wex company benefits

Our card works at a variety of merchants. Do I need to create a new account? Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Over 90% of our clients come to us seeking a better benefits experience for them and their employees. Your next question comes from the line of Mihir Bhatia of Bank of America. WEX Benefits Login Simply select your account type below and you'll be sent to the login page for your Benefits account. Year WEX Health Inc., a WEX Company is one of Maxwell Health's chosen providers for COBRA administration services. During the event, our leaders shared some of these pain points to our audience of about 1,200 attendees gathered in San . We have a product road map of what we intend to deliver into the marketplace. See the company profile for WEX Inc. (WEX) including business summary, industry/sector information, number of employees, business summary, corporate governance, key executives and their compensation. Prev Next We continue to execute well on both growing revenue and becoming more efficient servicing our customers. And we've had good success in selling that into the fintech community, ultimately in the United States. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating And then what do we need to go get in the course of the year? The press release we issued earlier this morning and a slide deck to walk through our prepared remarks have been posted to the Investor Relations section of our website at wexinc.com. Your next question comes from the line of Ramsey El-Assal with Barclays. Fraud losses in the segment, which we've spoken about a bit in prior quarters, were down 39% from Q4 of last year and continued to improve. We'll be piloting an at-home reimbursement product this quarter and expect to have a broader rollout in the second half of this year. We will also notify participants when their new login page is live and include any other relevant changes to contact information. We're also encouraged by early cross-sell conversations as we begin the new year. Discovery Benefits is now WEX - WEX Benefits You We are WEX We are excited and proud to share that in 2021, Discovery Benefits, LLC, a WEX Company will be known as WEX. So we expect some volume impacts from that as we go through the next couple of quarters. The freight market is an area we continue to watch closely. This was led by continued growth in the partner channel. There seems to be some ongoing spot rate stabilization in the freight industry, but we're expecting these kind of rates going forward. Most Common Benefits for Wex Bank. You can also log in and pay your COBRA/Retiree premiums directly from your online account with a recurring ACH payment or from your COBRA mobile app. So for example, the Benefits contract that you mentioned, I mean, we've talked about the 25% to 30% growth in our guidance. You can also access your account from the COBRA mobile app. We continue to invest in our platform to help our customers meet the demands of their markets, employees and customer [bids]. We have hundreds of customers that are using the product. New User. A piece of that is also coming from this anticipation that we'll continue to benefit from the custodial deposits that we have. Okay. Each account that is available on the debit card is referred to as a "purse". One of the areas I am excited about is the planned improvement in the customer experience by creating a more seamless digital journey, which has the added benefit of saving costs. benefitexpress Benefit Express Services LLC. The acquisition is expected to be neutral to the company's adjusted . Click the links below to log in to a participant or employer accounts (formerly Discovery Benefits, LLC, a WEX Company). Plenty of room for advancement WEX benefits and perks, including insurance benefits, retirement benefits, and vacation policy. Will employer services numbers stay the same? HSA funds are payroll-deducted (and company-matched, if applicable) and loaded to the employee's WEX account. Strong quarterly revenue, paired with the scalability of our business model and a superior funding model, resulted in adjusted net income per diluted share of $3.31, an increase of 15% compared to the same quarter last year. Diversity Program. I want to make a difference and make people feel like they belong here and WEXPats empowers me to do that by giving me a community of people who have the shared experience of immigrating to a new country for work and the passion to make the transition easier for others. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans. Yes. 3 reasons we see people flipping to a fuel card: Apply Now Participants can continue to contact our Participant Services team at 866-451-3399 Monday through Friday from 6 a.m. to 9 p.m. Central time, or by emailing customerservice@wexhealth.com. WEX rewards excellence, hard work, and innovation by providing qualified . I know the net interchange piece was down a little bit from incentives. We look at scale plays, so the assets that are larger in size, which are more just financially accretive, less about the product. For the first quarter, total revenue exceeded the midpoint of our guidance by $7 million due to a combination of strong Corporate Payments purchase volume and a very good open enrollment season in our Benefits segment. I wanted to maybe just start with just your intraquarter volume trends. Simply select your account type below and you'll be sent to the login page for your Benefits account. And so it's been negative for a few quarters now. Yes, you can continue to contact our Participant Services team at 866-451-3399 Monday through Friday from 6 a.m. to 9 p.m. Central time, or by emailing cobraadmin@wexhealth.com. Benefits Total WEX Inc. Three months ended March 31, 2023 2022 2023 . Skip to content. And I would say that travel will be the higher of that, and Corporate Payments would be on the lower side. