Corporate payments firm WEX has diversified its business in recent months, expanding from a fleet payments company into new verticals. One of the biggest moves in this expansion was its proposed acquisition of Electronic Funds Source late last year for $1.4 billion, a purchase that analysts said would help WEX buffer against declining oil costs. WEX has not officially closed on the deal
But the diversification doesn’t mean WEX is ignoring its fleet payments roots. On Tuesday (April 12), the company announced the launch of its latest fleet payments solution, a mobile app.
The tool comes in the form of the Fleet SmartHub app, a way for fleet managers to access account information through their mobile device. Doing so, WEX said in its announcement, helps these managers reduce late fees and gain a deeper insight into fleet driver spend.
Managers can view bills and make payments on the app, see a history and status of credit, access data associated with transactions and reissue or terminate existing fuel cards in the hands of drivers.
“Now, more than ever, our customers need the ability to manage their businesses at their fingertips, while boosting productivity and the bottom line,” said Peggy Watson, WEX’s vice president of North America fleet product. “WEX’s SmartHub mobile app is another example of how we are helping businesses operate their fleets efficiently, effectively and securely, by allowing fleet managers to reduce inappropriate spending, identify savings opportunities and optimize business decisions.”
The use of the mobile device is being eyed among fleet industry players as an emerging solution to several pain points. Mobile payments and wallets can aid fleet drivers, for instance, and another fleet payments firm, CSI global-fleet, recently told PYMNTS that corporates are increasing their demand for mobile solutions.