AFEX, world's largest non-bank provider of global payment and risk management solutions, has introduced the PayFEX Prepaid Mastercard.
AFEX has partnered with Wirecard Card Solutions and Payment Card Solutions to deliver a comprehensive end-to-end prepaid card-based corporate payment programme that can be used to manage employee expenses, payroll and incentives globally.
The programme enables multiple cards to be managed on a single platform with a responsive easy to use online portal to manage expenditure limits, add or withdraw funds and produce comprehensive reports. The portal also enables eligible card users to capture and upload receipts via their smartphone, with the ability to add accounting categories and segregate VAT. Firms with a presence in the Single European Payments Area are eligible for PayFEX and the cards may be issued to all their employees or customers for corporate use.
The card is designed for companies whose employees travel extensively and those that employ people either on a seasonal basis or reside in countries where the firm doesn’t have a physical presence. With multiple applications, AFEX expects the PayFEX card to appeal to a wide range of companies including those in the shipping, haulage, construction, travel management, business aviation, legal and oil and gas industries.
“Workforces are changing rapidly as the result of technological advancements, a rising number of millennials entering the business world and the growing gig economy,” said Jan Vlietstra, Chief Executive Officer for AFEX. “This is having a profound impact on the relationships between employers and employees as well as on traditional banking relationships. At AFEX we’re committed to providing our clients with innovative and relevant products to manage their global payments. The PayFEX prepaid card gives businesses a real alternative to banking when it comes to managing their employee payments and gives employees and customers the greater flexibility they demand.”
PayFEX is issued in three single currency cards - EUR, USD and GBP. There are no set-up fees, point of sale fees or annual fees. There is a fixed fee for out of card currency spend plus a small load fee and ATM fee for cash withdrawals. PayFEX is also available as a virtual card, providing a fast, cost-effective solution designed specifically for online transactions.
Tom Jennings, Managing Director of Wirecard Card Solutions, commented: "We, in partnership with PCS, are delighted to be working with AFEX, one of the leading global FX and payment organisations for corporates, to deliver this dynamic and innovative solution. PayFEX will make it easier and more cost efficient for firms to manage their employee expenses domestically and overseas.”