In this economic climate businesses trying to rely on credit cards to float monthly employee expense purchases has been tough. Banks are finicky and have been pushing available business credit lines downward for about a year now. For some small businesses, this poses more of a logistical problem than a financing problem because normal employee spending is maxing out limits before the end of the month.
So what are businesses doing? For some, giving cash to employees is the best answer simply because of its flexibility. Many companies have incorporated cash-based processes to reallocate and redistribute spending across multiple payment mediums. In this world of web and technology, going back to cash payments (paper vs. plastic) may seem a bit retro, but for many small companies its a fact.
Managing a cash advance process or petty cash program is time consuming to run. Companies want to provide the best environment for their employees to complete their jobs while also keeping track of money going out the door. In companies with any amount of monthly transaction volume, this can be quite daunting to keep up with and keep accurate.
The solution we provide – the PEX Card Service – enables businesses with tools for issuing funds to employees on Visa prepaid debit cards which are controlled by administrators at companies through online tools. Any business with employees who need to spend and have any amount of daily or weekly volume will benefit from using PEX Card.
For more information, view our video demo online or listen to customers talk about how they use PEX Card day to day on our “Why PEX” page.