Q. Why should I accept WEX?
A. WEX is used by more than 4 million commercial and government fleet drivers who enjoy the convenience and flexibility It offers them every day.
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.
In addition, WEX provides free store front and road side 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. 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 would be responsible for the shipping cost of your choice.
Q. How much is a Verifone VX520?
A. 249.00 plus shipping and taxes (approx. 20.00 for second day air). Equipment includes PCI software and full encryption for you and your customers security.
Q. How much is the FD 130?
A. 465.00 plus shipping and taxes.
Q. Do I need a pin-pad?
A. Both terminal types have internal pin-pads that we activate to accept the drivers ID. There are three scenarios 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 counter top key pad for your customer to enter their own chip card.
In addition, interchange cost are less expensive if you run the transaction with-out a pin. Visit our web-site 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 your servicing participates in “no-driver declined”, then yes-you would be able to call for authorization and get paid with a MasterCard Fleet.
Q. Will I still be listed on the accepting locations web-site?
A. No, only vendors that accept WEX electronically are listed on the site.
Q. Who is Compass Fleet?
A. Compass is the contracted acquisition team for WEX. Representing WEX and facilitating WEX accepting vendors since 1997.
Compass is proud of our record with the BBB with only two disputed complaints since contracting with WEX in 1998.
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. Are standard association rate is .20 basis pts over interchange plus .10 cents per transaction and 10.00 account fee.
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 scans or you can provide a certificate from a PCI service provider of your choice. Annual fee is 89.00 and 14.95 per month for, “non-compliance.”