Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.
In order to keep costs in line and compete in a down economy, expenses must be managed. You need to know what how much is being spent and what it’s being spent on in order to see where costs can be cut. You also want to audit transactions periodically in order to avoid over-spending or fraud.
A company credit card can be an easy way to let employees pay for expenses, but it can also be a target for fraud, since purchases can be made without approval and only discovered after the fact. If a former employee has an active card, it can be an issue. Fortunately, auditing transactions and other steps to prevent misuse are made much easier through the use of a prepaid card.
With a prepaid credit card, fraud is less likely to occur in the first place. Funds can be added to the card as needed. PEX Card even lets you set allowable spending by category. And if fraud does occur, it can be spotted quickly. This is because transactions can be viewed in real time and monthly reports are easy to obtain. So formal audits can be done as frequently as desired or they can even be ongoing as purchases are recorded in the system.