The programme enables multiple cards to be managed on a single platform 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.
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 solution designed specifically for online transactions.