In a poor economy bankruptcies become a regularly reported item in the media.  For a lot of those businesses, going into bankruptcy is a simple restructuring of debt or a way to protect themselves while they are in repair mode.  The fall out here, especially for small sized companies, is the impact on a company's credit worthiness, their ability to get credit, or even a credit card for that matter.

The PEX Card Service may be a solution for businesses that are having trouble getting credit but are still operating, selling their products/services and have people out in the field.  Because we offer business prepaid debit card services, all the spending is pre-funded with cash deposits.  Our online tools give businesses the transaction visibility and spend controls that banks and credit card companies do not provide with traditional credit or bank debit card accounts.

Labels: Credit, expense management, reloadable prepaid debit cards

A word that is used quite frequently in the financial community is “visibility."  It has often been attributed to the ability for publicly traded companies to provide guidance on their future business performance.  But more importantly, visibility is critical for small and mid-sized businesses to accurately and quickly assess their cash flow position and determine in a timely manner how, where and when their cash is being expended.

What we are hearing at PEX Card:
A number of our clients using the PEX Card Service have typically relied upon traditional  business company credit cards for employee business expenses.  However, too frequently the business owner is surprised at some of the expenses their employees had charged when the bill finally arrives weeks after the spending occurs.  By using the PEX Card Service, our clients now can better manage employee expenses and cash flow with the unique benefits of a prepaid debit card and the associated real-time monitoring, tracking and reporting capabilities.

We are thrilled with the feedback we have received.  As more small business owners recognize that there is a terrific alternative to credit cards, one that is a reloadable prepaid debit card that can save their company's time and money, they have come to appreciate the expense management solutions built in to PEX Card.

Listen to the testimonials from a sampling of our satisfied clients. Click here.

Improve your visibility. Take a look and see for yourself.

Labels: Credit, expense management, General Info, reloadable prepaid debit cards

Small businesses are being affected by the banking crisis of 2008/2009 in numerous ways.  A hot topic is bank lending is which includes access to spending on credit cards.  This goes well beyond borrowing - the emphasis is on being able to use cards effectively to keep business operations moving.

The Problem:
Banks have cut credit credit card limits for many small businesses - those that had $50,000 available may now have $15,000 and for companies with 10 employees sharing one credit line this is not enough to things easily.  Paying down credit cards mid-month takes days to post and often goes unnoticed until a card is declined at the point of sale.

The Solution:
A prepaid debit card program like PEX Card enables businesses to "self credit" so that one lump sum of funds can be budgeted to meet the needs of the company uninterrupted.  As cash flow needs fluctuate monthly, spending ability should be able to fluctuate too.

How:
Because the PEX Card system is partly a cash management system, companies can predetermine the level of funding they want to deposit without any intervention or say so from a bank.  The system has a primary account segregating funds from cards so only specific amounts of money are available to employees at any given time.  And, since each prepaid business debit card has its own separate balance each person is limited within their budget amount, so there is control over the funds on hand.  Take a look at our demo to see how it works.

Running a cash-based system in lieu of relying on a credit line enables businesses to stay flexible by funding their own spending needs when they need it without maxing out and scrambling for more money.

Labels: Cash Flow, Credit, reloadable prepaid debit cards

Now that we have had an opportunity to talk to some small business owners on the phone, we are hearing their stories about trying to run their business using consumer reloadable prepaid debit cards. One of our new customers was using a teen card product. Teen cards are not for business spending. Here are a few limitations he discovered:

• Low max card balance. Teens aren't using cards for travel expenses, so capping the card balance at $2,000.00 makes sense. But as a business owner, having to work around that limitation is tough.
  

• Spend limits. Limits are a great idea, but the business owner should control which employees need them. Spend limits on a card for a trusted employee can be frustrating.
  

• Limited card reloads. Businesses spend....a lot. As a business owner, you need the freedom to control card loads. Only you know when and how much your employees need to spend.
  

Tools are meant to solve problems, not cause them! Teen cards for business are just the wrong tool for the job. That is why we created a corporate reloadable prepaid debit card. We are helping our customers by offering:

• A business reloadable prepaid card with a $10,000.00 max balance.

• User defined spend limits. Create spend limits for employees that need them and give trusted employees unfettered access to their card balance.
  

• Unlimited card reloads. Move money when you want, 24/7/365.

We are helping our customers to manage petty cash efficiently... it's the right tool for the job.

Labels: Petty Cash, PEX Experiences, reloadable prepaid debit cards