Electronic Funds Source

What Electronic Funds Source does

Electronic Funds Source (EFS), founded in 1996 and headquartered in Ogden, Utah, is a fleet payment solutions provider operating as a wholly-owned subsidiary of WEX Inc. (NYSE: WEX) within WEX Fleet's over-the-road (OTR) business segment alongside the Fleet One, CrossRoads, and T-Chek brands. The company serves owner-operators, mid-size carriers, and large enterprise fleets with a portfolio of five fuel card products — the Fleet One EDGE Card, EFS Fleet Card, EFS Fleet Mastercard (a dual-network closed-loop/open-loop credential), EFS Mastercard Pay Card, and CrossRoads Freight Card — plus WEX Capital invoice factoring, WEX Fleet Tolls (via Bestpass integration), FleetDocs, SecureFuel (ECM-based fraud prevention), fuel tax reporting, permits, and digital B2B vendor payments.

The technology platform is built on proprietary closed-loop fuel card networks accepted at 12,000–16,000+ truck stops, combined with Mastercard open-loop acceptance at 95% of U.S. retail gas stations. Notable technical components include real-time transaction authorization, Level III Plus data capture, ECM-based anomaly detection (SecureFuel), telematics and dispatch software integration, and a mobile app portfolio (WEX CardControl, EFS CarrierControl, EFS PayControl, FleetDocs, CAT Scale Mobile) for driver and fleet-manager workflows.

EFS generates revenue primarily through interchange and transaction fees on fuel and non-fuel card purchases, factoring rate spreads on trucking receivables, and subscription/professional-services revenue from fuel tax reporting, permits, and fuel audit services. Distribution combines direct inside sales (phone and web), a private-label partner program for oil refiners and trucking associations, and WEX ecosystem cross-sell. Pricing is quote-based for enterprise cards with publicly disclosed volume-tiered fuel discounts (1¢–8¢/gal) on the Fleet One EDGE Card and bundled savings on tires, maintenance, wireless, and hotels via the WEX EDGE network.

Name

Electronic Funds Source

Legal name

Electronic Funds Source LLC

Website

https://efsllc.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Electronic Funds Source (EFS), a WEX Inc. subsidiary, provides fleet payment cards, factoring, toll management, permits, and fuel tax services to owner-operators, mid-size carriers, and enterprise trucking fleets across North America via proprietary closed-loop and Mastercard open-loop networks.

Ownership category

akta.pro rank

Product category

Fleet Payment Solutions

NAICS

Automotive Equipment Rental and Leasing (5321), Fuel Dealers (45721), Freight Transportation Arrangement (488510)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510), Arrangement Of Transportation Of Freight & Cargo (4731)

akta.pro primary industry

Fuel Card & Fleet Payment Programs (TLABAMAA)

akta.pro secondary industries

Fleet Maintenance & Repair Spend Payments (Service Network Cards, Pay-at-the-Pump/Shop) (TLABAMAJ), Fleet Fuel Price Optimization & Purchasing Programs (TLABAMAB), Integrated Fleet Spend Platforms (Fuel+Toll+EV+Expenses) (TLABAMAL), Fuel, Idling & Emissions/Carbon Analytics (TLABAJAF), Driver Expense Management & Reimbursement (T&E for Drivers) (TLABAMAF), Fleet Fuel & Energy Management (Fuel Programs, EV Charging Ops) (TLABAIAI), Parking, Congestion & Road-Use Charges Management (TLABAMAI), Fleet & Commercial Vehicle Finance (FSAKADAE)

Keywords

• Fleet fuel cards
• Fleet payment solutions
• Invoice factoring services
• Fuel tax reporting
• Private label fleet cards

