PEX for Educational Organizations

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Now it’s easier and less time consuming to distribute funds and track spending.

From student clubs and events to books and classroom supplies, PEX helps keep every program on budget, and delivers the paperwork to prove it. Universities, charter schools and multi-site facilities—all use PEX to support a wide range of spending needs.

More convenient than cash and checks

With PEX, you deposit a pool of money into an account where your funds are FDIC-insured through The Bancorp Bank; Member FDIC, and use the underlying PEX technology to:

  • Directly fund and defund prepaid cards, or automate the process
  • Receive instant alerts every time a card is used or declined
  • Spare teachers, students and others from waiting for reimbursement
Better control over how money is spent

PEX corporate card alternative can help you ensure that every penny in your budget is spent the way it’s supposed to be. With PEX, you can:

  • Limit card usage to specific merchant categories and budgets
  • Create separate rules for individual cards or groups of cards
  • Override rules or authorize single purchases, through a mobile app
Simplifies allocations and reconciliations

PEX works with your General Ledger codes and integrates with most accounting software. The system automatically:

  • Captures receipts through camera on cardholder’s smartphone
  • Allocates transactions to programs, departments, grants, etc.
  • Updates approved transactions to your accounting software

See how PEX improves the way educational institutions enable and track spending.

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Customer Story

PEX for Educational Organizations

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A university undergraduate student association uses PEX to fund clubs and activities to save time and enable more students to go to participate in activities.
Challenges

Most students don’t have the money to prepay for conferences, events or trips and then wait for reimbursement.

Students had to use a lot of time and paper filling out expense reports, looking for receipts and attaching them.

Students had to use their own credit cards to make online purchases, and hope to be reimbursed before the credit card bill was due.

Solutions

With PEX, funds come straight from the student’s budget and are loaded onto prepaid cards in advance, so students don’t have to spend their own money.

Students submit receipts and notes through the camera function in the PEX mobile app.

PEX Cards work where Visa debit cards are accepted; admins can transfer funds without writing and distributing checks.