How to Fund Your PEX Account

Prepaid Credit and Debit Card Alternatives for Businesses

PEX: the Prepaid Credit or Debit Card Alternative That's Made for Business

Prepaid debit and credit cards present businesses with a number of benefits. After all, they provide a positive alternative to making employees pay for business expenses out-of-pocket and then wait to be reimbursed. Plus, corporate credit and prepaid debit cards enable companies to lessen their reliance upon dated petty cash systems. However, both options present a number of flaws that cost businesses both money and time. 

Which Businesses Can Benefit from Using PEX Prepaid Cards?
PEX can help businesses across a wide range of industries and operational structures. However, we have found that our services are especially helpful to companies that relate to one or more of the below:
 
  • Businesses that want to upgrade their bookkeeping and/or employee expense management.
  • Companies that have a significant turn-over rate or have seasonal employees.
  • Businesses in which staff operate with semi-independence or are regularly on the road. Many companies use PEX to track employee gas expenses.
  • Newer organizations that may have a particularly low credit limit or cannot yet obtain credit cards.
  • Businesses that desire to streamline their expense tracking management and/or suspect fraudulent spending amongst staff.

Download the PEX Expense Management Fact Sheet
PEX provides the flexibility to control spending at the cardholder level, before the expense occurs. Learn more.
How PEX Solves Common Downsides of Corporate Credit and Traditional Debit Cards

Downside

Credit Card

Debit Card

PEX Solution

Inability to control where employees utilize the card.

X

X

PEX empowers businesses to determine where employees can use the card.

Not all business credit cards provide visibility into employee behavior.

X

X

PEX enables account managers to access employee spending activities in real time, which can be viewed from a desktop or mobile apps.

Receipt collection leads to extra paperwork and frustrated staff.

X

X

PEX’s built-in tracking system eliminates paper receipts. Our receipt capture tool makes it easy to attach a receipt to each transaction.

Inability to easily dictate the amount employees spend.

X

X

Managers can set daily limits that automatically refund every 24 hours, or make exceptions for special scenarios.

Large expenses can tie up your company credit line, or you wind up paying interest.

X

 

Because PEX is not a credit card, our customers don’t have to worry about paying interest or navigating around a low credit limit.

Businesses need to have an established line of credit to obtain a card.

X

 

PEX does not require a credit score to utilize our system, as the money spent comes directly from users’ accounts.

Lack of accounting tools to organize and analyze data. 

X

X

PEX integrates sophisticated accounting tools with the prepaid debit cards to assess and report employee spending.

PEX Prepaid Card Platform on Desktop and mobile, along with card
PEX Provides Flexible Spending to Employees

On the surface, PEX is a simple prepaid debit card that businesses can hand out to employees. However, we provide a level of sophistication not offered by most alternatives. With PEX, employers can determine what specific services or goods can be purchased, as well as the daily budgets. Managers can also allot more funds or change card spending regulations, granting a fluid solution to whatever surprises employees may encounter.

The well-defined perimeters for employee card usage helped PEX customers save an average of 26% on employee expenses.** 

By granting employers the ability to pre-authorize spending, PEX can eliminate the need for businesses to micromanage every transaction. 

Heightened Visibility Into Spending Can
Lower Costs and Reduce Fraud

Employers can see where and when their staff utilizes their PEX prepaid cards, and can even suspend usage within a matter of seconds. This elevated levels of visibility and influence over employee spending diminishes the likelihood of fraud. In fact, many of our customers report a noticeable difference in the amount of fraudulent spending. 

Unlike Corporate Credit Cards or Prepaid Debit Cards, PEX Streamlines Expense Management & Bookeeping Efforts

PEX offers managers an easy-to-understand platform through which they can control employee spending and find increased clarity into prepaid debit card activities. What’s more, for the sake of efficiency and convenience, these capabilities can easily be performed from a mobile phone or tablet.

Additionally, PEX presents in depth financial reports that yield the sophisticated yet practical insights businesses need to successfully operate. Our expense management software program reduces the amount of time our clients spend on expense reporting by an average of 12 hours per month.** 

Rest assured that, if you have an expense management program you would want to utilize, PEX easily integrates with popular tools such as QuickBooks, Expensify, and Tallie. 

** Information based on October 2015 PEX Customer Survey.

Commonly Asked Questions About Using PEX as an Alternative to Credit or Traditional Prepaid Debit Cards

Are there any places PEX Cards cannot be used?

  • Employers can dictate which venues and/or purchases can be made with the card. However, if the business does not want to place any limits on where PEX can be utilized, employees can use it anywhere that accepts Visa prepaid cards.

I would want my employees to provide comments about each purchase, as well as attach a receipt. Is this possible to do within PEX?

  • PEX provides cardholders with the option of adding notes to various transactions, as well as the opportunity to photograph and upload pictures of receipts

What if I don’t like the PEX service?

  • We grant new customers a 60-day trial period in which they can determine whether or not PEX fits the needs of their business. It is only after this time period that you’ll be asked to begin paying for our services.