Headquarters

HQ city

Ogden

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel

Revenue model

1. Fleet Fuel Card Transaction Fees: EFS and Fleet One fuel cards generate revenue primarily through interchange/transaction fees on fuel purchases at network locations. Cards are accepted at 12,000+ truck stops and 95% of U.S. gas stations, with closed-loop acceptance at truck stops and open-network acceptance at retail gas stations.
2. Factoring / Invoice Factoring: Invoice factoring services providing same-day funding to trucking companies for their receivables, with no hidden fees (no fuel card funding fees, no invoice-upload fees). With over 30 years in trucking finance, factoring is positioned as a core revenue stream alongside fuel cards.
3. Fuel Discounts and Savings Network: The WEX EDGE savings network provides fuel discounts (cents per gallon) and discounts on tires, maintenance, wireless plans, hotels, and repairs. Discounts escalate with monthly gallon volume (1¢/gal at 300-499 gal up to 8¢/gal at 50,000+ gal). Revenue is generated from the spread between retail and negotiated network pricing.
4. Permits and Compliance Services: Online ordering of trucking permits (over-dimensional/overweight, trip, fuel, Canadian, Oregon weight mile, etc.) consolidated into a single invoice with permit tracking throughout the ordering process.
5. Fuel Tax Reporting Services: Automated preparation of IFTA, IRP, and individual state fuel tax reports, integrated with most OTR fuel card, dispatch, and GPS providers.
6. Fuel Audit and Reconciliation: KPI tracking, purchase reporting, real-time and historical pricing analysis, discount reconciliation, and driver compliance reporting.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

EFS and Fleet One provide customized corporate payment technology solutions for over-the-road trucking fleets, centered on proprietary fleet fuel card products accepted at 12,000+ truck stops and 95% of U.S. gas stations. The offering combines fuel purchase controls and discounts, invoice factoring (WEX Capital), toll management, IFTA/IRP fuel tax reporting, permits, ECM-based fraud prevention, and digital vendor payments for owner-operators through large enterprise carriers.

Product overview

EFS and Fleet One (operating under WEX Fleet's over-the-road business segment) offer a comprehensive fleet payment solutions platform serving owner-operators and enterprise carriers. The core portfolio consists of five fuel card products (Fleet One EDGE Card, EFS Fleet Card, EFS Fleet Mastercard, EFS Mastercard Pay Card, CrossRoads Freight Card) plus Fleet Digital Payments for B2B vendor payments. These are supported by WEX Capital factoring services and a suite of add-on solutions including WEX Fleet Tolls, Checks and MoneyCodes, Carrier TrendSource, Fuel Audit and Reconciliation, Fuel Tax, EFS Permits, SecureFuel, and SmartFunds. Multiple mobile applications (WEX CardControl, EFS CarrierControl, Fleet One CarrierControl, EFS PayControl, FleetDocs, CAT Scale Mobile) enable on-the-go fleet management. The platform is built on a proprietary closed-loop fuel network with real-time transaction data, ECM-based security verification, and telematics compatibility.

Differentiator

Problem solved

Functional benefit

Brands

• Fleet One EDGE Card: Fuel card offering competitive discounts for growing fleets with up to 50 trucks, featuring the WEX EDGE savings network
• EFS Fleet Card
• EFS Fleet Mastercard
• EFS Mastercard Pay Card
• CrossRoads Freight Card
• WEX Capital
• Fleet Digital Payments
• WEX Fleet Tolls
• Fuel Tax
• EFS Permits
• SecureFuel
• SmartFunds
• Carrier TrendSource
• Fuel Audit and Reconciliation
• FleetDocs
• Credit Check

