WEX is rolling out a new app to give independent truckers access to benefits normally only available to larger companies.
The free mobile app, 10-4 by WEX, offers owner-operators and small trucking companies access to fuel discounts, according to a Friday (Oct. 4) news release. The move widens WEX’s total addressable market by expanding its diesel product offerings to sole proprietors and other independent businesses.
“With the release of the 10-4 by WEX mobile app, we are enabling independent owner-operators and small companies to save instantly on their largest expense — fuel,” said WEX Chief Digital Officer Karen Stroup in the release. “Already a trusted partner to an estimated 19.4 million commercial vehicles globally, we are proud to expand WEX’s core offerings to this new segment — independent truckers.”
Truckers who want to use the app can upload their credit or debit card details to gain access to fuel discounts, per the release. WEX does not require credit applications or credit checks to use the app, which is built with embedded payments technology.
In other news from WEX, General Manager of Corporate Payments Eric Frankovic discussed with PYMNTS last month how businesses can optimize payments and slash costs.
B2B payment methods — such as virtual cards, ACH payments and real-time payments — come with pros and cons, forcing chief financial officers and treasurers to weigh each option.
“Understanding your supplier relationships, what’s best for you as a company, and what best supports your size and growth goals is crucial,” Frankovic said.
A one-size-fits-all solution doesn’t exist, and businesses must consider their payment goals, supplier relationships and operational requirements when selecting payment methods.
However, Frankovic said virtual cards are one of the best B2B payment methods, especially for businesses seeking a balance between control and return on investment. Virtual card benefits will grow as other complementary innovations like artificial intelligence mature and scale.
“In the U.S. specifically, if implemented correctly, virtual cards give you the best mix of security, control and return on that investment,” he said.
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