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PEX Card
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This unique prepaid card was designed exclusively to be used by businesses and corporations. The PEX Visa Card is a popular choice for administrators who frequently have employees who attend business trips or need to make purchases for the company. By using this card they can manage employee spending by preloading cards with certain amounts and even restricting where the card can be used.
Overview
The PEX Card is a Prepaid Visa Card designed specifically for business use. It is not a credit card but works more like a debit card, allowing users to only spend the amount of money that was preloaded onto the card. Through an Administrative Website businesses can set up spending profiles for employees who will be using the card. It can be used everywhere Visa is accepted and since the cardholder can never spend more than what is deposited on the card, businesses save money by never having to pay overdraft fees or interest charges.
When using this card, businesses can issue as many cards as they need to employees who require a credit or debit card to pay for expenses while traveling or purchasing supplies for the business. Cards are personalized with the employee's name but funds are taken from a business bank account, not from a personal account. The business's administrator can simply transfer money from their bank account to an online PEX account. Funds can then be distributed to individual employees based on how much they need and what it will be used for. Employers even have the power to restrict where the funds are spent and can transfer the money off of the card at any time.
Businesses find this card to be a great alternative to employee credit cards or writing reimbursement checks for expenses. Employees can never spend more than their allotted amount and the extra added fees of traditional credit cards can be avoided. There is also savings in time, paper, and money by not having to write out individual checks and track employee spending.
Prepaid Debit Card for Businesses
Control Employee Spending Online 24/7
Preloaded with Corporate Funds
No Over Draft Fees or Interest Charges
Intro Apr
Apr
Monthly Fee
Credit Needed
None
None
$ 7.50
Any - No Credit Check
Frequently Asked Questions
Unlike most other prepaid cards, the PEX Visa Card can only be used by registered businesses who want to have control over how much employees are spending. Applications are quick and easy to fill out but must be done by an officer of the company such as a president, director, or CEO. There is no required credit check and access to the online card service and the cards are usually distributed within 3 business days.
Many businesses allow employees who travel to spend a certain amount on food, lodging, and other expenses. However, this can be taken advantage of with the use of an unlimited fund credit card. With this card businesses hold complete financial control while still giving their employees the spending power needed to help improve the company.
With this prepaid business card, employers can choose how much to preload onto the card, put blocks on cards when employees are on vacation, or even restrict locations where the card can be used. PEX typically issues up to 50 cards per business, but by simply calling customer service and making other arrangements, businesses can have as many as they need or want and each card is personalized with the employee's name.
There are lots of good reasons to choose the PEX Prepaid Visa Card for businesses. First and foremost it is a unique card that hardly anyone else in the industry has made available. It offers complete control for businesses as well as 24/7 access to funds and the ability to transfer money to any employee's card with the click of a button. And if you aren't sure if using the PEX Visa Card is going to be a benefit to your business you can try it free for two months. Learn more about this card's features and must-have amenities here:
Benefits
- No risk of overdraft fees or interest charges
- No minimum card balance
- FDIC insured
- 24/7 access to Administrative Website
- Manage funds in real time
- No transaction fees
- No deposit fees
- Cards personalized with individual cardholder's name
Unique Features
- Track employee spending instantly
- Set cards back to a zero balance
- Reallocate funds to other cardholders
- Block cards while employee is away
- Restrict purchases by specific merchant category
- Analyze individual card accounts – track spending, print reports
- Track details of corporate spending – combine cards, print pie charts
- Free transfer of funds back to company bank account
- Free 2 month trial period
Rewards
- There is no rewards program currently associated with this card.
Like most prepaid cards there is an initial set-up fee when applying for the PEX Prepaid Card as well as some additional monthly fees. However since each card is actually collectively managed and owned by a business there are not fees associated with each individual card and the transactions it is used for.
This card comes with noticeably fewer fees than many other prepaid products. This is mainly in part because there are limited ways in which the card can be used. It is restricted to making purchases in retail stores, restaurants or online. The card cannot be used to withdraw cash from an ATM and can be restricted even further by the employer to include only certain types of merchants.
See the fee schedule for an outline of this card's fees and refer to its terms and conditions if you have further questions or concerns.
Fee Schedule
Service | Fees |
| Monthly Fee Per Card | $7.50* |
| One-Time Activation | $49.95 |
| Signature Transaction | None |
| PIN Transaction | None |
| ATM Withdrawal | Prohibited |
| Customer Service | None |
| Reload from Bank | None |
| Transfer to Bank Account | $5.00 |
| Late Payment of Fees | $25.00 |
| Replacement Card | $5.00 |
* This fee is waived if the business spends more than $50,000 each month.
Because it is designed to be used specifically by businesses, the only way to reload the PEX Prepaid Visa Card is by transferring funds from the business's bank account. In fact applicants will not even be approved without proof of a corporate checking or savings account applied to the card.
When you initially set up the card you can transfer as much money as is needed from your bank account to the PEX Card Account. From there you can move funds into each individual card account via the Administrative Website. While employees can see their spending profile for their individual card online, they will never be able to access the administrator's site without the proper credentials.
There is no limit to the amount you can deposit into the Card Account and more can be added immediately without paying any sort of fee. When distributing funds to each individual Visa card there is no minimum balance but the upper limit is $25,000. If for any reason you need to move funds from the card account back to your bank account there is a $5.00 fee.