Prepaid debit cards have long been popular with consumers. They can be used to receive payroll, access money already in an account instead of a credit card that accumulates debt, but they’re as easy to use as a credit card and easier than constantly hitting the ATM to have cash on hand. They are a lifesaver for anyone with bad credit who needs a better purchasing option than just cash or check.
Debit cards are not just for consumers. There are prepaid cards for business that work in a similar fashion but on a larger scale. A business puts money in an account then can hand out multiple cards to employees. Money from the main account can be put onto each of these cards and used just like a debit card to spend that money. Purchases are recorded so there’s a history of how much was spent on what. Business can view these purchases right on the control panel to help analyze and manage expenditures and cash flow.
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.