The PEX Card is one of the most popular non-big-bank corporate cards on the market today. While the offer is legit, it’s not your only option. Before you sign up for any financial service, you should know exactly what you’re getting into.
Here, I’ll break down the PEX offer in full (the good, the bad, and the ugly), and I’ll point you out to other options that may or may not be a better fit for your operations.
This is what’s in store:
- What is a PEX Card Used For?
- PEX Card Features & Benefits
- Frequently Asked Questions
- Conclusion: Is PEX a Good Idea?
So, let’s break it down!
What is a PEX Card Used For?
PEX is a corporate expense management platform that offers a range of financial tools, including corporate charge cards (PEX Cards) with dynamic credit lines and 1% cash back – These cards are designed to help you manage:
- Employee spending
- Payments to vendors
- Fund distribution for various programs
PEX Cards provide businesses and nonprofits with a high degree of control and flexibility, which enables easy administration through automated reporting, mobile receipt capture, and real-time tracking. The platform includes features such as prepaid expense cards, virtual vendor cards for bill payments, and grants disbursement cards.
While they’re powered by Visa,® PEX “Expense” cards are not credit cards, they are prepaid, corporate cards. The platform also offers PEX “Credit” cards with dynamic limits based on the cash flow in and out of your connected business bank account, which I’ll explain more below.
For a better understanding of the difference between the two types of spending, explore an in-depth comparison between credit cards and corporate cards.
The PEX card also offers rewards and incentives cards for employee recognition. The PEX API allows you to customize and integrate solutions, generating cards and spending rules on the fly.
As a brand, PEX Cards cater to a variety of industries and organizations, providing a comprehensive and adaptive financial management solution to streamline processes, eliminate paperwork, and simplify expense reports.
Where Can You Use a PEX Card?
The PEX platform emphasizes the convenience and flexibility of its cards for various use cases, such as:
- Bill payments
- Other on-the-go expenses
The PEX Visa® Commercial Cards are designed to be accepted internationally (wherever Visa cards are recognized). So, you can use a PEX card at a wide range of merchants, both online and offline, that accept Visa® payments globally.
Worldwide acceptance makes these cards suitable for businesses and organizations with international operations or employees who need to make purchases or payments abroad.
It’s important to check with individual suppliers or service providers during international transactions to ensure that they accept Visa cards, as specific acceptance may vary at the discretion of the merchant.
How Much Does a PEX Account Cost?
For PEX card accounts, the monthly subscription fees vary based on the account type.
Credit accounts have a $0 monthly subscription fee, while prepaid accounts have different fees:
- $0 for accounts with monthly spending over $50,000
- $75 for up to 20 card accounts
- $200 for up to 100 card accounts.
Additional card accounts for prepaid accounts incur extra charges, ranging from $2 to $8 per month, depending on the account type and the number of additional cards.
Virtual Vendor Cards have no additional fee, and custom cards are available for an extra charge regardless of the account type.
PEX Company Overview
According to Crunchbase, Toffer Grant founded the New York-based financial services company, Prepaid Expense Card Solutions, Inc. (PEX), in 2007. The company does business as At the time the company was established, Grant – who is the current CEO of PEX – had been working in the prepaid card industry for 7 years, and had previous experience in entertainment and advertising.
The company was successful enough to inspire Emburse to compete when they launched their corporate card offer in 2014; both expense management platforms and cards are still going strong today.
PEX is a private, for-profit corporation (still owned and operated by Grant) that has received at least $4.9M in funding from at least four investors including New York Angels and Inovia Capital.
According to Glassdoor and based on 27 reviews, almost everyone who works for PEX approves of the CEO, and most of them would recommend this company to a friend – the way staff feels about a company is super telling of its general ethics, and 100% CEO approval is impressive.
PEX is also accredited by the Better Business Bureau (BBB) with an A+ rating. The BBB lists only one complaint about the company since at least 2011 (also wildly impressive). Combined with the satisfied staff, this tells me they’re an honorable company – I’d give them my trust.
You might also like: Meet the Emburse Card: An Inclusive Cash Back Corporate Card
PEX Card Features & Benefits
Now, explore the functionalities of PEX Cards, the corporate expense management platform offering practical solutions. Whether you’re a small business or a larger enterprise, PEX offers a super flexible solution for streamlined and controlled expense management…Find out how, and exactly what you can expect.
1. Prepaid & “Credit” Card Flexibility
As you know, PEX offers business prepaid expense cards and business “credit” cards.
The PEX Expense cards are paid in advance for business owners who want to manage employee expenses. Meanwhile, the PEX Credit cards are offered with a dynamic spending limit based on business cash flow.
