We came across this story recently, which speaks to the trouble of giving out traditional company credit cards to employees.
In this example, the employee who received the company card used it to make personal purchases, an obvious misuse. In total, the spending spree added up to over $122,590. Perhaps the worst part, the charges dated back to 2005!
Using prepaid business cards, business owners can track each and every cent that is spent by their employees in real-time. By controlling exactly how much money is on the card, as well as where the money can be spent, there are never any surprise expenses, thus helping to prevent against employee fraud.
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.