Prepaid Cards for Business: Their Amazing Features

Posted By : admin

May 16, 2020

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.