|Description||Corporate Prepaid Card Solution|
|Series B, 10/12 |
Bluff Point Associates
PEX Card is a corporate prepaid card solution small and medium sized companies use to control employee spending.
Businesses sign up for a PEX Card online and place funds on deposit via ACH or wire transfer, which are held in a primary account as a repository of funds. The manager logs into the administrator website to manage cash on hand and to set balances, spending rules per card and access reporting. Each card has separate and segregated balances to ensure that employees spend only what they are allocated.
The service is sold to businesses as a solution for getting funds to field employees as needed, and as a budgeting tool for managing cash flow. With real time funds transfer capability, employees/employers can close the loop on funding requisitions in about 1 minute 24 hours, 7 days, provided funds are on deposit.
PEX Card is a robust alternative to cash advances, company credit cards, or reimbursement process. Companies across the country come to use PEX Card heavily to manage their daily business operations.