Every so often you come across a founder with a business concept that solves a significant problem for a very large segment of businesses. Toffer Grant is such a founder. He’s the CEO of Prepaid Business Card Solutions and their service, Pex Card. Today a ton of businesses can’t get large enough lines of credit on their company credit cards to allow their employees to make normal business expenditures on a card.
The banks got severely burned during the last recession and they are not offering sufficient lines of credit to Small & Medium sized businesses. This is forcing employers to use cash or ask employees to use personal cards to cover spending. The record keeping is a nightmare and they lose tons of control over where the company’s money is being spent.
Along comes PexCard in 2009. They offer companies a PrePaid Business Card Solution. Companies can issue Visa Debit cards to as many employees as they’d like. They put cash into a demand deposit account at a bank, and can control exactly how much spending an individual employee has in an account.
The customer can see online exactly what is being purchased by employee and complete control and vision across their employee base. Pex Card’s customers absolutely love the service. Click on the link to their recent press release on our investment and TechCrunch’s article on the business.
http://bit.ly/Vmk8Hv – Tech Crunch: Prepaid Isn’t Just For Consumers Anymore