WEX’s Path To Payments Innovation

How has a company best known for its work in the fleet fueling market transformed into a B2B innovator? It’s a fair question to address to WEX, a company that, in its 30th year of business, is still finding ways to enter and impact new markets and payments industries.

PYMNTS.com spoke with Michael Dubyak, chairman, president and CEO, and Melissa Smith, president of the Americas at WEX to learn about WEX’ journey through the payments space.

According to Dubyak, WEX has been able to innovative thanks to their understanding that changes in payments happen fast, are complex and require industry-specific focuses. One such example is the recent emphasis on data Dubyak says WEX has seen from many of the segments it serves.

“We’ve led the market in adapting products to address the shift from a more basic payment product to more data-rich payment solutions. Our customers place a high value on data and knowledge and the insights that can be extracted from that data to drive better decisions and performance for their core business,” Dubyak explained.

“We like to believe we take a unique approach to innovating in the B2B market space and payments space.”

Smith said she agreed with Dubyak’s characterization, and elaborated on how WEX attacks the various aspects of its payments operations.

“The way that we think about our market approach is to think of it in two ways. Our two core growing segments; the fleet payment segment, which is about 75 percent of our revenue, and in that case, we’re thinking of solutions for fleet managers, small businesses, oil companies, and other key partners in the commercial and government spaces,” Smith said. “And then on the other payment solution side, which is about 25 percent of our revenue and growing very steadily, we think of virtual payments solutions that are designed for businesses to save significant administrative costs.”

“We’ll look at what we think the market needs, and we develop that functionality either internally or through acquisitions.”

To hear more Dubyak and Smith on WEX’s path to payments innovation, listen to the full podcast here.

*If you have trouble with the audio player above, click here.

Click here for a transcript of the podcast.

Michael E. Dubyak
Chairman, President and Chief Executive Officer, Wright Express

Mr. Dubyak has served as our Executive Chairman, President and Chief Executive Officer since May 2008. From August 1998 to May 2008 he served as our President and Chief Executive Officer. From November 1997 to August 1998, Mr. Dubyak served as our Executive Vice President of U.S. Sales and Marketing. From January 1994 to November 1997, Mr. Dubyak served us in various senior positions in marketing, marketing services, sales, business development and customer service. From January 1986 to January 1994, he served as our Vice President of Marketing. Mr. Dubyak has more than 30 years of experience in the payment processing, information management services and vehicle fleet and fuel industries.

Melissa D. Smith
President, The Americas, Wright Express

Melissa D. Smith has served as our President, The Americas since January 2012. Before that, she served as President, North America from April 2011 until December 2011. Prior to that, she served as Chief Financial Officer and Executive Vice President, Finance and Operations since November 2007. From September 2001 until November 2007, she was our Senior Vice President, Finance and Chief Financial Officer and from April 1999 to August 2001, she served as our Vice President and Controller. From May 1997 to August 2001, Ms. Smith served us in various financial positions. From August 1991 to April 1997, Ms. Smith held various positions as a senior auditor and manager in the Portland, Maine office of Ernst & Young LLP, which was acquired by Baker, Newman & Noyes LLC, a Portland accounting firm. Ms. Smith has over fifteen years of experience in finance, auditing and accounting positions. Ms. Smith is also the chairperson of the Board of Directors of Wright Express Financial Services Corporation.