SOUTH PORTLAND, Maine -- WEX Inc., a leading provider of corporate payment solutions, has announced the integration of its WEX Fuel Management TelaPoint solution and PriceAdvantage, a division of Skyline Products, for petroleum operators that leverages real-time fuel inventory and sales information to optimize fuel prices.
"This integrated solution incorporates both WEX's Fuel Management software to provide inventory levels and PriceAdvantage's SMART market pricing analysis to provide insight into fuel pricing strategies," said Tom Wagner, director of WEX Fuel Management. "It gives fuel retailers a combined solution with the accuracy of WEX TelaPoint and the power of PriceAdvantage."
With access to real-time fuel inventories from WEX Fuel Management, managers of gas stations who use PriceAdvantage can adjust pricing strategies throughout the day based on how many gallons have been sold through a milestone period in the day, such as the morning commute. If volume sales for the day are low at the noon hour, the station manager may decide to adjust fuel prices to be more aggressive during the evening commute and recover the lost volumes. The manager can use the solution when sales are high and inventories are low to raise prices in order to make sure there is enough fuel to meet demand until the next delivery. Instead of waiting for fuel volume sales information to be updated the day following the close of business, this integration makes this information available the same day.
"Retail establishments, such as convenience stores, thrive when fueled by speed, innovation and knowledge," said Chip Stadjuhar, CEO of Skyline Products. "This integration provides them with the real-time data and innovative fuel pricing software they need to produce fuel prices quickly and accurately."
PriceAdvantage is a leading provider of fuel price management solutions to the convenience store industry. The patented PriceAdvantage SMART Fuel Pricing allows fuel retailers to collect competitive data, determine optimized fuel pricing and automate fuel price changes from headquarters to the street with price change confirmation feedback, creating a streamlined closed-loop fuel pricing process. PriceAdvantage is a division of Skyline Products, a leading North American maker of sign hardware and software solutions for the transportation and petroleum industries, based in Colorado Springs, Colo.
WEX, South Portland, Maine, 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 7.8 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The company's operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, WEX Australia, WEX New Zealand and WEX Europe, as well as a majority equity position in UNIK S.A., Brazil.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.