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Our platforms areSee this and similar jobs on LinkedIn. You will not need to make any changes to your recurring ACH schedule. WEST FARGO WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota. Focusing on diversity also means focusing on inclusion. So I think that we've gotten the benefit of that. Particularly, I think you mentioned some weakness in OTR. Manager in Human Resources. I mean, I think you guys have an investor event coming up around that, right, which we'll go into more detail. We've looked at a range of metrics around the banks we look at -- we work with, from what's the ratio of insured to uninsured deposits, credit default swaps, things like that, just to make sure that we're prudently managing money and moving it around where appropriate to banks that we're more comfortable with. View all pros & cons. Historically, we've sold that product through a partner channel. We are looking at where do you want to continue to build, and we've had a bias of buildings just again because of what's happening with multiples. Retirement and Stock Option Benefits. This company is wonderful great pay great benefits and you are treated as a person as opposed to a number. And also from a risk management standpoint, any change in operations, either on the benefit side or the corporate payment side, given all the cash flow activity that happens naturally there? Get Started It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. Yes. Yes. So Ramsey, I mean, I think you asked a longer-term question. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. There's a significant pipeline in development beyond that with an overall vision of enabling managers to grow their fleet and have a unified experience using our products no matter how their vehicles are powered. And we keep that in mind as we're working through all of this. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Keep more of your money in your business, where it belongs.Apply for a fleet card today! We expect ANI EPS to be between $13.85 and $14.25 per diluted share. We will continue to manage capital allocation between organic investment, M&A and returning capital to shareholders. Benefits are decent, schedule flexibility, some good managers Cons Draining, don't pay their reps enough, not much room for growth, very hard to move up or laterally. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. Melissa, I like the color on the direct Corporate Payments offerings. Do I need to create a new account? With that, I'll turn the call over to Melissa. Should we think about that as being the predominant sequential change in that yield? History Our card works at a variety of merchants. Finally, let's take a look at the Benefits segment. As you will hear from Jagtar, we had terrific results in Benefits this quarter, and we're excited to share more about this sizable, fast-growing and profitable business with you on June 1. We remain focused on enhancing the scalability of our platform and are on track to capture $100 million in run rate operating efficiencies by the end of 2024 with approximately half of these savings being reinvested in the business. Breaking down the segment further, travel-related customer volume represented approximately 71% of the total spend and grew 84% compared to last year. The custodial revenue from the invested HSA cash deposits is the primary driver of the increase in margin. Our next phase will turn to at-home reimbursement. The Benefits segment adjusted operating income margin was 39.1% compared to 29.3% in 2022. At the end of the quarter, the total outstanding balance on our revolving line of credit, term loans and convertible notes was $2.7 billion. We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. Self-Service for Employees. You can continue to use the debit card you have today. I think that was about $5 million. We are pleased with this result and are working diligently to continue on this track. We do feel good about the products that we have. WEX generates a significant amount of cash each year with Q1 typically being the lowest due to seasonality. Is there an ex EV opportunity, I don't know, internationally, and even in the U.S. ex EV, where are there still compelling opportunities in the market? That we expect. I guess can you help us think through the timing and impact of not only implementing those deals kind of more tactically but also the degree over the longer term, whether we should expect more of a mix shift to direct and whether that could have an impact on