In fact, PEX is a company that provides software to control expenses. Good and excellent software gives good control over the company’s money. On the contrary, the wrong software creates difficulties in calculating. In addition, due to the wrong software, it takes a long time to withdraw the money. The procedure of PEX is not simple, but very different. The main reason for this is that instead of returning the money to the employees later, it provides company cards and prepaid cards, which the company can control in advance. In this article, we will talk about how PEX handles the work. How much does it cost, what are its good and bad things, and what are its weaknesses? All these things will be told so that you can make a good decision and know whether it is absolutely right for your company or not.
Who Is PEX, and Why Does Its Background Matter?
Actually, the name of the man who founded PEX is Tofer Grant. He founded PEX in 2006 and lives in New York City. Tofer Grant started his career in the prepaid card sector in 2000. Today, the importance and value of this company have increased a lot, because this company is providing its services to many organizations, along with construction, non-profit, and field services. The number of these organizations is more than 10,000. It is considered very important and important to experience any fintech company while choosing it. PEX has built its entire system, data infrastructure, and bank integrations itself. This is why their service is considered trustworthy. And also that their service is considered quite strong and secure. Whenever a finance team entrusts the process of controlling the company’s expenses to another company, all the experience and trust of this company are the most important reasons.
How PEX Expense Management Software Works
PEX is simple and easy to use, but it is built on a powerful and robust idea. The process of controlling all spending happens before the purchase, not after. It is a platform that enables all slaves to start using virtual, physical, and disposable prepaid Visa cards. The managers who are there are the ones who load a lot of funds into each card. They enforce the rules and regulations. They also protect every transaction through a unified dashboard. The cards have a zero-dollar balance until you transfer any money into them. This is why slaves cannot spend more than a certain limit. And they also cannot make illegal purchases. The traditional and cumbersome system of making expenses from your own wallet, preparing expense reports, and receiving late reimbursement is eliminated, which also becomes a source of trouble for many teams.
Spend Controls and Real-Time Oversight
This is where PEX proves to be very effective. In such a place, PEX is considered very strong and powerful. Owners can set a daily spending limit for any card, which can be a weekly or monthly limit. They can also decide where the record can be used. For example, for a petrol pump and not for a dhaba. Conversely, restrictions can be imposed based on location. If any expenditure violates the law, the system immediately detects the problem and stops it there. It does this so that no problems arise later.
Receipt Capture and Reconciliation
Many people take a picture of the receipt after purchasing the mobile app and write a simple code or note along with it. This is because by doing this, the entire record is automatically saved. Apart from this, it becomes very easy to get anyone to approve it. There is no loss in the calculation, and the entire calculation remains completely accurate. If any slave needs more money on the card, he can send his request through this app.
Accounting Integrations
PEX integrates easily with over 50 accounting software packages, including NetSuite and QuickBooks. PEX also supports a tool for NGOs called Aplos. If your software doesn’t integrate directly with it, you can use a CSV file to download the data. This is a system that automatically transfers all your expense records into your software. This eliminates the need for manual entry and allows your team to do their work quickly and easily.
PEX Pricing: What You’ll Actually Pay
In fact, the entire prepaid card program of the company is fixed, which is also called flat. It works on a fee basis. This is so that you do not have to face any sudden problems due to fees. The fee for the PEX plan is the Core 75 plan and the Free Zero plan, which includes five slave cards. There are three essential plans for the base. The $200 plan is for a month, which also includes many advanced technology features and 100 cards. The PRO plan is actually for a month. On the contrary, the $80 plan is $30, and there is a significant discount for CORE organizations. Those who are non-profit get it in a profitable month, and you can also start a trial for $8. And you can easily check it. These are important things to keep in mind. These things are mentioned below. There is a fee of about 3% on international purchases. And also, if there is no fee for sending money within an account that has been used for 90 days, then a PEX fee may also be charged. If there is no inactivity, then it is very reasonable, but keep in mind that your personal bank may also be charged. However, this service is only available to large businesses, factories, and plazas in the United States. The big advantage that you get from this is that due to the fixed fee, your entire monthly budget remains completely safe.
