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Wright Express Announces International Capabilities for Single-Use Virtual Payments
Original tech innovator builds on 11-year legacy of helping customers save money, time and manage scale
SOUTH PORTLAND, Maine, Nov 03, 2011 (BUSINESS WIRE) -- Wright Express Corporation (NYSE: WXS), a leading global provider of business payment processing and information management solutions, announced today international capabilities for its single-use electronic payment solutions. The extended functionality lowers transactional cost and allows companies around the world with a US presence to set controls in foreign currencies to mitigate the operational and financial impact of foreign exchange rate fluctuations. It also manages and improves usability for administrators and payment specialists.
"Global businesses are facing increasingly complex payment solutions needs, and by continuing to listen to our customers and evolve our offering over the last 11 years, we are able to find new ways to help them save money and time, increase control and security, and manage scale," said Jim Pratt, Vice President of Corporate Payment Solutions at Wright Express. "The international enhancements to our best-in-class, single-use payments technology further underscore Wright Express's commitment to customers and to building the most highly customized suite of payment solutions."
Among the benefits of Wright Express's single-use electronic payments solution are:
- Account numbers are generated instantly and used only once, unlike other existing products in the marketplace, to avoid operational interruptions and accounting reconciliation issues,
- Credit limits are set for the amount of the purchase to help prevent overcharges,
- Flexible web services integration lets customers leverage their existing operational systems by easily interfacing with its payment solutions and extending functionality,
- Real-time account number generation makes the offering particularly well-suited for high-volume operational environments that cannot have any service interruption from their issuing bank payments provider, and
- International enhancements streamline the customer's workflow, increase control and generate cost savings.
Mike Curran, Chief Operating Officer for Automobile Protection Corporation, which began using the new international enhancements earlier this year, said the following:
"The international capabilities with Wright Express's single-use account program allow us to extend the success we've seen domestically across borders. We began using the solution domestically in 2007, and significantly reduced the time to pay customer claims - which made customers happy. The operational benefits were several: fewer calls to customer service, fewer disputes and payment exceptions to manage, and accounting reconciliation efforts were significantly improved. These same benefits are now being realized on payments to Canadian suppliers without costs for processing foreign transactions to APCO."
Upon launching its offering with a major discount travel website in 2000, Wright Express became an original innovator of single-use virtual account technology. Tom Chiesa, Supervisor of Payment Operations for Hotwire.com® notes that "the Wright Express single-use electronic payment solution has provided Hotwire with value-added functionality and flexibility in dealing with the intricacies of business-to-business payments. The addition of the international enhancement will be a key support element as Hotwire continues to grow our international points of supply and sale."
In the past five years, the Wright Express single-use program has experienced more than 40 percent average yearly growth, and the company has processed nearly 90 million transactions. Current customers include industry leaders from various sectors like online travel agencies, the public sector, and insurance and warranty claims processing, such as Hotwire, Inc., the U.S. General Services Administration (GSA), Mercury Select Management Group (a subsidiary of Mercury General Insurance Group) and Phoenix American Insurance Group.
Visit our website to learn more about Wright Express Payment Solutions.
About Wright Express
Wright Express (NYSE:WXS) is a leading provider of value-based, business payment processing and information management solutions. The company's fleet, corporate and prepaid payment solutions provide its more than 350,000 customers with unparalleled security and control across a wide spectrum of business sectors. The company's subsidiaries include Wright Express Financial Services, Pacific Pride and Wright Express International, including Wright Express Prepaid Cards Australia and Wright Express Fuel Cards Australia. Wright Express and its subsidiaries employ more than 850 associates in six countries. For more information about Wright Express, please visit wrightexpress.com.
SOURCE: Wright Express Corporation
Jessica Roy, 207-523-6763