that we work with is that they are making investments to their infrastructure that are taking paper and manual practices out of the process.” The trend for payments as we close out 2020 is integration and technology and 2021 will be an exciting year to watch what AP and AR do to coalesce and create better processes for the future. — WEXer LaTaschia Velasquez, Account Management Team Lead, Fleet, “I have been passionate about helping my customers and making sure that they have the tools and resources that they need to keep their trucks running during this crazy time. What is the CUSIP number for the Company’s common stock? 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 … The conference call will be webcast live online and may be accessed through the investor relations section of the WEX website, www.wexinc.com. He’s talking to his wife on the phone telling her his whole story of woe and unbeknownst to them, their son, Logan, is eavesdropping on the conversation. WEX itself has a number of these platforms. They called WEX on Sunday, March 22, looking for help. While they do have a few employees working from home, they feel it’s important that they be in the office for the constant interaction needed with the company’s drivers. The transfer agent is responsible for maintaining all records of stockholders (i.e., name, address, telephone number), canceling or issuing stock certificates, and resolving problems related to lost, destroyed, or stolen certificates. 617-526-6000. The question is, what do we do about it, and how does the industry support change for the AR side of the house? When did WEX become a publicly traded company? Tenet is a client Jessica Cook implemented in the summer of 2019. Aquilina describes three key factors that are attributing to the B2B chokepoint. With what they are providing, truckers can continue making sure critical supplies, including medical supplies and equipment, are getting where they need to be.”. So when commercial card products started coming out there was this focus on the buyer and the buyer using the card. During her time at WEX, Hilary was named the company’s first general counsel; she helped create WEX Bank; and led the legal team in launching the company’s initial public offering. 97 Darling Avenue New WEX Story Unleashes Power for our Customers. (i.e., who administers the stock certificates)? 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. Love’s has shown their appreciation for truck drivers who are out on the roads today in various ways: “The major truck stop chains have always been an invaluable resource for truck drivers and have become even more important during the COVID-19 pandemic. South Portland, ME 04016 Due to world events, it’s allowed us to see things in a proper perspective. Specifically, they have been working on the design of a Face Shield using equipment they have on hand for card production. Please note that our mailing address is 97 Darling Avenue, South Portland, Maine 04106. 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. So when you have a tremendous amount of volume all sent via email to these suppliers, the suppliers themselves have to stop everything they’re doing, open up an email, and key in those invoices.” Card acceptance still requires a highly manual process and really, all invoice acceptance does. A lot of our contracts involve making deliveries to places like McDonald’s, Pizza Hut, and Burger King distributers. Find the latest SEC Filings data for WEX Inc. common stock (WEX) at Nasdaq.com. WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. 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. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. Email Alerts Required fields denoted by an asterisk (). Alert type; WEX Inc. End-of-Day Stock Quote Alert. Wex (WEX) came out with quarterly earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.44 per share. Tenet’s program is working well and with hospital supplies still in high demand, this will continue to be a great tool for them. firstname.lastname@example.org. American Stock Transfer & Trust Company Investor Relations This page shows the institutions and funds most likely to invest in WEX / WEX Inc., based on analysis of their current holdings. 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. As Aquilina puts it, “There are a lot of people in the industry talking about bridging the AP to AR chasm but not enough people… (There is a) lack of acceleration on the AR side to match the speed of acceleration on the AP side.”, Why does this imbalance matter? Investor inquiries are welcomed by mail, telephone or e-mail at: I have heard that Walmart has pushed orders to new levels. 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. Through WEX Bank, we are able to issue short-term certificates of deposit that support our ability to fund transactions. With many stores shuttered, that type of freight is drying up, and we are doing more delivery transactions with brokers. They called WEX on Sunday, March 22, looking for help. We are grateful to them for providing critical fuel and a safe environment for over-the-road truckers. 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. There hasn’t been a real diversity of economic models across open-loop networks. 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. They turned to WEX to help resolve their supply chain dilemma so they could continue to care for their patients during this difficult time. Our bank approves the customer applications for all of our funded programs and is the issuing bank for our Mastercard programs. WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced that its Chief Financial Officer, Roberto Simon, will present at the Wells Fargo TMT Summit on Tuesday, December 1, 2020 at approximately 3:20 PM EST. 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. 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. Thank you for making sure supplies are continuing to be transported during this pandemic,” says Donniss Leathers, National Account Manager, WEX. These one-offs cause logjams and excess wasted production time for staff. Global Investor Relations. You can purchase the Company’s common stock through any registered broker. How Well Does The Open-Loop Network Work In B2B Payments? Investor Relations Proofpoint protects people, data, and brands across email, cloud, social media, and mobile devices. Investor Relations WEX is a global leader in financial technology solutions. 