Products and services

• Fleet One EDGE Card Fuel card with volume-tier cents-per-gallon discounts for growing fleets (up to ~50 trucks), accepted at 12,000+ truck stops nationwide with the WEX EDGE savings network providing additional savings on tires, maintenance, wireless plans, and hotels.
• EFS Fleet Card Enterprise-grade fleet card providing security, control, real-time data, purchase controls, and fraud prevention for mid to large fleet operations, integrating with third-party dispatch, GPS, and back-office software.
• EFS Fleet Mastercard Dual-network fleet card combining EFS closed-loop fuel network (12,000+ truck stops) with Mastercard open-loop acceptance (10.3 million locations) for fuel, non-fuel, and T&E purchases on a single card, with Level III Plus data and MCC/TCC category velocity limits.
• EFS Mastercard Pay Card Reloadable Mastercard payroll card serving as a secure, cost-effective alternative to paper payroll checks for W2 employees and 1099 contractors, with instant payment, payroll integration, and mobile account management via the EFS PayControl app.
• CrossRoads Freight Card Fuel card enabling mixed fleet fueling at 16,000+ truck stops and 95% of U.S. gas stations, combining the security and data integrity of a closed-loop fuel network with broad retail acceptance for fleets operating both heavy trucks and light-duty vehicles.
• Fleet Digital Payments Digital vendor payment solution offering a faster and more secure alternative to ACH and checks for fleet B2B payments, with one-time or recurring payment capabilities.
• WEX Capital Factoring Invoice factoring service for trucking companies providing same-day funding, no hidden fees (no fuel card funding or invoice-upload fees), prospect credit checks via the largest database of freight broker payment information, and bundled fuel discounts at 4,500+ sites.
• WEX Fleet Tolls Toll management solution integrated with the Bestpass network providing coast-to-coast toll coverage, video tolling, and violation mitigation aggregated into one consolidated WEX statement.
• EFS Permits Online trucking permit ordering service covering over-dimensional/overweight, trip, fuel, annual, Canadian, and state-specific permits, with consolidated invoicing and real-time permit tracking.
• Checks and MoneyCodes Instant payment and cash access solution issued via web, mobile app, or phone when using the EFS or Fleet One card is not an option; accepted universally like personal checks and integrates with back-office or dispatch software for immediate driver funds.
• Fuel Tax (IFTA/IRP) Reporting Automated fuel tax reporting service capturing and preparing IFTA, IRP, and individual state fuel tax reports using routing technology that recreates travel routes, with integration to most OTR fuel card, dispatch, and GPS providers.
• SecureFuel Real-time fraud prevention solution leveraging truck Engine Control Module (ECM) data to verify truck location and tank level before authorizing fuel purchases, catching unauthorized transactions without additional hardware.

Quantifiable outcome

• Fleet One EDGE Card holders can save thousands per year in fuel discounts alone, with additional savings on tires, maintenance, wireless plans, and hotels
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature13 records

Partnerships

Ten partnerships are on record, tiered core and moderate.

