PEX Review - Prepaid Cards for Small Business Employees

(Editor Rating)



The PEX Prepaid Card is an excellent choice for small businesses and nonprofit organizations. It lets employees spend money on behalf of the organization or business and easily keeps digital expense records.

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Customer Service






  • Easy expense monitoring
  • No credit check
  • $0 liability for fraudulent charges

Editor's note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser.

PEX Prepaid Card provides debit cards for businesses and nonprofit organizations. That’s a bigger market than most people assume. According to the Small Business Administration, there are 30.2 million small businesses in the U.S., employing 58.9 million people. Maybe your business is one of them, or you work for a small business. If so, you may be very interested to know the benefits offered by PEX Prepaid Card.

What is PEX Prepaid Card?

New York City based PEX launched operations in 2008. In that time, they have issued more than 1 million prepaid cards to over 10,000 organizations. They mainly work with small businesses, but also serve the needs of:

  • Nonprofit organizations
  • Religious organizations
  • Events and entertainment businesses
  • Contracting and construction firms
  • Educational organizations
  • Those who work in the gig economy

PEX Prepaid Cards have the Visa label, which makes them eligible for all benefits offered to Visa debit cardholders. And as a prepaid card you won’t need to be concerned about credit qualifying, or over limit charges. The card can be used anywhere Visa debit cards are accepted–which is just about everywhere–making it a valuable card to have for both you and your employees.

The company has a Better Business Bureau rating of A+ (on a scale of A+ to F), and has been BBB accredited since 2011.

How PEX Prepaid Cards Work

PEX Prepaid Cards give small businesses and other organizations the ability to both use and distribute prepaid cards to their employees. It enables businesses to do the following:

 pex review - how it work

The cards can empower members of your business or organization to transact business on behalf of the company. It eliminates the need to use cash or checks. It even allows you to define spending privileges by individual and department, as well as by specific merchant categories.

The PEX platform can instantly approve or decline purchases based on the parameters you set. Meanwhile, use of the PEX mobile app allows you to monitor spending and authorize purchases at any time.

One of the biggest benefits of PEX Prepaid Cards is that it eliminates the need to provide credit cards to individual employees. The employees get the benefit of making business-related purchases using the cards, eliminating the need to use their own resources, then submit reports and documentation for reimbursement.

As the employer or organization manager, you can fund individual cards automatically or in real time. You can also receive email alerts every time a card is used or declined. The PEX white-label program enables you to put your business or organization logo on each prepaid card.

Mobile app receipt capture: Card users can snap photos of their receipts through their smartphone cameras, and instantly submit them to the system. That eliminates the need to collect and submit receipts for verification.

PEX reporting features: You can use the platform to create customized reports. Since transactions are reported in real time, you always know exactly what’s going on. You can use the platform to automatically reallocate unspent budgets and per diem allowances. The use of mobile technology means you no longer need to maintain physical receipts–all necessary supporting documentation is retained in the system, and purchases can be automatically allocated to departments and cost centers.

PEX Prepaid Card Account Limits

Maximum card balance: $25,000 on any employee card at any time, however there is no maximum allowed balance for your main PEX account.

Minimum card balance: There is no minimum balance required for any individual prepaid card. The main PEX account however requires a minimum balance of $50.

ACH/Direct Deposit limit: Set by customer and customer’s bank.

Maximum amount of point-of-sale transactions: Set by customer.

Maximum number of times a card may be used: There are no limits on the use of an individual card per day, per week or per month, unless set by the customer.

Related: Why Buying an Online Business Could be a Good Investment

Funding Your PEX Prepaid Card

You can fund your account using either bank-initiated ACH or wire transfer, or through the free PEX ACH service.

ACH Transfer

If you fund your account using an ACH transfer, no setup is required. Funds are usually transferred within one or two business days. To arrange transfers, you’ll need to provide your bank with your PEX routing and deposit numbers. Your bank may charge a fee for the transfer, but there is no fee payable to PEX.

Wire Transfer

Once again, there is no setup required. Funds are typically transferred on either the same day or the next business day. You’ll need to provide your bank with the PEX routing and deposit numbers. Your bank may charge a fee, but none will be due to PEX.

