Valero turns to WEX's card rails to boost fuel sales
WEX will begin managing the fuel card portfolio of Valero Energy Corp. next year, covering 5,000 U.S. fuel stations, as an extension of the partners’ existing card acceptance agreement.
WEX will take over Valero’s fleet card program, introducing the ability for card users to make mobile payments leveraging WEX’s technology and payments platform. The new services will be fully implemented April 1, 2020.
San Antonio, Texas-based Valero is the world’s largest independent oil refiner and is a major producer of ethanol and renewable diesel products. Valero sees opportunities to expand its commercial fuel sales and distribution by relying on WEX’s payments platform, the release said.
“This relationship positions us to help Valero grow commercial volume by providing best-in-class technology, sales and marketing to Valero’s commercial programs, offering its fleet card customers a number of services and conveniences they have not had in the past,” said Brian Fournier, WEX’s senior vice president of global fleet partners, in the release.
WEX has significantly expanded its role managing companies’ fleet card programs recently. WEX this year took over management of the fleet card portfolios of Shell Oil Co. and Chevron Corp. and WEX also acquired the fuel card business of EG Group, which operates fuel stations and convenience stores in Europe.