WEX Pay Card Provides Fast, Easy Funding for Businesses and Cardholders

Rhea-AI Summary

WEX (NYSE: WEX) has launched the WEX Pay Card, enabling real-time fund transfers for businesses, 24/7, through a secure card that works anywhere Mastercard® is accepted. The card allows users to eliminate paper checks, reducing payroll management costs and risks. With the PayControl mobile app, cardholders can manage their accounts and transfer funds easily. The card also offers surcharge-free ATM access and is designed to streamline payroll processes while enhancing employee attraction and retention efforts.

Positive

• Launch of WEX Pay Card enhances payroll efficiency and cuts costs.
• Real-time fund transfers available 24/7 for businesses.
• WEX Pay Card provides widespread acceptance and surcharge-free ATM access.

Negative

• None.

WEX (NYSE: WEX), a leading financial technology service provider, today announced the launch of the WEX Pay Card. Businesses can transfer funds to the WEX Pay Card in real time, 24 hours a day, 365 days a year through an easily managed process and cardholders can use the card anywhere Mastercard^® is accepted.

Cardholders with bank accounts can also transfer funds to those accounts via the PayControl mobile app. The app allows cardholders to view their current balance, issue a check using EFS MoneyCodes, set up transfers and perform account management tasks.

“At WEX, we understand and strive to solve the challenges faced by all businesses,” said Erin Knight, vice president of product and innovation at WEX. “Not only does the WEX Pay Card help keep the time and cost of managing payroll down, it can be a valuable tool for attracting and retaining employees. For cardholders, the WEX Pay Card is like carrying a bank in your wallet.”

The WEX Pay Card eliminates paper checks and their related costs and risks while streamlining the payroll process. Cardholders receive timely, convenient payment without paying bank or check-cashing fees. In addition to broad Mastercard^® acceptance, the WEX Pay Card provides surcharge-free cash access when using ATMs in the Allpoint network.

“WEX constantly strives to make our customers’ processes simpler and more efficient,” Knight said. “With the WEX Pay Card, they can spend less time on payroll and more time managing and growing their business. With the added security of the FDIC, this card is uniquely suited to meet any payroll challenge.”

About WEX
WEX (NYSE: WEX) is a leading financial technology service provider. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. WEX has offices in 14 countries and employs approximately 5,200 people around the world. Learn more at LinkedIn, Facebook, Instagram, Twitter, and our corporate blog. For more information, visit www.wexinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005116/en/

FAQ

What is the WEX Pay Card and how does it work?

The WEX Pay Card is a financial product that allows businesses to transfer funds in real-time, 24/7, and enables cardholders to make purchases anywhere Mastercard is accepted.

When was the WEX Pay Card launched?

The WEX Pay Card was launched on August 5, 2021.

How does the PayControl mobile app benefit cardholders?

The PayControl mobile app allows cardholders to view balances, transfer funds to bank accounts, and manage their accounts conveniently.

What are the benefits of using the WEX Pay Card for businesses?

The WEX Pay Card reduces payroll management costs, eliminates paper checks, and provides timely payments without bank fees.

Is the WEX Pay Card secure?

Yes, the WEX Pay Card is FDIC insured, adding a layer of security for users.