WEX Wrap-Up: July 2016

Another month passed, and more big news in this month’s WEX Wrap-Up. New partnerships, new infographics, and other important information you have missed from each of our business lines.

Get Social: WEX Launches Virtual Payments on LinkedIn and Twitter

Earlier this month, we expanded our social presence by announcing new pages on LinkedIn and Twitter to keep followers up-to-date on all the latest payments news and insights.

Learn more: Follow WEX Virtual Payments on LinkedIn, and @WEXCorpPayments on Twitter.

News: WEX Announces Virtual Payments Agreement with Aquarium Software

On July 21, 2016, WEX announced a new Virtual Payments Agreement with Aquarium Software, a provider of specialty software for niche insurance sectors including pet, travel and gadget.

The agreement, which expands WEX’s insurance payments presence in Europe, is WEX’s first deal in the European insurance sector. Jim Pratt, SVP and GM for Virtual Payments, noted that “insurance is a key growth industry for WEX and we are truly excited about our co-operation with such an established technology innovator like Aquarium.”

Aquarium resonated this opinion, with Mark Colonnese, Sales and Marketing Director at Aquarium Software, quoted “Aquarium is delighted to be working in partnership with WEX. Aquarium can now optimize an end to end payment solution which will further assist not only our pet insurance clients but also pet parents themselves. In future releases we look forward to using WEX’s virtual payment gateway across other areas of our niche insurance technology business.”

WEX Fleet

• Oh Thank Heaven, It’s a 7-Eleven Drone: Hot coffee, a chicken sandwich and a Slurpee made their way by drone from a 7-Eleven to a consumer’s Reno, Nevada home. Since the FAA loosened its restrictions on commercial drone use, more retailers have started looking for ways to get their drone strategy off the ground. Read more in 7-Eleven Completes FAA Approved Drone Delivery
• Rethinking Trucker Pay? Some Carriers Finding Success during Talent Shortage: For years trucking companies have been trying to attract and retain drivers while combatting high fuel prices and low freight rates. But with recent optimism in the trucking industry for rates and future revenues, some carriers are rethinking their rates. Learn what some carriers are doing to offer drivers more competitive wages in Rethinking Trucker Pay
• Healthy Hydration: Staying hydrated on the road is a challenge, but the choice of drink could be nearly as bad for long-term health as dehydration is for short term health. High calorie, sugar- laden beverages can lead to major health issues like obesity, heart disease and diabetes. Learn how to rethink your drink in Stay Hydrated the Healthy Way.

WEX Index

Post Fourth of July price drops should start to pick up steam as gasoline futures and physical markets see some of the lowest prices in nearly three months. With inventories on strong footing even with an expected record-breaking year in terms of consumption, prices look to continually push down heading into fall and winter.

WEX Travel

• Three Steps to Supplier VCN Acceptance: Your organization is eager to start using virtual card numbers to handle your supplier payments. But getting suppliers on board is a challenge that many organizations face. Learn how to engage suppliers and win their VCN acceptance by following these three simple steps.
• Moving up to the Cloud: Even if your organization hasn’t made the move, you’ve at least heard about the cloud computing revolution that’s taking over businesses. Learn about some of the common cloud applications and their benefits in Cloud Computing Takes Travel Companies to New Heights.
• OTAs Big on Big Data: Big Data has been a hot topic for a while. Knowing this, in order to win and retain customers, OTAs need to be on the leading edge when it comes to knowing their customers and adapting to their needs. Learn more in Big Data becomes real for OTAs.
• Developing the Optimal Checkout Experience: Travelers visit nearly 40 sites before booking their trip. How can you make sure that yours is the last? Provide a memorable, simple checkout experience. Learn about building the right customer checkout experience here.

WEX Travel Infographic: What to Look For in a Virtual Payments Solution

The travel industry has always been on the leading edge of customer-focused innovations, but despite this innovative mentality, many of the same organizations within the industry are currently lagging in one aspect: how they pay their suppliers. Learn what travel companies (and all other companies) should look for in a virtual payments provider by downloading the Virtual Payments Checklist here.

WEX Health

• Optimizing Financial Wellness: Wellness programs are becoming a part of many organizations’ cultures. However, Fitbit challenges and smoking cessation programs are only part of the conversation. Employees are looking to de-stress with financial wellness. Learn how to promote working financial wellness in Financial Education Can Positively Impact Overall Wellness ROI.
• Incentivizing Transparency Tool Participation: High-deductible health plan (HDHP) use in the employer market has grown over the past several years with the percentage of employers offering HDHPs increasing by one half. Getting employees to participate in transparency tools can drive costs down for both employee and employer. Learn how to use incentives to reward employees for transparency tool participation here.
• HSA Limits Set for 2017: Guidance for health savings account 2017 contributions were recently released by the Internal Revenue Service. Individuals will see an increase in maximum allowable Health Savings Account contributions to $3,400, and family coverage will stay at $6,750. See more in HSA Contribution Limits Set for 2017.

Infographic: Investment Firms and HSA Investment

The Health Savings Account, or HSA, has become an effective way for employees with high-deductible health plans to manage their healthcare spending while allowing employers the opportunity to contribute a more controllable amount to employee healthcare.

For investment banks, the opportunities exist for your organization to extend its product offering, grow revenue (and influence), and establish your role as a trusted partner through availability and education. Learn more from this info graphic.

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