PEX Visa Business Checking Account Card

PEX Visa Business Checking Account Card

Most businesses have different employees that are in charge of spending for the company in various departments. Company credit cards are usually considered the solution; however, it can be difficult to manage the multiple accounts necessary. Unfortunately, employee misuse is also common. Small businesses are at a disadvantage since they are often still in the process of building credit. For those companies who are trying to recover from past mistakes, getting a credit card application approved is almost impossible. Even businesses eligible for a credit card have the concern of corporate debt added to other money management worries.

The Bancorp Bank now offers the PEX Visa Business Prepaid Card. It is a prepaid debit card so credit scores are not even considered. All cards distributed to employees are managed under one account and in one convenient place. A business owner can see at a glance individual employees’ spending and available balances as well as place custom limits on each one. He can control not only the budget amount but the daily spending amount as well. A card can be temporarily suspended during an employee’s absence such as a vacation or permanently blocked when an employee leaves the company without affecting access to spending history.

Each card is personalized with the employee cardholder’s name, can be reloaded and does not expire until three years after the issue date. Although employees have their own individual card balances, all funds are company funds and are able to be transferred back to the business checking account at any time. There is also a PEX Card Account which reflects the company balance and from which all fees are deducted rather than from the individual card accounts.

All of this is managed easily online around the clock in real time through an administrative tool. When a business owner adds funds to an employee card, the staff member has the money available in less than one minute. The administrator can even specify where the employees can spend their allotted budget.

The advantages of this card are readily noticeable. Cash advances and reimbursements are not necessary which lowers costs, and there are no surprise charges often associated with a credit card. There are no transaction or deposit fees. Although the PEX Card Account is not considered a bank account, the deposited funds are FDIC Insured. The approval process is relatively simple since no credit is involved. It takes approximately 3 business days to confirm the details of an application submitted by an authorized officer of a registered company.

A card with this many options is not going to be free to businesses, of course. There are fees associated with the use of the card. When a new account is set up, a $49.95 fee is charged. This is a one-time fee but should be taken into consideration. Unless the business has a collective spending of $50,000, there is a monthly maintenance fee of $7.50 charged to the PEX Account. A $5 fee is also charged for transferring money from the PEX account to the company bank account and there is a $5 fee to replace a card. At this time, the PEX Visa Business Prepaid Card is only available to U.S. businesses.

A demonstration and free two month trial is available on the PEX Card website, so companies considering this method of employee fund management have the opportunity to see how it will work for their unique needs. No card is one-size-fits-all, but this seems like a viable option for many small businesses.