Concerns about managing expenses, fraud, reporting, and more are always on the minds of busy business owners and financial officers. Here at PEX, we are always receiving feedback from current and prospective customers about what worries them about spend, budgeting, and organization. Here are some of the most popular questions we are asked on a daily basis:
Q: I have staff, independent contractors and volunteers that need to make purchases on the company’s behalf but I’m a little apprehensive with giving them cash and don’t want to risk handing out company cards. What are my options?
A: By using the PEX platform, you can enable employees to spend by issuing PEX Visa® Prepaid Cards. On the back-end, employers can maintain control of the money by pre-authorizing merchant categories, setting daily spend limits, and instantly activating and deactivating cards using the PEX Admin site and mobile app. Employers have 24/7 access to platform and can see transactions in real time. This helps to minimize expense abuse and fraud.
Q: I’m not always in the office, what happens when someone needs funds when I’m on the go?
A: PEX has a dedicated mobile apps – one for the Admin of the account and one for the Cardholder. Our iOS and Android based apps allow Admins to manage how much is on the cards, see spend in real-time and add or subtract funds – plus much more. Cardholders are able to view their current funds, spend rules and transactions making oversight seamless and portable!
Q: Can I have multiple PEX accounts?
A: Yes! Many of our clients separate by Event, Properties, or Departments to prevent commingling of funds. There is no additional charge from PEX and with our free APIs, you will be able to view all accounts from a single location.
Q: I see you can add a PIN to a PEX Card. Does that mean that the cards work at ATMs for access to cash?
A: There is no cash-back option or ATM access with PEX Cards. PEX eliminates the need for cash transactions and petty cash funds. We offer PINs in case certain merchants require them (i.e., Sam’s Club and Costco). This doesn’t mean that you have to use the card only for PIN transactions – just means that the PEX Card can function as debit or credit card depending on the merchant’s requirements.
Q: What happened if an employee loses a card?
A: Simply deactivate the card via the PEX Admin site or mobile app – you can always reactivate the card if its found. If the card is confirmed lost or stolen, simply request a replacement card from the platform or Admin Support. Replacement cards are mailed for free but if you’re in a rush, you have the option for expedited shipping. (Fees apply for expedited).