segment yields over time, a positive impact? And the team is focused on each of those areas.So when we talk about that segment, kind of the long-term growth rate that we've had for that segment is 10% to 15%. The company has more than 3,500 team members throughout the world and supports more than 20 currencies and 10 countries, with locations in Asia, Japan, Australia, Europe, and Latin America. As a reminder, we will be discussing non-GAAP metrics, specifically: adjusted net income attributable to shareholders, which we refer to as adjusted net income, or ANI; and adjusted operating income and related margin; and adjusted free cash flow during our call. Yes. So those direct accounts would come in at a higher rate, which is one of the reasons we go direct there. Sure. Advances WEXs employee benefits platform with the addition of one of the fastest-growing solutions providers in the marketplace Complements WEXs technology platform with leading benefits account technology Jan. 17, 2019- WEX (NYSE:WEX), a leading financial technology service provider, today announced the signing of an agreement to acquire Discovery Benefits, Inc. (DBI), a high-growth employee . Type: Company - Public (WEX) Industry: Investment & Asset Management. benefitexpress is a cloud-based platform for employee benefits and health exchange services. Payment processing & information management service company, Ocean Gateway International Marine Passenger Terminal, "Why Wright Express Changed Its Name to WEX", "Wright Express Corporation Announces Pricing of Initial Public Offering", "WEX Opens Global Headquarters In Portland", "Roux Institute partners with WEX on a new facility in Portland", "WEX Partnering with Gas Buddy on Fuel Data Pact", "BRIEF-Wex and OnDeck announce strategic partnership", "WEX launches ClearView Advanced platform for fuel savings", "Jim Pratt: How WEX Ignited B2B Travel Payments", "SnapShot marketplace, TravelClick gets chatty, and more", "Eureka Innovation Award Winner Wex Health", "#WorkTrends Recap: Building Successful Business Partnerships", "Travelport Agrees to Sell Enett to Wex at a Bargain Price", https://en.wikipedia.org/w/index.php?title=WEX_Inc.&oldid=1129342157, Companies listed on the New York Stock Exchange, Companies based in Cumberland County, Maine, Short description is different from Wikidata, Wikipedia indefinitely semi-protected pages, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 24 December 2022, at 20:47. How does it work? We can help your team save time and money and eliminate stress. And in Mobility, we recently signed a renewal with one of the most populous states in the country, [demonstrating] that our array of products continues to be a leading value proposition. Your next question comes from the line of Tien-Tsin Huang of JPMorgan. Yes. We just held that same assumption. So I feel good about the path that we're on because not only would we have the ability to continue to use the sales channels we have now but to enhance that with further digital capability. File a claim, view account balance and summary information, sign up for FREE direct deposit, get email notifications, and more! Thank you, operator, and good morning, everyone. In Benefits, primarily, the conversation is around still employee retention and how we're making sure we're offering benefits within the marketplace that are attractive and continue to evolve in the way that the marketplace expects. Our passion for continuous innovation and our unparalleled level of service were further fueled when Discovery Benefits who we partnered with for more than 15 years joined WEX in 2019. COBRA, Retiree & Leave of Absence Member login, Learn more about the Discovery Benefits transition to WEX, Inventory Information Approval System (IIAS). Create Comparison. Our payments platform technologies give you everything you need to run an advanced payments program in one place, including the expertise to make payments smarter, faster, and more profitable. I'm excited by the positive response and the momentum we're seeing across the business. When your card expires, or you report your card lost or stolen, we will send you a new WEX benefits card. Suite 600 Schaumburg, IL 60173 PHONE: 877-837-5017 EMAIL: help@mybenefitexpress.com News 04/14/2023 Employee Benefit Acronyms Part 3 of 3 Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA, but what do these and other employee benefits acronyms stand for? Yes. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). So Flume is still -- I'd say, still early days, and we've had -- we started this about 15 months ago. Powered by WEX Health. SOUTH PORTLAND, Maine-- ( BUSINESS WIRE )-- WEX Inc. (NYSE: WEX), a leading financial technology service provider, announced today that it has . When we look at our deposit base and a lot of the banking turmoil that we've seen has been basically people worried about non-FDIC-insured deposits. And it should play into the 1% to 2% growth we have slated for new product revenue and our long-term growth framework. We simplify benefits for everyone by delivering the broadest range of healthcare solutions (including HSA, FSA, HRA, Commuter, LSA, COBRA, and more) built on modern, flexible, and reliable technology and supported by our