WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced the public launch of Flume, an FDIC-insured digital wallet uniquely designed to bridge the digital divide for millions of small-and-medium-sized businesses (SMBs) in the U.S. Flume is provided by WEX Payments, a state-licensed money transmitter, in conjunction with a partner commercial bank.
Nationwide, more than 40% of B2B payments are paid by check, and two-thirds of businesses process payments by hand, leaving them vulnerable to fraud, human error, and costly delays. And while digital payment options exist, most software is designed for large companies, creating an insurmountable barrier for small businesses. Flume was built to address this growing need by offering a one-stop shop where small businesses can simply manage their business from one login.
“We’ve been working hard to ensure our product is delighting our early customers before expanding our footprint,” said Matt Roy, Co-Founder & General Manager of Flume at WEX. “With our feature set expanding to meet customer demand, we’re excited to be gradually ramping up our sales and marketing efforts to distribute Flume more broadly in the SMB community. We are pleased to see the impact Flume has had with our customers like Emilee at Preservation Timber Framing.”
Since launching its Beta version earlier this year, Flume has managed upwards of $2 million in payment volume for small businesses with average transaction sizes between $2,000 and $8,000. In the intervening months, Flume has added new features, including integration with QuickBooks Online. In addition, while card payments can be complex and time intensive for most businesses – Flume’s Get Paid by Card provides businesses a secure, customized payment portal to process card payments, which settle directly to customer wallets.
“Timely access to cash can often be life or death for small businesses,” said Jay Dearborn, Chief Strategy Officer, WEX. “With Flume, we’re offering a simple solution for this complex problem, enabling these businesses to focus on the future instead of chasing past payments.”