How to Use Your Prepaid Cards for Business for Online Transactions

In today’s modern world, purchasing products and services online has become a common practice. With that in mind, the importance of having a really secure way of paying for goods and services online has become more and more important for many. This is especially true in the business world. 

Undoubtedly, firms and businesses the world over are now relying on awesome and innovative financial tools like debit, credit, and prepaid card for business more heavily compared to many years prior. This development however is not really surprising.

How to Use Business Prepaid Cards for Online Transactions

This is unfortunate to note but many businesses don’t get to enjoy the amazing benefits prepaid cards offer because they don’t have a clear comprehension of how it should be used in the first place. Fortunately, using a prepaid card is not exactly rocket science.

Once money has been successfully loaded on the card, it can be used for daily, weekly, or monthly purchases right away. Users of the card also have the option to use the balance on the card to cover the purchase of a specific product or service—all up to the user!

In some ways, prepaid cards function just like the other plastic cards. It can be swiped at merchants that honour the card or it can be used for online transactions. Most prepaid cards come with a card number, expiration date, and security code.

When used for online transactions, prepaid card users will be required to provide the needed information and the amount of the product or service will be deducted automatically from the balance on the card. In the event that the balance available on the card is not sufficient to pay for the purchase, the transaction will be declined. 

The Timeless Benefits of Using Prepaid Cards for Business

There is no denying the convenience and ease online shopping offers is hard to ignore, much more match. For starters, entrepreneurs are spared from spending money on gas in case they want to purchase supplies, tools, or anything else they need for the business. 

All that’s needed is to visit the site, purchase the items using a prepaid card for business, and wait for the items to be delivered. Everything is done in just a few minutes without needing to leave the four corners of the office. 

Apart from the ease and convenience online shopping offers, there’s another benefit many people find really enticing—its flexibility. With the introduction of fast pick-ups and deliveries, more and more people have come to appreciate what shopping online can really do for them and their business.

Many businesses who are using prepaid cards can also attest using one helps them gain better financial control over the money of the business since they can easily monitor and track budgets and expenses. Also, since they have the option to provide the card to only one person, they can easily audit transactions when needed.

Unlike credit cards, users of prepaid cards need to load money onto the card first before they can use it for any transactions. The latter also has one major distinction, one thing that separates them from the former: they are not linked to any bank account.

That means no savings or checking account is used (and needed) to supply money to the card. Prepaid cards also don’t have credit capabilities so spending will be based (and limited) by the balance that’s available on the card. As such, prepaid cards are also considered by many as an effective money management tool. 

Apart from helping entrepreneurs better manage their expenses, prepaid cards also spare them from paying those costly fees, interests, and other charges. 

What Makes Prepaid Cards Massively Popular?

 

Prepaid Cards in Singapore

For many decades, many people considered credit cards the ideal method of payment. Undoubtedly, this can be because of the convenience, ease of use, and protection credit cards offer. The sad thing is certain restrictions and limitations have prevented people from getting access to credit cards.

Thankfully, prepaid cards have come to the rescue. They offer pretty much the same ease and convenience credit cards offer minus all the discomfort and hassles associated with credit card applications. For those who frequently travel overseas, they have a trusted ally in international prepaid cards.

Akin to most credit cards, international prepaid cards also have a lot of beneficial features. However, unlike credit cards, they have one distinct difference—prepaid cards have a balance set in advance through prepayment. The awesome thing is just like credit cards, prepaid cards can also be used for transactions done online and through merchants as well as online transactions.

Reasons Prepaid Cards Have Become Immensely Popular

What makes prepaid cards popular and powerful? For starters, they offer countless notable benefits that are truly hard to match. Some of the exciting benefits prepaid card users can enjoy include:

Availability. Unlike credit cards, prepaid card users won’t have to go through time-consuming and meticulous credit checks just to obtain one. That means those people who would like to have prepaid cards won’t have to pass rigorous screenings and background checks just to get one. In addition, since prepaid cards don’t have credit capabilities, users are also spared from accumulating huge debts or defaulting on their payments.

Convenience. Just like most credit cards, prepaid cards are accepted in many places both local and international. This feature gives prepaid cardholders the capability to purchase and pay for items with just a swipe of their cards. Not only that, since prepaid cards can also be used for online transactions, that means cardholders won’t have to leave the comforts of their homes or offices just to shop. 

Ease of use. In many ways, prepaid cards are used pretty much the same way as other plastic cards so no massive learning curve is needed. In addition, loading money onto the prepaid card can be effortlessly done. Also, it is awesome to know that most prepaid cards are accepted and honoured in places where most credit cards are accepted.