accountable and . . Fitness Subsidies. We feel good about considering the amount of capital that we're deploying into that sales force results that we've seen so far, and it's an area that we expect we'll continue to ramp. We had record attendance at SPARK, which shows the importance of our solutions and how they resonate with customers. The CDs, it's interesting, even in '08 when there was a real freeze in the banking marketplace, people moved money into the CD market, and so it's a really stable source of funding. I will turn the call to Steve Elder. Will my service experience change? I guess, is probably the way I'd say it as opposed to -- I don't think you can feel like we're done. It's a better customer experience. We're excited to do that highlight. Yes. And so the people that were newer in business and smaller in size, we've had a very targeted issue within that part of the portfolio. We also continue to benefit from a rebound in travel volume globally. The Fleet Solutions segment offers fleet vehicle payment and transaction processing services. How does it work? Starting in January, participants will receive a message after they log into their online account letting them know Discovery Benefits will be known as WEX. New users can create a new account to get started. Existing User. Was this review helpful? Our focus on cross-sell continues to gain traction with more than 60 signed contracts during Q1. (Say goodbye to paper implementations. Higher credit losses versus the prior year were the primary reasons for the lower margin. Yes. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings. Focusing on diversity also means focusing on inclusion. Is there a change to where I mail my COBRA premiums and can I continue to use my current COBRA/retiree premium payment coupons? It tends to be a higher quarter for travel. New users can create a new account to get started. 88 were here. It went public in 2005. Our message to customers centered on WEX' unique ability to address the challenges they see in their businesses. So, no matter which WEX-branded fleet card you pick, you can rest assured that your drivers will always be close to somewhere to fill up on gas or diesel. Discovery Benefits, A WEX Company Business Data. Congrats on the strong results. WEX salary ranges from $47k to $284k. Do you feel like you have the capabilities internally at this point that you need to grow that direct business? We saw solid mid-single-digit growth from our local customers in the U.S., while we had a small decline in over-the-road transactions due to freight market conditions. Okay. New User. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. And we're providing critical flexibility that allows them to choose from a suite of customized solutions that best set the unique needs of their business. But I was curious, are you seeing macro weakness anywhere else? The Fleet Solutions segment Read More Contact Who is WEX Headquarters 1 Hancock St, Portland, Maine, 04101, United States Phone Number (888) 824-7378 Website www.wexinc.com Revenue $2.4B Stock Symbol WEX Industry Military veterans possess invaluable leadership skills and business acumen. The rest of it, I would largely expect to be recurring in nature. (formerly known as Wright Express Corporation) is a provider of financial technology solutions. But then when you migrate across the rest of the portfolio, our fleet mobility customers in our North American fleet business was actually up 2.5%. And then it seems like you also talked about the late fee impacts and then maybe a little bit of just macro on the fleet business. 1700 E. Golf Road, Suite 1000, Schaumburg . We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. What's it like in April? I know there's seasonality to the yield likely, but maybe you could just help us think through that. Data within our platforms are aligned on Day 1 and updated daily. But when you look into the individual SIC code, like construction still grew same-store sales 2% year-over-year. And then, I guess, secondly, travel volume, per your charts, look like -- whatever it was, it was big. 4321 20th Ave S, Fargo, ND 58103. All of WEX's fleet cards are truly universal - they can be used at 95% of the US's fuel stations, plus 45,000 service locations across the country, which is the main reason we selected WEX as our top provider. We continue to add to the product set that we have in the marketplace. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. With me today is Melissa Smith, our Chair, CEO and President; and Jagtar Narula, our CFO. We appreciate you joining us today. Is that where you see the largest future growth opportunity? Based on 17 WEX Benefits reviews. We saw higher rates earned from a number of merchants due to renewals at favorable terms, the impact of interest rate escalator clauses contained in various merchant contracts and the rate impact from a reduction in fuel prices versus Q4. So I said there were some puts and takes in that finance fee revenue. And so I think we're continuing to get a little bit of benefit of that. Simplifying benefits for everyone. Expediting changes and reducing questions and discrepancies. Now let's turn to the financial results. I think the multiemployer