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How to better control employee spending
In this tight economy more businesses are tightening the financial ropes, but there may still be a problem in some companies - employee spending.
Kristina: Earlier this summer, a survey noted that most employees are playing fast-and-loose with company credit cards. What is the driving factor behind this new trend?
Toffer Grant, PEX Card: I can only speculate that the companies you refer to with employees acting "fast and loose with company cards" aren't doing enough to establish and communicate expense guidelines and policies. If there are no consequences for spend abuse, companies will endure a problem. Employees will begin making excuses for committing the abuse and will feel entitled.
Kristina: How does PEX card answer this problem?
Toffer: PEX Card is all about control ahead of the spend. The control features we provide helps remove the temptation to use cards when they shouldn't. Businesses set card balances based on need versus defaulting to a credit card with thousands of dollars of open to purchase at any given time. Employees have to go to their manager to requisition funds prior to spending. Many of our customers set cards to zero until an employee requests money for a trip budget or a specific purchase.
Kristina: Is a prepaid expense card going to be insulting to employees? How can brands counteract that?
Toffer: Not insulting at all - prepaid in a business setting the way we use it is different from a consumer prepaid card that might traditionally be thought of as a card for the unbanked or a typical check cashing customer. This is especially true if the company is forcing employees to spend out of pocket first and submit an expense report for reimbursement later. PEX Card actually saves the hassle of using personal funds to cover business expenses. In most of the companies we service, employees are thankful that their company provided a spend solution at all.
Kristina: Tell me about PEX Card.
Toffer: PEX Card is the industry's first turnkey commercial prepaid card program launched specifically to help businesses streamline employee expense management. Here's what's so cool about PEX Card:
• Works like a debit card, so business owners don't need a line of credit, don't have to hand over a company card for employee purchases, travel expenses, etc.
• Web portal and mobile app work similar to online banking for a company expense account and provide more flexibility and management over employee spending than ever before
• The Administrative Tool is an online web portal that works much like online banking and allows the account admin/business owner to monitor employees spending in real time.
Image via Shutterstock
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