Budget-friendly. Those who would like to manage their finances accordingly and stick to the budget they’ve set can benefit from the amazing prepaid cards. This might not be common knowledge but prepaid cards can be really awesome and effective budgeting tools. However, since prepaid cards don’t have credit capabilities, there is no tendency for users to overspend or spend beyond the budget they have identified. 

In addition, to further help them with budgeting, prepaid cardholders can also use their cards as a separate bank account. When used as a separate bank account, prepaid cards can be used as a place where money for a particular project can be stored. Since cardholders won’t be borrowing any money from the bank, prepaid card users are also spared from incurring hefty fees, interests, and other charges.

Top 4 Benefits of Using Prepaid Cards

For countless people, where they store their money has become as much of a challenge as deciding where and how to spend it. With a lot of options now available, deciding where to best store cash has become a challenge in itself.

The good thing is people now have access to the best prepaid cards. If you’re considering getting a prepaid card, you’re not alone. Thanks to the topnotch benefits they offer, the best prepaid cards have become quite a hit among many people today. 

In this articles, let’s discover the superb benefits only the best prepaid cards can offer:

With your prepaid card, you can do direct deposits

Those days of driving back and forth just to deposit your check to the bank are thankfully over thanks to the ever reliable prepaid cards. Now that direct deposits are an option, people now have instant and easy access to their money minus all the hassles and discomforts of going to the bank. Fortunately, savings and checking accounts are not the only tools that can allow users to do direct deposits.

Nowadays, some prepaid cards already come with a routing and account numbers that allows cardholders to enrol in direct deposits instantly. With the peerless convenience this option provides, more and more employers have embraced the paperless payroll system and using this system. Without doubt, with a prepaid card, the payroll process has become even more seamless and convenient.

With your prepaid card, you can do online shopping conveniently

The ability to shop for items online using the prepaid card comes with benefits that are truly hard to ignore. Case in point: when you shop online using your prepaid card, you don’t have to get dressed, fuel up your car, brave the traffic, and walk through countless aisles just to purchase the items you want.

With a prepaid card, all you need to do is visit your desired website, compare prices, look for the items you want, and purchase the items you want—all that right in the comfort of your home or office. That means you don’t have to bother dressing up, spending money on fuel, and dealing with grumpy sales people as well as other shoppers.

With your prepaid card, you can properly manage your budget

Whether you admit it or not, accumulating a huge amount of debt can send you into a financial tailspin that might take several years for you to recover from. If you have the tendency to spend beyond your means, a prepaid card can be your valuable ally. Prepaid cards can be used as a great budgeting tool since it won’t allow you to purchase items on credit.

In other words, any purchase transactions will be deducted from the balance that’s available on the card. As soon as the balance has been depleted, spending also stops automatically. That being said, users don’t have any option but to limit their spending to the money that’s available on the card.

With your prepaid card, there are no credit checks needed

Typically, when applying for checking or savings accounts, banks will run credit checks prior to approval. Oftentimes, the same process is observed when applying for debit or credit cards. If you have made a few financial mistakes in the past like neglecting to pay your credit card bills on time or issuing bouncing checks, your chance of getting approved is minimal to nil.

Thankfully, with a prepaid card, the application process is both easy and straightforward. For starters, no credit checks will be conducted. That means even if you have a less than desirable credit history, it won’t hinder you from getting a prepaid card and enjoying all the exciting benefits it offers.

What to Remember Before Getting a Reloadable Prepaid Card

Those who want to manage their money properly and are looking for an effective way to curb overspending would be glad to know they have an awesome ally in reloadable prepaid cards

While considered relatively new compared to other plastic cards, reloadable prepaid cards are deemed one of the most ingenious financial tools available nowadays. Thanks to their peerless benefits and the ease and convenience they offer, many people now use reloadable prepaid cards for their day-to-day transactions.

Over the years, reloadable prepaid cards have experienced a massive rise in popularity and have not shown any signs of slowing down. This does not come as a surprise however as more and more people are discovering all the amazing benefits they offer. Not only that, many people are also now using prepaid cards to supplement some of the banking services they are accustomed to.

Also known as pay-as-you-go cards, prepaid cards work just like most credit cards when used for purchase transactions. However, while they have something in common with credit cards, there is one distinct difference between the two: prepaid cardholders will be spending their own money and not borrowing from the card issuer.

This also means money has to be loaded on the prepaid card before it can be used for ATM withdrawals or purchase transactions. Once the balance on the card has been depleted, prepaid card users won’t be able to use the card for the time being. Fortunately, they have the option to load any amount they want at any time they deem convenient.

