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.
Stay up to date on the latest PEX news!
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).