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WEX Inc. Selected by Grasp Technologies to Issue Virtual Credit Cards for GraspPAY, a New and Innovative Business Travel Payment Solution

SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Sep. 29, 2015-- WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, has been selected by Grasp Technologies as its virtual credit card issuer for GraspPAY, a business travel payment solution that is flexible, free and easy to use. GraspPAY provides the following key benefits for travel management companies (TMCs) and corporate customers:

  • Establishes an integrated payment solution to seamlessly deliver single-use virtual credit cards to global distribution systems (GDS) and online booking tools. Virtual credit cards are increasingly being adopted as an alternative to issuing employee corporate cards, and they offer a wide range of benefits from reducing fraud to easing reconciliation.
  • Generates WEX virtual cards automatically within the travel agent’s current booking flow and improves operational efficiency by automating the process of reconciliation. Historically, TMCs’ use of virtual cards has been labor intensive, as they had to insert card numbers into each GDS booking.
  • Offers TMCs a flexible payment solution in up to 22 currencies through the GDS.
  • Avoids transaction and set up fees.

“Grasp Technologies is a respected leader serving TMCs globally and WEX is excited to be the virtual card issuer as a part of this unique solution based on B2B travel market needs,” said Jim Pratt, WEX senior vice president, general manager of virtual payments. “GraspPAY incorporates unparalleled technology and flexibility for use with the major GDSs and online booking tools, and a global credit solution, all at no cost.”

“WEX’s global electronic payment solutions coupled with our data management and business intelligence capabilities are complementary contributors to this exciting and innovative solution,” said Dave Lukas, Grasp Technologies’ vice president. “We look forward to helping our current and prospective travel customers save time and money, as GraspPAY will allow users to make better informed decisions to drive business cost savings and efficiencies.”

To learn more about GraspPAY, visit www.grasppay.com

About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 9 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,000 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.

About Grasp Technologies
Grasp Technologies helps clients navigate constantly changing business environments by providing the right combination of custom and standardized data management solutions and support. Grasp was founded in 1996 and works extensively in the travel industry and other ancillary industries worldwide. Grasp has offices in San Diego, California and Columbus, Ohio. For more information, please contact Dave M. Lukas at dave@grasptech.com.

Source: WEX Inc.

WEX Inc.
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Winger Marketing, on behalf of Grasp Technologies
Maeve McNaughton, 312-494-0422
maeve@wingermarketing.com