PEX Service ACH Debit

This service is offered free of charge. Before using it, you first need to verify your account. If your checking account is held with a large bank, you can do the verification online, which is much quicker.

You must first read the PEX Online Validation Terms and Conditions, then click “agree and continue.” You’ll then choose your bank from the pop-up window and select the account you’re authorizing for ACH. Once your bank account information is verified and approved, ACH transfers will be activated. Validation uses a third-party service to sign into your online bank account, but no record of your online banking credentials is retained.

For smaller banks, verification will be done by mini-deposits. PEX will process your ACH authorization form, then make two small deposits (each under $1) into your bank account. They should appear after two or three business days, at which time you’ll need to report the deposit amounts in your administrator dashboard.

Once the bank account has been verified, you’ll be able to perform ACH debits on a regular basis. Funding is usually completed in four business days.

Important limitation: Funds for your PEX main account can come only from a business checking account in your company or organization name. Funds are not accepted from personal accounts or from third parties.

Related: Prepaid Cards with Refer-a-Friend Programs

PEX Prepaid Card Features and Benefits

Customer Service: Administrative support is available by phone and email, from 8:00 am to 8:00 pm, Eastern time, Monday through Friday. There is also a support page on the website to provide quick answers to general questions.

PEX Mobile App: Available at the App Store for iOS devices, 9.0 or later. Compatible with iPhone, iPad, and iPod touch. Also available on Google Play for Android devices, 5.0 and up. The mobile app is a necessary part of the PEX Prepaid Card program, since it offers the receipt capture feature that enables real-time reporting. Cardholders can also add notes on any purchase transactions.

Loading Funds to Individual Employee Cards: As long as you have funds available in your main PEX account, money can be transferred to individual employee cards immediately. Unused funds can be transferred back to the main account, where they can be distributed to other employee cards.

You can also transfer funds from your main PEX account back to your business checking account through ACH transfer for a fee of $5. Funds will be transferred in a matter of hours.

Import PEX Transaction Records into Accounting Software: You can download a file containing PEX transactions through QBO file for QuickBooks desktop, OFX file for Xero, and CSV file for other accounting software.

Financial integration can take place with the following PEX partners:

  • Blackbaud Technology
  • Bookkeeping Express
  • Certify
  • eCapital
  • Expensify
  • GreenSlate
  • Nexonia
  • QuickBooks
  • Tallie
  • Xero
  • Xpenditure

Visa Zero Liability Protection: As part of the Visa family, you’ll have $0 liability for unauthorized use of prepaid debit cards. You’ll need to notify your financial institution immediately of the unauthorized use.

FDIC Insurance: The balance on your card is protected by FDIC insurance through The Bancorp Bank, which is an FDIC Member bank. All funds placed in a PEX main account are the sole and exclusive property of the customer. They are not interest-bearing accounts.

Related: Best Small Business Credit Cards

PEX Prepaid Card Pricing

PEX Prepaid Card offers the following pricing on their three different plans, Core, Pro and Infinite, each of which is determined by the number of prepaid cards needed by your business or organization. Business pricing is as follows:

Setup fee$49.95$49.95Varies
Monthly subscription fee$75.00$200.00Varies
Card accounts includedUp to 20Up to 100Unlimited
Additional card accounts$4.00$2.00Varies
Subscription fee waived in months when you spend over $50,000YesYesVaries

For nonprofit organizations, pricing is as follows:

Card Accounts/ Fee CategoryCoreProInfinite
Setup Fee$39.95$39.95Varies
Monthly Subscription Fee$30.00$80.00Varies
Card Accounts IncludedUp to 20Up to 100Unlimited
Additional Card Accounts$1.60$0.80Varies
Subscription Fee Waived in Months When You Spend Over $50,000YesYesVaries

Seasonal businesses

If your business or organization operates only part of the year, PEX offers special seasonal pricing that will adjust the costs accordingly.

Other PEX Prepaid Card services and fees:

  • Funds Transfer – PEX ACH Service: Free
  • Funds Transfer – ACH (Bank-Initiated): Your bank may charge a fee
  • Wire Funds Transfer: You bank may charge a fee
  • Card Replacement: Free
  • Live Agent Acess: Free
  • Returned Request Transfer fee: $25.00
  • Card Expedite Fee (up to four business days): $45.00 (normal delivery time is 8 to 10 business days)
  • Card Rush Fee (up to three business days): $55.00
  • ACH Transfer From PEX Account to Your Business Checking Account: $5.00
  • International Service Assessment Fee (per transaction): 0.8% to 1.5% of transaction value, depending on country where the transaction occurs.

