FinTech service provider WEX is launching the WEX Pay Card to give businesses the ability to transfer money in real time 24/7, according to a press release on Thursday (August 5). Customers can use the pay card where Mastercard is accepted.
“At WEX, we understand and strive to solve the challenges faced by all businesses,” Erin Knight, vice president of product and innovation at WEX.
Knight added that the card also manages the expenses associated with payroll and works to be a “valuable tool for attracting and retaining employees.”
Users of the WEX Pay Card never have to deal with paper checks and the expenses that come with it. Moreover, the WEX Card makes the overall payroll process easier and gives cardholders a fee-free way to receive payments.
“WEX constantly strives to make our customers’ processes simpler and more efficient,” Knight said. “With the WEX Pay Card, they can spend less time on payroll and more time managing and growing their business. With the added security of the FDIC, this card is uniquely suited to meet any payroll challenge.”
WEX offers FinTech services and payment tools to businesses across a wide range of sectors — fleet, corporate payments, travel and health. It has offices in 14 countries and has a workforce of 5,200 people worldwide.
The Portland, Maine company was founded almost 50 years ago and aims to offer support to service providers across numerous sectors.
WEX works in 14 countries and employs an estimated 5,200 people worldwide, per the release.
“We see it in our own numbers that over the past year, B2B payments spend has really risen dramatically through all of our channels,” WEX Corporate Payments President Jay Dearborn told PYMNTS CEO Karen Webster in a recent interview. “And what’s driving all of this is the need to digitize the back office.”
See Related: Emburse Expands Into B2B Payments With Integrated AP