While the Credit card does provide a buy now, pay later (BNPL) offer, it is not a traditional business credit card – PEX does not check your personal or business credit, they do not report your company’s payments to business credit bureaus.
So, you won’t get a business credit boost with Dun & Bradstreet or any other business credit bureau, but PEX will give you the chance to either prepay or pay monthly.
2. 1% Cash Back on All Purchases
While some of PEX’s advertising claims that you can get up to 2% cash back on eligible expenses, the card’s terms and conditions don’t mention this rate – this is actually a promotion that’s happening with the virtual cards and credit cards.
PEX Credit Expense offers a compelling 1% cash back on all eligible purchases, providing businesses with a tangible incentive for using the platform. This cashback feature is applicable to a range of expenses, contributing to overall savings. The offer is designed to benefit businesses of all sizes, which makes it an attractive proposition for those looking to maximize the value of their corporate spending.
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3. The PEX App
The PEX Card App is available on both GooglePlay and the iOS marketplace – it enhances the user experience by providing a convenient, efficient way to manage expenses on the go.
With real-time monitoring and authorization capabilities, cardholders can effortlessly submit receipts and accounting codes directly through the mobile app. This feature ensures that users have instant access to their financial data, enabling them to stay in control of their expenses anytime, anywhere.
And, the app gets great ratings, with a 4.7 for both Android and Apple devices.
The app’s user-friendly interface simplifies the expense management process, reducing the time and effort spent on reconciliation.
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4. Integrations & API
PEX’s seamless integration with accounting systems streamlines financial operations for businesses. The system integrates with over 60 popular software platforms, including Quickbooks.
By syncing transactions with existing accounting software, the PEX platform automates:
- Expense reporting
This integration not only saves time but also enhances accuracy by minimizing manual data entry. The deep reporting options provided by PEX ensure that businesses have comprehensive insights into their financial activities, fostering better decision-making and financial management.
And, if you don’t see your app in the PEX marketplace (for example, there aren’t a lot of payroll systems on the list), you can access the PEX application program interface (API) to make it happen.
5. Virtual & Physical Cards
PEX enables businesses to distribute both physical and virtual cards, offering flexibility in how expenses are managed. Physical cards can be given to staff and management, while virtual cards are ideal for bill payments, travel arrangements, and recurring expenses.
This dual card option caters to diverse spending needs, providing a versatile solution for businesses. The ability to manage both types of cards seamlessly from desktop or mobile devices adds an extra layer of convenience.
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6. Customizable Rules & Spend Limits
PEX allows businesses to set customizable rules and spending limits for each card or group. This feature provides granular control over how funds are utilized, ensuring that expenses align with organizational policies.
Tailoring approved categories and spending limits allows businesses to adapt the platform to their specific needs, whether for individual employees or departments. PEX’s focus on customization empowers businesses to maintain financial discipline and allocate resources effectively.
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7. Simplified Grants Disbursement for Nonprofits
Moreover, PEX simplifies grant fund distribution with physical and digital Prepaid Visa® Cards. Administrators gain control through customizable rules, easy cardholder management via the mobile app, and bulk uploads for efficient card distribution.
PEX’s transparency allows tracking of spending, major categories, and fund duration, ensuring effective grant program management.
Frequently Asked Questions
When should you not use PEX?
If you’re looking to make personal purchases or handle transactions unrelated to your business or organization’s expenses, PEX may not be the right fit. PEX is designed for managing corporate spending and isn’t meant for personal use.
Can you use a PEX card at an ATM?
No, you can’t use a PEX card at an ATM. PEX cards are specifically designed for making purchases, payments, and managing expenses. If you need cash, it’s best to use other methods like a traditional bank debit card.
What is PEX payment?
PEX payment refers to the financial transactions made using PEX cards. These cards are part of the PEX expense management platform, offering businesses a streamlined way to handle corporate spending, vendor payments, and other financial transactions.
How old do you have to be to use a PEX card?
To use a PEX card, you generally need to be at least 18 years old. PEX cards are designed for businesses and organizations, and they are not typically issued for personal use by individuals who are under 18.
Conclusion: Is PEX a Good Idea?
PEX is an excellent corporate card with robust features, making it ideal for businesses and nonprofits seeking streamlined expense management. The platform’s prepaid and dynamic credit cards, 1% cash back, and versatile app cater to various industry needs.
Seamless integrations, virtual/physical cards, and customizable controls enhance the overall user experience. PEX’s positive company overview adds to its credibility.
While PEX is a great choice, businesses with specific needs, such as startups or e-commerce ventures, might find alternatives like Brex, Bill Expense, or Shopify Credit more tailored to their requirements. It’s always a good idea to evaluate your priorities and compare several options for any financial offer.
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