Property management often involves reacting to events as they occur and fixing things as needed. In addition to regular cleaning and maintenance, there are unexpected costs for repairs. This creates a need to handle the costs of purchasing supplies and paying contractors for both recurring and one-time expenses.
Currently, your business may be reimbursing employees for these expenses, but it can be unrealistic to expect a building/property manager to front costs that may be quite high if the unexpected happens. Or you may be giving employees cash advances which means they may have to stop by the office to get cash directly, and then remember to collect every receipt. It also costs time and money for claims to be filed, checks to be cut, and cash advances or reimbursements to be made. You can cut out these costs by having a simple way to plan and allocate for expenses upfront.
A prepaid debit card can be a helpful solution because money can be added for expected and unexpected costs as they come up. There will no longer be a need for handing out cash or providing reimbursement , saving your business money and helping it to run more efficiently.
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.