The PEX team recently attended the National Electrical Contractors Association (NECA) Convention and Trade Show in Boston, MA, and the Plumbing-Heating-Cooling Contractors Association (PHCC) Trade Show in Anaheim, CA, to get some face time with small business owners.
Many of the folks we met say they’re frustrated with just how difficult it is today to get a company credit card for their employees. Whether it’s a low D&B score, a business without a long track record, or today’s bank insecurities about lending, the end result is the same: a lot less access to traditional lines of credit. Other business owners told us that even with access to traditional corporate cards, they’d rather have more control over when employees spend and what they spend on.
As an example, one of our clients in the plumbing business started using our service because some of her employees were abusing the privilege of the company credit card. It wasn’t long before she got stuck paying steep interest charges on a few unauthorized purchases. Those days are gone now.
Listening to the obstacles that they face really opened our eyes. We look forward to meeting and hopefully helping more owners. Our plan to attend additional trade shows in the upcoming months. Stayed tuned for which ones in future updates.
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.