What’s even better? Loading money onto a reloadable prepaid card is both quick and straightforward. As soon as the balance has been loaded successfully, people can immediately use it for any purchase transactions or withdrawals.

Getting a Reloadable Prepaid Card? Read This First!

If you’re like most people, you most likely own a prepaid card already or you’re considering getting one. If you belong to the latter, below are some of the things you need to remember before getting a reloadable prepaid card:

How They Work

Oftentimes, many people mistake reloadable prepaid cards for the typical debit and credit cards. This is because most plastic cards are almost identical in terms of appearance. Just like its other counterparts, reloadable prepaid cards have a card number as well as a magnetic strip. In addition, prepaid cards also have smart chips for added security.  

When used for purchase transactions, reloadable prepaid cards work almost like credit cards. In other words, the card number is typed in when used for transactions online and the card is swiped when used at retail stores. 

When it comes to loading money onto the card, there are several options available. Some of the most common options used to load money on the card include:

  • Loading through stores/outlets
  • From bank to the card
  • Direct deposits
  • Via a secure login portal

As mentioned earlier, reloadable prepaid cards can be used immediately once money has been loaded on the card successfully. While they share similar features with other plastic cards, it is important to keep in mind they have massive differences in terms of function so it would be best to find out all there is to know about the card in terms of features.

Lastly, prepaid cards can be a reliable ally for those who would like to keep their spending in check. With a reloadable prepaid card, it’s easy to track expenses and other transactions. Also, since you will be using your own money and not that of the bank, you can avoid spending more than you’re supposed to. In addition, you’ll also be spared from paying costly interests, charges, and other fees.

Prepaid Cards for Business: Their Amazing Features

Prepaid Card in Singapore

Thanks to their unbeatable features and benefits (not to mention the peerless convenience and ease they offer), prepaid cards have gained a really massive following. In fact, nowadays, many businesses, big and small are now using prepaid cards for business because of the exciting and enticing benefits they offer. 

Many years prior, debit and credit cards have been the plastic card of choice of many entrepreneurs. Nowadays however, prepaid cards for business have given them a run for their money, offering features and benefits that are truly hard to resist.

However, since prepaid cards for business are considered relatively new compared to other plastic cards, there are still people who don’t know how to use them to their full advantage. If that’s a sentiment you share, this article can serve as your guide so you can enjoy all the benefits your prepaid card can offer.

Prepaid cards are not tied to any bank account

One thing many entrepreneurs find really inconvenient and time-consuming is applying for a bank account for the business. This is especially true for small and medium-sized businesses with 20 employees or less. 

This might not be common knowledge but most banks have several requirements (including the required number of employees) when it comes to opening accounts for businesses. If certain requirements are not met, it is likely that the application will be denied. 

The same principle sometimes rings true for those who would like to apply for a credit or debit card for their business. Fortunately, since prepaid cards are not linked to any bank accounts, the application process for prepaid cards is quick, straightforward, and easy. 

And since they are not associated with any banks, loading money and using prepaid cards for business transactions (both overseas and local) is seamless as there is no need to secure bank approval as well as other paperwork.

Prepaid card users can set their own spending limits

People who use credit cards are familiar with spending limits. This means the bank or the issuer will set a maximum amount the cardholder can consume. This limit can be inconvenient when you want to do a transaction that’s worth more than the limit set by the issuer. 

Thankfully, those who use prepaid cards are spared from this dilemma. Since money needs to be loaded to the card before it can be used, in a way users are setting their  own spending limits. Prepaid cardholders also have the freedom to load the exact amount they need or to load extra, all up to them. 

In addition, prepaid card users also have the option to load money whenever they deem convenient. Regardless if it’s daily, weekly, monthly, or yearly, you call the shots. Undeniably, the freedom to set your own limits and load at any convenient time is highly beneficial. 

As if not enough, prepaid cardholders are also spared from paying those costly interests and other charges. What’s even better? They can also avoid accumulating mounting credit card debts!

Prepaid cards are honoured by many merchants 

Users of prepaid cards for business can attest it is very helpful when making payments for various transactions regardless if it’s international or local. In addition, using a prepaid card can also make purchases easy as you have the option to buy whatever you need online using your card.

The good thing is most prepaid cards are accepted by international payment portals and networks. Nowadays, the ability to conveniently do purchase and payment transactions cannot be overstated.

With the business world becoming more and more connected and tech-savvy, the ability to do business deals and other transactions with merchants, businesses, and other entities local and abroad can benefit the business in more ways than you can possibly imagine.

How to Find the Best Prepaid Card for Your Needs: Top Tips

While unknown to many, the best prepaid cards work like a combination of a credit card and a checking account. Just like most credit cards, they can also be issued by banks and branded by some of the top and established financial institutions. While the best prepaid cards share some features with credit cards, they have one major distinction—they don’t have credit capabilities.

