With so many types of card services out there its easy to mix up terminology. People call us asking about our business credit cards knowing full well that we don't issue credit cards or extend a line of credit to anyone. The word “credit” has become so synonymous with “card” that people often just say that as a universal term. Out in the field its really only clarified at the point of sale when the checkout person asks: “credit or debit?” There are personal and small business credit cards, personal and business debit cards, corporate cards, and prepaid cards… so many names and so many types of services.
Each have at least two things common – there is a physical card linked to an account of some kind (credit or checking/savings) and most have a brand named payment network attached to them. So what kind does the PEX Card Service use? We use Visa prepaid debit cards as the access point to cash deposits companies create in our system. There is no credit line or bank account attached to cards – just an electronic account to park funds until employees need to spend for expense items.