1-866-230-1633 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. 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. 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. WEX » Our Story » Investor Relations » Email Alerts. We are increasing our cleaning frequency and continue to use best-in-class, food-safe cleaners to disinfect common touchpoints within the restaurants and travel centers. Having essential service provider status would allow them to keep producing our cards without disruption. On what exchange is WEX traded, and what is the ticker symbol? Since that time, AllCard has expanded its operations to produce PPE equipment for those on the front lines of the pandemic. 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. That’s an awesome story from the field.”. WEX Completes Acquisition of eNett and Optal. As Brian Helton describes it, “So here’s the crazy part. 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. 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. I’ve been working with Rusty for 19 years and his passion for trucking has always impressed me. SVP Global Investor Relations WEX Mar 2016 - Present 4 years 10 months. A webcast of the presentations will be available live on the Investor Relations section of the Company’s website, www.wexinc.com. 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. What were the results of WEX's most recent quarter? You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Director, Investor Relations [email protected] (617) 535-2997. Accounts receivable (AR) organizations have not evolved as quickly technologically and still use many manual, paper-based processes. 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. IR … They are out in the field every day keeping the economy going. 617-437-2000, Wilmer Cutler Pickering Hale and Dorr LLP Email. If you’re accepting payments as a supplier you may be seeing payments come to you in language one from AP automation company one and language two from AP automation company two.” What happens is inefficiencies and lost profit as a result of the myriad different tools being leveraged. 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. They are paying high rates to haul, which had included bonuses, but there are no longer offering bonuses. New York, NY 10038 What Mercer did back then to get their business off the ground is what is now referred to as trip leasing. 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. 1-866-668-6550, Deloitte and Touche LLP I have heard that Walmart has pushed orders to new levels. What Does This Technology Gap Mean For The B2B Cash Flow Equation? WEX paid total consideration of approximately $577.5 million, funded from cash on hand. 40 million shares sold at $18.00 per share. WEX shares cannot be bought directly from the Company. “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.”. WEX Bank has an independent board of directors. Other buyers may be leveraging a second AP automation product. Analysts/Investors: Jeff Siemon Vice President Investor Relations 763-764-2301 Shares of WEX (NYSE: WEX) popped as much as 10% today after the company completed its acquisition of eNett and Optal. It just so happened that he’d hit the road on a day when people in the area were beginning to be concerned about the spread of the coronavirus. The Company has been in business since 1983. So, when she was tapped to work on this project she was already familiar with their business practices and was able to quickly start work on a solution. It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.”. Just one driver at a time. What he pointed out was the lack of AR focus on technology preventing them from keeping up with the speed at which the AP side of the house is adapting and changing with the times. Our blend of managers comes from outside the company, from leveraging talent internally, and from companies we have acquired. We’ve planted the seed in our customers’ minds to say ‘Please let us know what your needs are. 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. They called WEX on Sunday, March 22, looking for help. 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. Although we are spatially apart we have grown closer as a team through daily online huddles as well as sharing momentous pictures of our home life and pets. As Ontario was looking to shut down non-essential services our newest partner, AllCard, reached out to us on March 23rd to provide support to obtain “essential service provider” status. A webcast of the presentations will be available live on the Investor Relations section of the Company’s website, www.wexinc.com. Boston, MA 02116-5022 These guys started up a trucking company and they had zero trucks. We are following individual state mandates regarding closures of full-service restaurant dining and are continuing carry-out services in these areas where we are able.”. Investor Relations Their biggest single day to date was 2.3 million pounds shipped which last weekend went up to 3.2 million pounds. We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. Who should I contact? What does this mean for interactions between buyers and sellers in the B2B space? A lot of our contracts involve making deliveries to places like McDonald’s, Pizza Hut, and Burger King distributers. How do I contact Investor Relations at WEX? 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. Once Stone and Howard got a couple of trip leasers, they started telling people they were ready to haul freight. During a nationwide shut down as we are currently experiencing, the resources they provide are crucial for these drivers to make sure critical supplies, including medical supplies and equipment, are delivered in the most efficient and timely manner possible,” says WEXer Lynn Alexander, Vice President of Client Service Operations. With many stores shuttered, that type of freight is drying up, and we are doing more delivery transactions with brokers. Because one side of the cash flow interaction is faster and more efficient than the other, which results in a bottleneck. Focusing on diversity also means focusing on inclusion. 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