Q. Why should I accept WEX?
A. WEX is used by more than 4 million commercial and government fleet drivers. When you accept WEX, you tap into providing maintenance and repair services for fleet drivers who only carry WEX as a form of payment provided by the agencies who employ them.
Q. How do fleets find me?
A. Fleet drivers use the WEX “accepting locations” site to find participating fuel and automotive maintenance and repair vendors via our mobile or desktop application. Drivers can only use WEX approved vendors for payment. WEX provides free store front and roadside signage that lets fleets know they can use WEX at their location, similar to other major credit card signage.
Q. What is the discount rate?
A. 3.5% plus $.10 per transaction.
Q. How soon do I get paid?
A. WEX pays 3 business days after card is swiped or keyed in electronically.
Q. Are there any other fees related to WEX?
A. Yes, $4.95 deposit fee.
Q. Can I pass my cost on to the fleet?
A. WEX fees should be handled like any other credit card transaction and included in your cost of doing business.
Q. Can I write off expenses associated with WEX on my taxes?
A. WEX discount rates and any associated bankcard fee are tax deductible.
Q. Am I signing a long-term contract?
A. You are signing a contract agreeing to adhere to WEX and funding processors terms and agreements “without” a monetary penalty for early cancellation.
Q. Do I need specific type of equipment?
A. Yes. Only the Verifone VX520 and FD130 terminal support WEX.
Q. Can I use my own VX520 or FD130 equipment?
A. We can program your existing equipment, but you will need to send it in for encryption if you choose to accept debit and some credit card transactions requiring a pin. Programming and encryption is free. You will be responsible for the shipping cost of your choice.
Q. How much is a Verifone VX520?
A. Please go to pricing tab on this site. Look for VX520 pricing which typically runs $150.00 per unit. We pass through actual wholesale cost- additional shipping and taxes (approx. $20.00 for second-day air) will apply. Equipment includes PCI software and full encryption for you and your customers security. Note: Only customers that have new or active accounts can receive our cost passed through/wholesale equipment pricing.
Q. How much is the FD 130?
A. See pricing tab for updated pricing. Same rules as stated above apply.
Q. Do I need a PIN pad?
A. Both terminal types have internal PIN pads that we activate to accept the driver’s ID. There are three scenarios where you might want or need to add a PIN pad. 1) if you’re a c-store or car wash that wants to provide cash back on a debit transaction. 2) Your terminal isn’t encrypted for debit/credit transactions. 3) You want to offer a countertop key pad for your customer to enter their own chip card. In addition, interchange cost are less expensive if you run the transaction without a PIN. Visit our website resource tab to view actual interchange rates on all card types and categories.
Q. Can I accept WEX any other way?
A. If the fleet you’re servicing participates in “no-driver declined”, then yes, you would be able to call for a one-time authorization and get paid with a MasterCard Fleet.
Q. Will I still be listed on the accepting locations website if I don’t accept WEX electronically?
A. No, only vendors that accept WEX electronically are listed on the site.
Q. Who is Compass Fleet?
A. Compass Fleet is the contracted acquisition team for WEX. We have been representing WEX and facilitating WEX accepting vendors since 1997.
Q. Can I accept any other major credit or fleet cards?
A. We are partnered with processors/banks that are full service and can provide whatever merchant service or product you choose under one umbrella.
Q. What do you charge?
A. Our standard association rate is 20 basis pts over interchange plus $.10 cents per transaction and $10.00 monthly account fee. Volume discounts backed up by 3 merchant statements are provided.
Q. Are there any other fees?
A. All businesses are required to be PCI compliant. We use a third-party vendor for annual questionnaire and quarterly PCI scans, or you can provide a certificate from a PCI service provider of your choice. Annual fee is $89.00 and a $14.95 monthly fee is charged for noncompliance.