The PEX Visa® Prepaid Card is designed for businesses so they can make funds available for their employees to use. The card is a prepaid card and the cards are funded by making a bank transfer to each individual card. This card is not a line of credit, so past credit issues are not a factor in getting approved. The card provides a unique way for businesses to allow employees access to funds, but protects them from going into debt. The card does not charge interest and you can not overdraft the account. The card is a Visa card which means it can be used anywhere Visa debit is accepted.
Summary of Card Benefits
- Instant funds disbursement to employee cards
- 24/7 control over where and how much employees can spend
- Specify spend category or daily limits with online tools
- Block, remove, or add funds to cards instantly
- Review spending as it occurs online
- Monthly reporting
- Protect your business and personal credit
- No preset spending limit or line set by a bank – you set your own limits!
- Simple pricing – no transaction or card load fees, no overdraft or penalty fees
- Free 2 Month Trial
- No credit check
Enrolling in Pex
Getting started is easy with the Pex enrollment. Pex allows all businesses a trail period to make sure Pex is the right card for them. To get started you just complete an online enrollment form or call Pex at 877-274-3390 to complete by phone or just to get your questions answered. Once you are approved, you will have access to all the features of the PEX Card Service. All approvals are based on the ability to confirm the details of your application. Credit score or credit history does not come into play because this is a prepaid card. It takes approximately 3 business days to complete. Applicants must be registered business entities. The application must be submitted by an authorized officer of the company like executive member such as: CEO, CFO, director or president.
Adding Funds
The PEX Card Account is a company’s main account for holding funds. The money is FDIC insured it is safe. Pex uses ACH which is similar to an electronic check and this is how they move funds to and from your bank account and PEX Card Account. You can move money to and from your PEX Card Account at any time you want and it can all be done online. So basically, the funds are just transferred from the company account to the card account. Since this is a prepaid card and not line of credit, the card account is funded prior to using the card. You have the ability to dispense funds to specific PEX Visa Cards and if you need to take unused money back, you just transfer the funds back to your bank account.
Authorizing Spending Amounts
Perhaps the best feature of the card is the way you can get money to your staff for their purchases. Its done online and can be done in minutes. You have complete control over the amount they can spend and the amount available to them. At anytime you can suspend or reactivate a card, this includes just temporarily reactivating a card too. You will have access to an administrative website which will allow you to custom each card for your employees just the way you want.
Special Pex Features
Pex offers a variety of special features that help businesses maintain control over the cards their employees are using. List list below contains some of those features:
- Funds are segregated between a corporate holding account and cardholder accounts.
- Real-time electronic card funding
- Set zero balances or block cards
- Place daily spending limits on cards
- Restrict card usage by merchant category
- Reporting package details spending by cardholder or in aggregate
- Set funding rules per card
- Pie charts to illustrate corporate spending
Pex Business Card Fees
The table below highlights some of the fees associated with using the Pex card. For a complete list you should review the card’s terms and conditions.
| Description | Fee |
|---|---|
| Monthly Fee Per Card | $7.50 |
| One-Time Program Account Set-up Fee | $49.95 |
| Card Fulfillment | Free |
| Per Transaction | Free |
| Live Agent | Free |
| Account Maintenance | Free |
| ACH Deposit | Free |
| Express Card / Request | $35.00 |
| ACH Withdrawal | $5.00 |
| Late Payment Card | $25.00 |
| Card Replacement | $5.00 |