administrator in Benefits, the large health system in Corporate Payments. WexLocationCode.setTransientValue("wex02"); Overall travel-related purchase volumes pro forma for the eNett acquisition was up 29% versus 2019 with approximately half of the growth due to the number of transactions and half due to the value of each transaction. . Using our definition, adjusted free cash flow was negative $61 million through Q1, which is $16 million better than 2022. So the second half of the year, because we assume that's going to be a slow growth environment, again, as we're going from really accelerated growth rates in Q1, dropping a little in Q2 but still some really strong growth rates in Q2 and our expectation in travel, with that trailing off into more of what, I would say, kind of the traditional growth environment. And as a result, I am pleased to share that we are raising our guidance for 2023 to reflect those results as well as the benefit of share repurchases completed to date. New users can create a new account to get started. They're asking us for simplified solutions to manage their next fleet and are looking for a single card or app on a single credit line on a single data set, all managed and controlled through a single view. So still decent growth we have in our underlying assumption because we know that there's still pent-up demand, but coming off the highs that we're seeing in first and second quarters. Now I'd like to recap our business highlights in the quarter. If you need an employee benefits and COBRA administrator that will act as an extension of your HR staff, WEX has just the solution for you. Where does it work? Within that segment, what we'd expect is the normal puts and takes between travel and our nontravel business. Welcome to your single source for all you need to know about your benefit account(s). Revenue: $1 to $5 billion (USD) Competitors: FLEETCOR, Comdata, U.S. Bank. Some of that will impact 2024. [7] WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus. And so with the rise of interest rates, we saw the impact of that. One connector exchanges demographic, enrollment and contribution data. Website: Size: 50 - 100 Revenue: $10M - $50M . Benefits segment purchase volume increased 18%, leading to an 18% increase in payment processing revenue. Or do you need to invest at an elevated rate and/or go out and buy technology to really ramp up that direct -- I'm thinking about the AP automation and remittance piece specifically? Inventory Information Approval System (IIAS). We signed one of the largest administrators of multiemployer benefit funds in the Midwest. Inside of Mobility, I think you mentioned the slowdown in factoring revenue being a big driver of that finance and late fee yield. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). How do my employees reach you? Get the latest Health Trends & Insights news in your inbox. Good results here. And then on the Corporate Payments space, we are anticipating continuing at that single-digit growth rate in the course of this year, which is a combination of where we are with ramping up customers and starting this process of adding new customers with the ramp of our direct sales force. Any callouts with respect to volume and -- as well as yield? Specifically, you can use it anywhere with an Inventory Information Approval System (IIAS) or at merchants that meet the IRS 90 percent rule (where 90% of gross sales meet eligibility requirements). The net interchange rate in the Mobility segment was 1.21%, which is up 10 basis points from Q4 of last year. Our investments in data and advanced analytics, for example, are benefiting customers across our platform. Just in the Benefits business, you've had a couple of really strong open enrollment seasons, and obviously, these new wins. And I guess I'm wondering if that's sustainable. Participants Accounts HSA, FSA, HRA/Wellness & Commuter So we should see these kind of interchange levels as we flow through the year. Existing Users Username Forgot Username? The company continues to have a significant presence in South Portland. And just one follow-up question for Jagtar. Starting with the second quarter, we expect to report revenue in the range of $613 million to $623 million. The company traces its origins to A.R. Total volume processed across the organization in the first quarter grew 17% year-over-year to $52.3 billion driven by strong performance in our Corporate Payments and Benefits segments. Any clarity on how that spread might behave here in the next couple of quarters? Continue to use any premium payment coupons you already have and continue to mail them to the address located on the coupon. The local fleet customers in the U.S. continue to have marginally elevated loss rates compared to the last couple of years but are in a relatively normal range. We brought in our Chief Digital Officer, first time we've had one, a little over a year ago. And so when we think about growth within that part of the business, it's a combination of growth from the existing customer base that we already have, ramping on the direct side and then continued benefit from the existing partners that we have in the marketplace.
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