Prepaid cards also share a common characteristic with gift cards in the sense that the card has to be loaded with money first before it can be used for any transactions. Fortunately, prepaid cards are also often honoured in most establishments where credit cards are accepted.

While the functionality of prepaid cards are more identical to credit cards, its financial side is more similar to that of a checking account. This means that any purchases or withdrawals done will be deducted from the total balance that’s available on the card. With a set up like this, it is also expected that spending will automatically stop as soon as the balance on the card has been depleted.

Prepaid Card Basics

For many, prepaid cards are considered a wonderful alternative for various transactions that require credit card usage. They are also considered especially helpful for those who don’t have access to banking services, have poor credit scores, or those who have very minimal knowledge in terms of how banks work.

In addition, prepaid cards are also seen as ideal alternatives for gift-giving as they provide beneficial features like protection in the event of card loss or theft. Nowadays, many people opt to give prepaid cards as opposed to cash for those enticing reasons mentioned earlier.

Since cash cannot be spent online, it also follows that it cannot be used to purchase items online. Fortunately, money that’s loaded in prepaid cards can be used for purchases as well as other online transactions. Thanks to the countless benefits they offer, prepaid cards have evolved to be one of the fastest growing niches in today’s modern financial sector.

Picking the Best Prepaid Card for Your Needs

It is reassuring to know that picking the best prepaid card is not really rocket science. When choosing the best prepaid card for your needs, keep the following in mind:

Take time to analyse and look into your spending habits before deciding on a prepaid card. As a general rule of thumb, opt for a card that will charge you in areas where you are more likely to be charged. For example, if you are the type who uses your prepaid card often, look for one that will waive fees each time you exceed the monthly transaction limit.

Another helpful tip would be to look for a prepaid card that has a structure that’s easy for you to understand. Keep in mind that some prepaid cards use a flat-fee model while others charge for most of the transactions done. Look into your monthly card activities and assess if flat-fee cards would be a more ideal and practical option for you.

Lastly, don’t forget to conduct a thorough comparison of the prospective cards you are considering before making a decision. Comparing features will require a little time but it will save you a huge amount of money in the long run so it’s all worth it.

Top Tips to Remember When Bringing Your Prepaid Card Overseas

Prepaid Cards in Singapore

Unlike many decades prior, travelling to another country has become affordable. That being said, more and more people have been visiting other countries for business and for pleasure. To ensure they will have a great time, they never leave home without bringing their international prepaid cards with them.

Those who have been using it can attest that international prepaid cards can be the consummate travel companion. For starters, international prepaid cards are not only cost-effective, they also make it very easy for users to adhere to whatever budget they have set. 

In addition, since spending is limited to the balance that’s available on the card, international prepaid cardholders can effortlessly combat their tendency to overspend. Moreover, cardholders are required to pay a very minimal amount for currency conversions as well as other transaction fees.

While the peerless benefits offered by prepaid cards are undeniably aplenty, one of the most enticing is the safety and security it offers. If anything, it is deemed one of the primary reasons why those who constantly travel outside the country never fail to take their international prepaid cards with them.

Think about this: when you take your international prepaid card with you each time you travel, you are spared from the hassle and risk of physically carrying cash with you wherever you go. That means you also eliminate the risk of having your cash stolen or misplaced.

International Prepaid Card Benefits

If you are not using an international prepaid card for your overseas transactions yet, you are definitely missing out on the following awesome benefits:

  • When you use an international prepaid card, you have the luxury to load as many as 16 different currencies on one card.  Also, when used overseas, there is a huge possibility that users of international prepaid cards can avail of huge and attractive discounts each time they use their cards for purchase transactions.
  • In case you want to check the available balance on your card, you can easily inquire at any ATMs the card is associated with. The great thing is most issuers provide cardholders with text notifications each time they use their cards for purchase and withdrawal transactions. The balance available on the card is also often indicated in the notification message.
  • In case the card gets lost or stolen, international prepaid cardholders have the option to avail of an add-on card. In addition, some issuers also reward users with reward points each time they use their cards.

Bringing Your International Card Overseas? Remember These Top Tips!

To ensure you are able to use your prepaid card to the fullest and enjoy all the benefits it has to offer, take the following tips to heart:

  • When you use your international prepaid card, you’ll be able to save money especially in terms of currency conversions. Some of the most offered currencies include Euro, the United States Dollar, and the British Pound.
  • Each time the balance on the card has been depleted, cardholders have the option to load money on the card via internet and mobile banking. For many, logging via a secure login portal is also an option they can look into. 
  • As soon as money has been successfully loaded, cardholders can immediately use the card for withdrawal and purchase transactions.

