We did a series of telephone interviews with clients and recorded them (with permission of course).  Click here to listen!

Labels: Case Studies, PEX Card News

Our clients often describe the ways they integrate PEX Card prepaid debit cards into the normal flow of operations traffic within their small businesses.  One case in particular is quite interesting.

The Problem:
How to manage budgeting and spending for employees stationed all over the country who need fuel, supplies and other ad hoc items?  Credit cards are not a favorable option and there is no efficient method to get cash to people in a cost effective or timely manner - so it all needs to be managed centrally from the home office.

The Solution:
Combine using the PEX Card Service with internal process for requests and fulfillment management so that controls and communication are in place to meet the needs of employees and the company simultaneously.

How:
Employees are issued prepaid debit cards which are funded with an initial budget, predetermined based on estimates and job need.  As employees spend they save their receipts and complete a form from time to time.  Cards won't be reloaded until the report is submitted (electronically) with a scan of receipts.  If the employee needs their budget allotment changed, the home office can review spending to determine how much their budget should be so the process runs efficiently. 

A system like this can combine funds disbursement, budgeting and accounting procedures in a way that keeps employees on the move while the home office can keep their books on schedule.

Labels: Accounting, Budgeting, Business Process, Case Studies, Cash Flow, expense management

As we communicate with our clients, we learn more and more about how they integrate our business prepaid cards into their operational day to day.

Businesses are creating budgets for employees by funding their business prepaid cards daily, weekly or monthly.  Once spending has occurred the staff member has to submit a report with the corresponding receipts in order to have the card reloaded.  Cardholders have a website they can access for transaction detail, which can be printed and turned in.

Once approved, the employer can log in to the admin site to reload the card right away.

This system of checks and balances provides a simple method the employer can use to ensure that they get the information needed to keep their books straight, while providing the employee with a way of paying for the things they need to do their job.  Both employee and employer benefit overall by avoiding having to pay out of pocket and waiting for expense reimbursement.

Click here to learn more about the PEX Card Service! Post a comment and tell us what you think.

Labels: Case Studies, PEX Experiences, SMB Tips

Every manager or business owner has their own style of managing cash flow and keeping employees on budget. Some prefer managing cash on a day to day basis, while others prefer a more hands off approach and to look at numbers monthly. Either way, reloadable prepaid cards for business make the cash management process for crews in the field much more efficient than petty cash or credit cards.

One customer in particular is the day to day sort of manager. He likes to fund his PEX Account with about $5,000 at a time, which is enough to fund his crews' needs for five to ten days. His guys move from one place to the next daily so they are always on the go. Anticipating that each crew will need an average of $500 per week, he budgets the accounts accordingly.

Certain cards have automatic card reload features activated, so that every morning cards are topped up with funds and are ready for use that day. If there is spending, our system tops the card back up to the amount pre-determined amount automatically during the night so its ready for another day out in the field. The owner doesn't have to worry about doing it because it is automated.

Every few days the owner reviews account balances and spending to make certain nobody is running low and to see where his guys have been spending the night, purchasing supplies, buying gas and eating food. All the information is available from one place online and it takes no time to review the account details.

Reloadable prepaid cards for business have made it simple for this particular company. We are happy he chose to use them for his business!

Check us out: PEXCard.com

Labels: Case Studies, PEX Experiences, SMB Tips