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Accounts Payable Direct E-Payables Solution on the MasterCard® Platform
South Portland, Maine, April 23, 2008 – Wright Express Corporation [NYSE: WXS] today announced that Accounts Payables Direct is available to help companies streamline accounts payable operations and manage vendor relationships. This E-Payables application from Wright Express automates vendor payments and simplifies reconciliation without changing current accounts payable processes or software. The MasterCard program is operated through Wright Express Financial Services Corporation, a wholly owned sub of Wright Express Corporation.
Wright Express added Accounts Payable Direct to its MasterCard® product suite to help accounts payable departments fast-track payments to vendors, reduce the number of paper checks, limit fraud, and maintain complete control over the payment process. Accounts Payable Direct also has benefits for payees in the form of quick and secure payment as companies use Accounts Payable Direct to provide payment information detail.
For the payer, Accounts Payable Direct brings more payments into the MasterCard® mix—maximizing the benefits of the Corporate MasterCard® relationship while managing payments to take advantage of the billing cycle to manage cash flow. And Accounts Payable Direct links directly to current accounts payable systems, streamlining the payment and reconciliation process by replacing paper checks.
Jim Pratt, Vice President, Corporate Payment Solutions at Wright Express, said “Businesses typically give their employees a MasterCard® to use for travel and small local purchases. It is a way to reduce the number of purchase orders while maintaining control over those types of purchases. Accounts Payable Direct keeps all of those controls in place where appropriate while opening up a huge range of transactions that can be processed on the MasterCard® platform. Our new offering comes with all of the service and support customers have come to expect from Wright Express.”
About Wright Express Corporation
Wright Express Corporation is a leading provider of payment processing and information management services to the U.S. commercial and government vehicle fleet industry. The company provides these services for approximately 300,000 commercial and government fleets containing 4.5 million vehicles and markets its payment processing services directly and is an outsourcing provider for more than 125 strategic relationships, and offers a MasterCard-branded corporate card. Wright Express Corporation employs more than 675 people and maintains its headquarters in South Portland, Maine. For more information about Wright Express, please visit www.wrightexpress.com
MasterCard® is a registered trademark of MasterCard International and is used with permission.Wright Express Contact Information: