Company credit cards ease small business operations, especially if you’re not sure as the owner whether you can trust employees to use the cards honestly and wisely.
Prepaid cards came on the scene to help with this challenge and are now being used by business owners as they help with time management and employee expenditure.
PEX Card is one such prepaid card that offers a web-based service so you can have more control, in real time, over how employees spend your money.
In fact, its founder and CEO, Toffer Grant, refers to it as ‘petty cash on steroids’.
The app helps you manage time and money, so it is ideal for small businesses who need to make lots of small or large purchases.
Its value proposition is interesting as it is a hybrid of physical payment and personnel management solutions. It offers control, flexibility, and you don’t have to worry about it getting shut down.
What is PEX Card?
PEX Card is a prepaid business credit card that lets businesses manage their expenses and time management efficiently.
The PEX system offers an expense and time management platform for businesses who want to maintain real time control while enabling employee spending.
It is today’s alternative to inflexible business debit, credit and purchasing cards, allowing business owners and admins to fund/defund PEX Visa Prepaid cards immediately, set rules on expenditure, and set spending limits.
The cards can be given to employees to control their spending and usage, while streamlining the expenses reconciliation and monitoring their activities in real time.
The PEX Card system offers a collection of advanced features that manage the expenditure in terms of time and resources in the company, while ensuring times is saved, and expenses are cut.
Account officers can use the card to allocate budgets and control spending by employees without having to enter manually which leads to mistakes or miscalculations.
PEX Card is an easy solution for companies, and because they may surpass their budget frames, once limits have been designated, they are given a level of spending, thus assuring them that no funds will be leaked.
The spend and time management software regulates cash flow via the business hierarchy through the innovative card that takes charge of all insurance and finance issues in the organization.
PEX Card works like debit cards and can be used to allow payment of orders from certain merchants. As a prepaid card, the software shows the assigned funds for application with specific merchants on the amounts, based on the items ordered.
Benefits
Become more efficient
By auto-rejecting unauthorized and over budgeted spending, PEX Card helps save hours of review. The integration of the accounts system helps in saving hours in reconciliation. PEX Card isn’t a credit card that grants additional options to small businesses who may be unable to obtain a substantial line of credit. So in case employees make huge purchases using the card, you won’t have to worry about it going beyond credit card limits.
Increased visibility
PEX Card checks on how spending is done in real-time, allocates transactions to the accounting codes, and produces a wide scope of reports for both auditors and managers. PEX Card also bestows an increase in visibility without increasing the workload. Managers can know instantly when and where their employees use their corporate prepaid cards. This discourages personal use and assists with tracking employees’ location, leading to 47 percent of PEX Card customers reporting decreases in fraud.
Scale for your business
PEX Card provides support to huge, distributed workforces of small or large teams who just need a convenient replacement for petty cash or checks. Not all businesses are equal but they have one thing in common – expenses. PEX Card can be easily applied for businesses of different sizes and budgets. PEX cards are used for various reasons including supplies, restaurants, advertising, travelling or fuel. In case a business can’t issue company credit cards or is tired of waiting for reports, then PEX Card can be a perfect remedy for it.
Reduces any temporary strains
With the availability of PEX Card’s reloaded gas cards, employees don’t have to worry about paying fleet fuel expenses upfront and later be reimbursed. This helps in reducing any temporary strain on their bank accounts, and the universally disliked tasks of either keeping track of receipts or filling out expense reports. You also have the power to eliminate the need of convoluting expense reports since the employees are given an option to easily add digital notes, as well as receipts for every purchase.
It is flexible
PEX Card comes with more flexibility compared to the typical cards. While the cost of commodities can be quite heavy a price tag for corporate fleet, it is not definitely the only expense that businesses need to prepare. To show this, PEX Card encourages employees to swiftly change the spending capabilities of the card due to unpredictable circumstances like buying extra supplies or visiting a mechanic, among others. In addition, business owners can instantaneously either refund or refill the prepaid card with either a computer or mobile app, regardless of the time. This implies that fleet workers will never be without a convenient solution on duty.
Transactions can be done in many businesses
Unlike some prepaid card options, employees are free to use any gas station they wish, as some prepaid fuel cards limit their use to specific stations. This might frustrate drivers and also waste time and resources as one has to move from one business to the other as transact.
Easy tracking of commodity expenses
Commodity expenses are easier to track compared to the normal prepaid cards. Constantly changing prices of goods makes expense management difficult and that is why PEX Card provides several features aimed at making accounting easier for small businesses. In fact, most companies reported that PEX Card helped reduce time allocation towards reporting by an average of 12 hours every month.
Help in reducing employee expenses
PEX Card allows for customization of where and how employees use the reloadable cards so that they meet a certain need. There is a happy medium between providing employees with an ordinary credit card and an ultra-restricting one such as a prepaid card, and PEX Card provides an excellent balance. In return, customers save an average of 26 percent on employee expenses.
Automates card reloading process
PEX Card can be established to automate the process of reloading the card based on a particular task, ultimately reducing workloads of managers.
