WEX Wrap-Up: January 2017

Following a busy month as a leader in corporate payments, we like to take a monthly look back at some of our news, insights, and highlights from the prior month in what we like to call the WEX Wrap-Up. January 2017 featured our newest partnership designed to help small businesses improve the diversity of funding, an expanded partnership with Enterprise Fleet Management in Canada, an important government contract for our Fleet Division, and much more. Learn more in this month’s edition of the WEX Wrap-Up.

News: WEX Partners with OnDeck to Improve Small Business Financing Options

On January 17, WEX and OnDeck® announced a partnership allowing WEX to broaden its offering for small business customers looking to broaden their funding sources, accessing loans up to $500,000and lines of credit up to $100,000. Qualifying customers will be able to use the OnDeck financing to invest in their business’ growth, manage cash flow or finance their purchase of WEX products and services.

Learn more about the partnership from our press release, and industry acclaim on the move from PYMNTS.

WEX Fleet

News: WEX Inc. Announces New Collaboration with Enterprise Fleet Management in Canada

Announced on January 11, WEX signed a new agreement with Enterprise Fleet Management in Canada, designed to support Enterprise’s growth in the Canadian market through WEX’s Canadian fleet capabilities. This expands on WEX’s work with Enterprise in North America, building on a two-plus decade partnership with Enterprise Fleet Management in the United States. Learn more about the announcement from our press release.

Articles from January 2017

• Improving the Safety of Your Truck Drivers Improves Overall Highway Safety: Truck drivers represent a much lower risk per mile than traditional drivers due to a consistent focus on safety and improvement. Safe Drivers and Safe Highways looks at the importance of an internalized focus on driver safety, and the article The Trucking Regulations Impact looks at how government regulations in the name of safety cut margins and have disputable impact on overall safety, as well as the top concerns for truckers and companies.
• WEX Announces Five-Year IT Schedule 70 contract with the U.S. General Services Administration (GSA): Federal customers will now be able to purchase WEX Telematics solutions through a standardized procurement process. This agreement will provide government officials access to data-driven insights, which will enable them to make more informed business decisions. Learn more about the agreement and its importance here.
• Five Winter Driving Safety Tips: The groundhog saw its shadow, and with that comes six more weeks of winter. With this comes the inherently unsafe conditions on the roads that affect many northern and some southern states due to snow, ice, and freezing rain. This article looks at five of the top safety tips for truckers and other fleet drivers.
• Enforcing Fuel Card Usage and Preventing Employee Theft: Of the 64% of businesses that reported employee theft, only 16% filed police reports; often, because the costs outweigh the benefits. However, it pays to have an effective anti-theft program that can proactively address theft. Learn the importance and steps to reducing theft here.

WEX Index: January 2017

Gasoline prices are starting 2017 at the highest levels since New Year’s Day 2014 thanks to a rally in oil prices in December fueled by OPEC and non-OPEC production cuts that are to take hold this month. With pledges being made by OPEC producers and production cuts by non-OPEC producers occurring, prices are steadily increasing, with oil surpassing $50 per barrel.

WEX Travel

• The State of Change in Business Travel: There are many changes going on in business travel. With millennials making an ever-increasing part of the workforce, the sharing economy changing the way travelers stay and move, and the ever-prevalent theme of wellness, the business travel industry is in a constant state of change. Learn more about keeping travelers healthy on the road, the amenities and priorities for airlines in long-haul business travel, and the continued impact of the sharing economy in January’s articles from WEX Travel.
• Difference Between US and European Business Travelers: While the ‘look’ of the business traveler may not change, the preferences and pursuant opportunities for travel managers do. This article explores the similarities (both US and European travelers have embraced online booking) and differences (European focus on duty of care vs. US focus on traveler comfort), and what it means for leaders in corporate travel.
• Why Virtual Payments Are the Innovative Way to Optimize Cash Flow: We’ve talked at length on the advantages of virtual payments, most notably, virtual card numbers, or VCNs. In travel, an industry in which the practice is much more prevalent, many companies like Expedia, Orbitz, and Liftopia have capitalized on VCNs to optimize cash flow and working capital. Learn more about how travel companies are taking advantage of the opportunities.

WEX Health and The Healthcare Trends Institute

• Nutrition in Wellness: Nutrition is set to play a central role in wellness programs in 2017, as organizations begin to focus on making their wellness programs more impactful for employees. Learn how employers and medical providers are incorporating nutrition into the everyday lives of employees, and what it means for the future of wellness.
• Financial Literacy and Employee Engagement: Financial literacy in the workplace is often considered in terms of employees understanding their benefits and retirement. These are important concepts, but it goes further than that. Studies find that there is value in teaching employees to understand financial information in terms of business goals, boosting their engagement and productivity, as well as a company’s profits.
• The Importance of Technology in Benefits: Everyone in the benefits spectrum is facing a period of technological disruption and risk. From Brokers to Insurers to third-party administrators, it’s important that each evolves to meet the road ahead. We explore the need for agents to maximize their benefits technology solutions, and how those in the healthcare benefits value chain can adapt in a new technological and risk environment.

Bracing for Change: Healthcare Benefits Trends to Watch in 2017

It’s been a tumultuous few years for the healthcare benefits community, and as the Trump administration takes office this week, the changes are just beginning. For benefits leaders, this means new tactics, new strategies, and new ideas as healthcare legislation could shift once again. With changes already appearing, and more on the way, what can be done to prepare? The Healthcare Trends Institute will be presenting a webcast on February 13, 2017 to discuss what employers, brokers, and other benefit professionals can expect in 2017. Learn more and register here.