Strengths and Limitations:
An Honest Assessment
In fact, no matter how good the software is, it always has some shortcomings. This is why not every software is completely accurate and reliable. A special analysis tells us all its shortcomings after examining it.
Where PEX Excels
In fact, buyers highly appreciate the ease of setting up the platform, the answers from the account managers for guidance, and the complete control they get with the help of prepaid funds. The most important feature of the card is that you can keep a $0 balance on it whenever you need it. This is why the funds cannot be misused. It has a good G2 rating of 4.6 out of 5 on the website, and this ease is not found among simple credit cards. That is why it has been rated, and finance managers believe that it provides a lot of time protection in the payment process, that is, it does not waste time. Its fixed fees and very cheap amounts are also very important for charities.
Where PEX Falls Short
In fact, the fact that the card is prepaid is its biggest weakness. This is because it requires you to send money from your personal bank instead of borrowing it, which some companies don’t like. Some buyers complain that expenses aren’t recorded in the accounting software. There are very few options for loading money in your own way, and sometimes there is a delay in the card arriving. As with all accounting systems, Skalnik works differently. Therefore, it is important to check the demo before buying anything.
How to Decide If PEX Is Right for You
If your business is a field service business and your entire staff works in different locations, and if your organization is also charitable, then PEX is a great option for you. It allows your team to spend money easily without the risks and high fees of credit cards. And if you need to borrow money, your accounting system is also very detailed. Also, if you work outside the US, this card may not be a good fit for you, and you may have to get a separate tool. The best and easiest way to test it is to take a cheap trial first. Connect it to your accounting software and test it with a small group of staff before using it widely.
Frequently Asked Questions
Is PEX a credit card or a prepaid card?
PEX actually provides a prepaid Visa card in which you have to put money in advance. They even have corporate cards available. Prepaid has a big advantage. Its advantage is that if you do not put your own money in, the balance in the card will remain zero dollars. In such a case, no one will go against your will, and you will also refrain from wasteful spending.
How much does PEX cost?
There are many different packages of plans. For example, the free plan is zero dollars, the middle plan is 75 dollars, and the big plan is 200 dollars per month. There are charitable organizations called NGOs. They get special discounts through this. In addition, a trial plan of eight dollars per month is also available to test this service. If you use your UpCard outside the US, there is a three percent fee. In addition, if you do not use your UpCard, there is also a risk of a fee being deducted.
Does PEX integrate with QuickBooks?
Yes, PEX Card integrates with over 50 accounting software, including NetSuite and QuickBooks. For other software that is not compatible with it, you can download a CSV file with a list of all expenses and import it into your system.
Is PEX available outside the United States?
No, the PEX card is currently only available to large businesses in the United States. But its cards can be used worldwide. However, the more times they are used, the more fees will be charged, which is three percent more.
What industries use PEX most?
PEX is used by large companies and organizations that have employees working in different locations. In addition, they have to strictly monitor all their expenses. For example, construction companies, large field service businesses, and charitable organizations, etc.
Final Words
The software that controls money, also called PEX, comes to mind as soon as you see it. A question arises: do you want to calculate as soon as your slaves spend, or do you want to control it before it is spent? In PEX, the money has to be put in advance, its fee is also fixed. It guides welfare organizations and is also connected to more than 50 accounting software. That is why this card is very good and effective for all those organizations that want to control their money strictly, instead of borrowing, and want to settle the accounting issue very quickly. Although it has a condition of transferring money first, it is available only in the United States. But this is a very important and profitable deal for welfare organizations and all the teams working in the field. The main thing is that we should not buy any software in a way that includes the opinions of others. And a great way to do this is to take a simple and inexpensive trial of PEX and integrate it with your accounting software. Also, give it to a few of your employees to use. After using it for a week, you will have a good idea of it. Whereas reading the list of features does not give you a good idea.
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