Easily integrates with popular reporting software programs
PEX can easily integrate with many popular reporting software programs. This implies that, in case you wish to have the tool in your business currently uses to track expenses, you don’t have to switch in order to use PEX.
Features
Spend management
PEX Card helps businesses that have distributed workforces or volunteers to be more efficient through operationalization of spending needed in delivering services or drive more revenue. This is done through a robust SaaS platform that allows them to distribute prepaid cards, control their application, streamline expense reconciliations, and monitor activity in real time. These features are available through mobile apps, desktops and a suite of webhooks and APIs. PEX Card lets you set rules, set budget or set nothing. This means that everybody can have their own approved merchant category as well as spending limits. The software keeps checking on expenditure, which it does in seconds. With the software there is no end-of-billing cycle surprises. PEX Card reports on transactions in real-time as card holders submit accounting codes and receipts using the mobile app.
Credit control
PEX Card’s administrative web site lets the corporate admin see employee spending in aggregate and they can dictate when, where and how employees use the company cards. Every single prepaid card comes with individual spending and funding rules for control, adjustable balances for budgeting and reporting of up to the minute transactions for transparency and instant cash positions. The funds on this account are prepaid, therefore credit limits are individually managed. Funds can be electronically transferred to and from company checking account for maximum flexibility.
Bank to PEX Card account transfer
Funding PEX Card accounts can be done in three options:
- ACH Credit (bank-initiated)
- Wire Transfer
- ACH Debit (PEX Service).
ACH Credit (bank-initiated)
This is simple and needs no setup; the cash is transferred within 1-2 business days, and the service is free. However, you may need a few dollars for this type of transfer. Once it has been completed funds can be distributed to the employees’ cards and they can start spending. Once the transfer is done, the balance in the upper left of the PEX admin site will increase by the amount transferred. This will also be seen on the admin dashboard page.
Wire Transfer
Funding PEX Card accounts via wire transfer initiated from banks is simple. It requires no setup and money is transferred either the same or the next business day. Once it is done, funds can be distributed to the employees’ cards and they start spending. The bank can charge a fee for this type of wire transfer. To make a wire transfer from the bank, you need to give the bank PEX Card routing and deposit numbers. Once the transfer is done the balance on the PEX admin site will increase by the amount transferred.
ACH Debit
You can validate the external banking account on the ACH form, online or through mini deposits.
Reporting
Monthly budget reconciliation processes are authentic for tracking business cost to ensure accurate accounting, and for future budgeting of expenses. Fortunately, in case employees have PEX Card or Visa prepaid cards, access to purchase information will be instant. This helps in making budget reconciliation a breeze. Both monthly statements together with custom reports are available through the PEX Card system to help in forecasting on spending, and stay on the budget. This provides greater control and ongoing information while making end year reporting easier.
Pricing
PEX Card is available for free for up to two months. The enterprise pricing plan is simple, and varies in accordance to the number of PEX Card issues. It offers:
- Free fund through PEX Card ACH
- Free card replacement
- If you want to spend more than $50,000 within a month, there is no fee charged
- $7.5 per month charged for every PEX Card
- There is a one-time $49.95 with free set up
Note: The main differences between the plans are the number of cards that have been allocated and the cost of additional cards.
Core: $75 with a $49.95 set up fee per month
- Up to 10 cards
- +$4 for extra PEX Cards
- Waived subscription fee where you spend more than $50,000
- Real time transaction data
- Batch export of receipts
- PEX Notes
- Exports to QuickBooks and Xero
- Receipt capture and approval
- Automated spending and funding rules
- 24-hour Customer Support
Pro: $200 with a $49.95 set up fee per month
- Up to 100 cards
- +$2 for extra PEX Cards
- Waived subscription fee where you spend more than $50,000
- Real time transaction data
- Batch export of receipts
- PEX Notes
- Exports to QuickBooks and Xero
- Receipt capture and approval
- PEX Tags
- Automated spending and funding rules
- PEX Velocity ‘per diems’
- Team/Group Management
- Program Sub-Accounts
- Departmental Sub-Accounts
- 24-hour Customer Support
Infinite: Custom pricing with customized set up fee (monthly)
- Unlimited cards
- Customized features
- Real time transaction data
- Batch export of receipts
- PEX Notes
- Exports to QuickBooks and Xero
- Receipt capture and approval
- PEX Tags
- Automated spending and funding rules
- PEX Velocity ‘per diems’
- Team/Group Management
- Program Sub-Accounts
- Departmental Sub-Accounts
- Full API access
- Transaction Authorization Control
- Custom Card Design & Mailer
- Custom Accounting Integrations
- 24-hour Customer Support
- Custom Training
- Solution Architecture Consultation
Note: Pricing ranges from Business to Non-Profit and Ambassador Pricing. The above pricing and features are for the Business pricing packages.
Technical Details
Devices: Web-based, Mac, iPhone/iPad, Android and Windows
Languages: English
Pricing Model: Monthly Payment and One-time payment
Customer Type: Medium Business, Small Business and Large Enterprise
Deployment: Cloud Hosted
Support Details
- Phone
- Social Media: Facebook, Twitter, LinkedIn
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