Amazing and Fast Facts About Reloadable Prepaid Cards

Thanks to their topnotch benefits, reloadable prepaid cards have been warmly accepted by many people just like their other counterparts. People who know and have used prepaid cards can truly attest to the topnotch benefits they offer. That being said, the immense popularity reloadable prepaid cards are enjoying is not really surprising. 

Unlike other plastic cards like debit or credit cards, reloadable prepaid cards are quite easy to obtain. That means there is no need for you to undergo those stressful, tedious, and time-consuming credit checks just to obtain one. What’s even more impressive is one does not need to have a great credit score just to get one.

To clearly demonstrate the undeniable popularity of prepaid cards, take into account this trivia: while not really common knowledge, the number of people expected to use prepaid cards for payrolls is expected to rise from just 9.7 million in 2010 to as much as 29.2 by 2016.

The demand, clout, and popularity of reloadable prepaid cards have also shown no signs of slowing down. That being said, figures are expected to increase even more in the coming years, a crystal clear testament to how far this innovative and beneficial tool has come. 

Reloadable Prepaid Cards: Fast and Amazing Facts

Many people nowadays have chosen to forego the traditional bank accounts and choose reloadable prepaid cards instead. If you are one of the many who is also considering getting a reloadable prepaid card, below are some of the amazing and fast facts you need to know:

Reloadable prepaid cards give users the option to perform online transactions with comfort and ease. That being said, you can easily use the card when purchasing items you want online. 

No more leaving the comforts of your home or office just to shop. You can easily compare prices, pick the items you want, pay for it using your card, and wait for it to be delivered to your doorstep. Now, that’s ease and convenience that’s truly hard to match!

If you need an effective financial tool that can help you adhere to the budgets you have set or a tool that can help you manage your money accordingly, reloadable prepaid cards can be your most helpful ally. Unlike credit cards, reloadable prepaid cards don’t have credit capabilities. That means your spending will be limited to the balance that’s available on your card. Soon as the money has been depleted, you won’t be able to use the card until money has been loaded onto the card again.

Those who constantly travel would be delighted to know that reloadable credit cards can be a great and convenient way to carry money with them. This applies to both travels that are done within the country and abroad. 

Come to think of it, when you have a reloadable prepaid card, there is no need for you to carry cash wherever you go. That means you will be dramatically reducing (if not totally eliminating) any chances of getting your money lost or stolen.

Prepaid Cards: Facts and Fiction

While credit and debit cards have been used since the 70s, the best prepaid cards are still considered a fresh and ingenious FinTech innovation. However, even if deemed relatively new, the best prepaid cards have been warmly accepted and are considered a favourite by many.

Since it has only been a few years since prepaid cards have been introduced, it’s not really surprising many misconceptions and half-truths have been floating around regarding this highly awesome and innovative financial tool.

If you are one of the many people who would like to add a prepaid card to your arsenal of amazing financial tools, it would be best to know the myths and misconceptions surrounding prepaid cards and the facts and truths behind them:

Fiction: You can’t obtain a prepaid card if you have bad credit
Truth

Unlike credit cards, prepaid cards don’t come with credit capabilities. What is meant by that exactly? Simply put, when you perform purchase transactions using your card, you will not be using the issuer’s money. Since there is no credit involved, issuers of prepaid cards are not as particular about who they issue prepaid cards to.

Also, even if your credit standing is not exactly impressive or favourable, it won’t hinder you from obtaining a prepaid card and enjoying all the amazing benefits it offers. Apart from the opportunity to enjoy all the wonderful benefits prepaid cards offer, you are also spared from the inconvenience and hassle of providing personal information or submitting financial documents.

Fiction: Prepaid cards work just like gift cards
Truth

This is definitely false. For starters, gift cards are typically sold at grocery stores and are designed only for one-time use. On the contrary, prepaid cards are designed for repeated use and can be used as long as there is money available on the card.

Once the balance on the card has been depleted, prepaid cardholders have the option to load money onto the card so it can be used again. When it comes to gift cards, however, they are deemed useless once the balance available has been consumed and depleted. In essence, unlike gift cards, prepaid cards are not disposable.

Fiction: Prepaid cards are only honoured in selected places
Truth

Again, there is no truth to this. In majority of the cases, prepaid cards associated with huge and seasoned credit and financial institutions are often accepted where those brands are honoured. For the record, that’s a staggering 40 millions places worldwide! Truly, that’s functionality, ease, and convenience you can’t afford to miss out on!