The PEX Visa® Prepaid Card For Business is a prepaid card that is available to businesses. The PEX Card Account is not a bank account, but all funds on deposit are FDIC Insured. The PEX Visa Card is not a credit card which means there is no credit check required to apply for the card. Prepaid cards work similar to a credit or debit card, except that money must be deposited prior to purchasing. Purchases can not be completed if the transaction amount exceeds the value remaining on the card. This card is designed to meet the needs of businesses and allows them to control how cardholders use their cards. This is a way for businesses to use a prepaid card, but still be able to give cards to their employees. You manage where and how much your cardholders receive and spend. There is an administrative website that allows you to pick and choose settings to control spending. You can adjust the balance on a particular card, temporarily turn cards off, place maximums on spending, and even specify merchants.
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
Adding Funds To The Card
Since it’s prepaid, cards are issued inactive, with a zero balance – there is no minimum funding requirement. The transfer feature uses ACH, (similar to an electronic check) to move funds to and from your bank account and PEX Card Account. Once the PEX Card Account balance is updated, you can dispense funds to specific PEX Visa Cards. If you need to take unused money back, you can always transfer funds back to your bank account. Your money is always yours until purchases are made or fees are charged. The maximum allowance per card is $10,000.00, but there is no minimum.
Authorizing Spending Amounts
One of the best features of the card is the way in which you can authorize the spending of your staff. You have complete control over the amount your employees can spend and when your employees can use the card. At anytime you can suspend or reactive any cards on the account. This will give you complete control over the spending of your employees. You will have access to an administrative website which will allow you to custom each card for your employees just the way you want.
How To Apply
Applying is easy and can be done online. Applicants must be registered business entities. The application must be submitted by an authorized officer of the company (usually an executive member such as: CEO, CFO, director or president). Approvals are based on our ability to confirm the details of your application. Approval is not based on your credit score (this is prepaid, not credit). It takes approximately 5 business days to complete the application process. When applying you need the following on hand: The routing number for your business bank account and you Tax ID or EID. Once approved you can expect 7-10 business days from request to card arrival.
PEX Visa® Prepaid Card Fees
There are certain fees associated with using the PEX Card. To see a complete list you should review the card terms and conditions. The table below highlights some of those fees.
|Type of Fee||Charge|
|Monthly Fee per Card||$7.50 (first 2 months free)|
|Express Card / Request||$35.00|