PEX Prepaid Card Promotional Offers

If you have a limited budget, you can sign up for PEX on a trial basis, with no monthly fees or setup fees for the first 60 days.

If you’re not sure which plan to choose, you can go with the CORE plan on a per card account basis, starting at just $8 per month.

Then there’s the PEX Ambassador program, where you can earn additional income for referring other businesses to the plan.

Bonuses paid include:

  • $400 per active account referred
  • $500 per active account referred when referrals spend over $100,000 cumulatively
  • Referrals receive a low fee of $4 per card per month
  • There are no processing fees for referrals
  • Referrals also receive a six-month trial

Not only does PEX pay generous bonuses for you to refer other businesses, but they also offer serious incentives for those businesses to join the program.

Related: When and How to Get a Business Credit Card

How to Apply for a PEX Prepaid Card

Signing up for the PEX Prepaid Card program centers mostly on verifying the existence of your business. You’ll need to provide the full legal name and business address, as well as a U.S. tax ID number, and the social security number of the business owner or the person in the organization who will administer the account. And since it isn’t a credit card, no credit check will be performed as part of the application process.

 pex review - getting started

You’ll need to provide information on your business or organization bank account. PEX will use your bank information, as well as other documentation, to verify the existence of your business or organization.

Once your account is approved, you can order up to 10 cards immediately, and set spending parameters for groups and employees.

From start to finish, the application process generally takes from one to three business days. Once your account is approved, set up, and funded, you and your employees can begin using the cards.

PEX Prepaid Card Pros & Cons


  • Easy expense monitoring — PEX Prepaid Cards can be used by employees and members of a small business or other organization, providing monitored spending activity and instantaneous reporting.
  • Widely accepted — As a prepaid Visa card, PEX Prepaid Cards are accepted anywhere Visa debit cards are welcomed.
  • Spending activity is instantaneously categorized by expense account — This gives you a real-time picture of the financials of your business or organization.
  • No credit check is performed — On either the business or the business owner. Employees/users don’t need to be credit approved, since the prepaid cards are debit cards, not credit cards.
  • $0 liability for fraudulent charges — Like a traditional debit or credit card.
  • Import transactions — PEX transaction records can be imported into certain accounting software.
  • Transactions can be processed as either debit or credit — Depending on business or organization preference. However, the cards can be used without a PIN number.


  • Doesn't earn interest — Money held in a PEX main account does not earn interest.
  • May not be used to rent a car — Some car rental companies don’t accept prepaid debit cards for car rentals.
  • No cash refunds are available for purchases made with the card — Instead, refunds are issued as credits back to the PEX individual or main account.
  • Can only be funded with a business account — Your PEX main account can be funded only from a business checking account in your company’s name. Personal accounts are not acceptable.
  • The cards cannot be used to access cash — You cannot use it as an ATM card. They also cannot be used to get cash back on point-of-sale purchases.
  • PEX Prepaid Cards can be used for business expenses only — You will not be able to use the cards for personal spending needs.

Why You Should Sign Up with PEX Prepaid Card

The PEX Prepaid Card is an excellent choice for a small business or a nonprofit organization looking to have their employees or members purchase items on behalf of the company or the organization. The ability to set specific spending limits, both for cardholders and spending categories, gives the owner complete control over the financial process.

It’s also an excellent system to manage decentralized spending. Since both expenses and supporting documentation are submitted in real time, the owner will be able to maintain up-to-the-minute records of all financial activity.

The PEX Prepaid Card is also an opportunity for a business owner who lacks sufficient credit standing to provide credit cards for employees, since PEX does not perform a credit check. This is a viable alternative to traditional credit cards, which will require a credit check on the owner, who can then only add certain employees as authorized users.

If you’d like more information, or if you’d like to sign up for the card, visit the PEX Prepaid Card website.

Author Bio

Total Articles: 131
Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance blog writer – on He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires.
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