• Pilot Flying JcoreGTM or Marketing PartnerPilot Flying J is a primary EDGE Network partner for the Fleet One EDGE Card, providing fuel discounts at thousands of truck stop locations across North America. Fleet One EDGE cardholders receive discounted fuel pricing at Pilot Flying J locations as part of the WEX EDGE savings network.
• TA (TravelCenters of America) / Petro Stopping Centers / TA ExpresscoreGTM or Marketing PartnerTA and Petro Stopping Centers are primary EDGE Network partners providing fuel discounts to Fleet One EDGE Card and EFS cardholders at their truck stop locations across the U.S.
• AMBESTcoreGTM or Marketing PartnerAMBEST is an EDGE Network partner offering fuel discounts to Fleet One EDGE Card holders at AMBEST truck stop locations.
• Quick FuelcoreGTM or Marketing PartnerQuick Fuel is an EDGE Network partner providing fuel discounts to Fleet One EDGE Card holders at Quick Fuel truck stop locations.
• Petroleum WholesalecoreGTM or Marketing PartnerPetroleum Wholesale is an EDGE Network partner offering fuel discounts to Fleet One EDGE Card holders.
• BestpasscoreTechnology or IntegrationWEX Fleet Tolls is integrated with the Bestpass toll network to provide coast-to-coast toll coverage for fleet vehicles, including video tolling and violation mitigation. All toll transactions are aggregated into one consolidated WEX statement.
• Truckers B2B, LLC (EDGE Discount Network)coreGTM or Marketing PartnerTruckers B2B, LLC operates the EDGE Discount network through which Fleet One EDGE Card holders receive fuel discounts and savings at participating merchants. The discount is the difference between the retail cash price and the EDGE network price.
• Major Oil Refiners (Private Label Partners)coreOEM/ Whitelabel/ Licensing PartnerEFS has been processing private label fuel cards for many of the largest major oil refiners in North America for over two decades. These partners issue fleet cards under their own brands using EFS's technology and network.
• Trucking Associations and Purchasing GroupscoreChannel Partner/ Reseller/ DistributorEFS Partner Program serves trucking associations, nonprofit associations, purchasing groups, moving and storage associations, fleet insurance groups, and many other trade groups, enabling them to offer branded or co-branded fuel card programs to their members with flexible pricing and targeted marketing.
• Third-Party Fleet Management and Dispatch Software ProvidersmoderateTechnology or IntegrationEFS Fleet Card, MoneyCodes, SmartFunds, and FleetDocs integrate with leading third-party dispatch and fleet management software. Fuel Tax reporting integrates with most OTR fuel card, dispatch, and GPS providers. FleetDocs integrates with back-office systems.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fleetio: Fleetio is a modern fleet card and fleet management platform targeted at small-to-mid-market fleets, directly competing with EFS/Fleet One's SMB and owner-operator segments. It offers a SaaS-first UX, API-first architecture, and digital-first card programs that pressure EFS's traditional phone- and form-based sales motion.
• Triumph Business Capital: Triumph Business Capital is a major provider of invoice factoring and freight-broker credit services to the trucking industry, directly competing with WEX Capital's factoring offering. Its non-recourse factoring programs and credit databases serve the same owner-operator and small-carrier target market as EFS's factoring business.
• Comdata (FleetCor): Comdata, a FleetCor subsidiary, is the largest direct competitor to EFS in commercial fleet fuel cards and over-the-road payment solutions. It offers similar closed-loop truck stop acceptance, fleet Mastercard products, and factoring — competing head-to-head with EFS Fleet Card, Fleet One EDGE, and WEX Capital for the same trucking carrier customers.

Others

• Bestpass: Bestpass is the toll management and payment platform that EFS integrates with to deliver WEX Fleet Tolls; while commercially aligned today, Bestpass's underlying toll-aggregation capability could be extended into a competitive EFS-style fleet payment product over time, making it both a partner and an adjacent ecosystem participant.

Emerging players

• Coast (Coast Financial): Coast is a venture-backed fleet card and fuel payment platform focused on the commercial trucking industry. It targets SMB carriers and owner-operators with a modern mobile app and transparent pricing, directly contesting EFS/Fleet One's small-fleet segment with a fintech-style offering.
• AtoB: AtoB is an early-stage fintech building a modern fleet card and fuel payment platform with API-first infrastructure targeting trucking carriers. It represents a next-generation competitor that could pressure EFS's position among tech-forward mid-market carriers looking for software-integrated card programs.

Broad incumbents

• Love's Travel Stops (Love's Pay): Love's is a major truck stop chain and EFS network partner that also offers its own fleet card products (Love's Pay) accepted at its truck stop locations. It competes with EFS in fuel acceptance and discount programs while cooperating on the EDGE network.
• WEX Inc. (corporate parent): WEX Inc. is the publicly traded parent of EFS, but also operates parallel fleet card businesses (including outside-North-America fleet cards, benefits/health, and EV charging payments). As a portfolio company, EFS overlaps with WEX's other fleet products, while also benefiting from WEX's broader R&D and capital allocation.
• Pilot Flying J (myPilot Plus program): Pilot Flying J is North America's largest truck stop chain and a primary EFS EDGE network partner, but it also issues its own branded fleet card program (myPilot Plus) that competes with EFS products at participating truck stops. As both partner and competitor, Pilot Flying J represents one of EFS's most complex peer relationships.
• Fuelman (FleetCor): Fuelman, another FleetCor brand, provides fuel cards for small business and light-duty commercial fleets, overlapping with EFS's mixed-fleet cards (CrossRoads Freight Card, EFS Fleet Mastercard) for non-trucking fleet customers and competing for the broader fleet payment wallet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/efswex

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Electronic Funds Source