Prepaid Cards for Business: What You Should Know

Prepaid cards for business are considered one of the best financial tools around. After all, unlike debit or credit cards, you won’t be giving employees access to the company account. This is vital when safeguarding the assets of the company. That means you can rest assured no employee can run up any debt using the company credit card.

Prepaid cards for business also allows you to stay on top of your spending. You have the option to load whatever amount you want at the frequency that you deem fit. Also, unlike credit or debit cards, fees and other charges are very minimal. There are also no hidden charges or exorbitant interests.

If you are considering getting prepaid cards for your business, here’s all you need to know:

No credit history required.

Since no debt or credit is involved in the use of prepaid cards, your credit history won’t be looked into when you get one. If you are a new startup and have yet to build up your credit, prepaid cards can be ideal for you. Since you would be spending your own money, you won’t pay anything at the end of the month. This means you are also spared  from costly fees, interests, and charges at the end of each month.

You can empower employees.

Traditional options can restrict employees and can lead to poor spending practices. With a prepaid card, you can stay on top of all the spending. Not only that, you also have the option to limit the spending of those who are using the card and where they spend it. That means, everything is straightforward for you.

You won’t have to go through endless expense and spreadsheets just to see where money is going. Also, unlike credit cards, you won’t have to wait until the end of the month just to trace where all the money went. You also have the option to check daily if you wish so there are no surprises at the end of the month.

You can allocate expenses to several cards.

Prepaid cards for business can be great if you want to allocate certain expenses on different cards. This is crucial so you won’t have to put everything in one card and get all confused as to how the allocation was spent. For instance, you can allocate transportation expenses to one card, miscellaneous expenses to another, etc.

With this kind of setup, everything is very easy for you to trace and manage. If you so wish, you can check expenses at the end of each day so you can gauge if there is a need for you to load additional money or leave things as they are. And since you can check on a daily basis (or more if you like), you can easily spot any discrepancies if there are any.

Once the balance on a specific card has been depleted, you have the option to wait until the start of another month to load money on the card or you can load it immediately if you still have remaining budget left. The great thing is loading money onto the card is a breeze. Depending on what the issuers have set in place, you have different loading options to choose from.

Compared to other options like credit or debit cards, fees and charges are typically very minimal. There is also no need to worry about going over the credit limit. Once the balance has been all used up, spending also stops automatically. Fortunately, you can always load money onto the card anytime you want to. Once the money has been loaded successfully, you can use your card right away.

Your Quick Guide to Prepaid Cards for Business

Nowadays, a new and ingenious financial tool has earned quite a following in the business world—prepaid card for business. While dramatic, the popularityprepaid card for business are currently enjoying is not really surprising.

If we look into all the benefits this amazing financial tool offers, it’s easy to see why they’ve earned so much following in such a short amount of time.

While once viewed as a beneficial financial tool only consumers have easy access to, prepaid cards have slowly made their way and dominated the business world.

Which brings us to the following key questions: what exactly are prepaid cards for business? What makes them so popular? And how exactly do they work? Discover all the answers and more in this quick and comprehensive guide!

Prepaid Cards for Business in a Glance

The Basics

Since they share several surface similarities, many people mistake prepaid cards for business for the the typical debit and credit cards. If anything however, that’s often where the similarities end.

Prepaid cards for business have a few distinct differences that clearly sets them apart from the typical cards used nowadays.

For starters, those who issue credit cards put heavy consideration on the financial status of the applicant as well as the business profile before considering them qualified.

The exact opposite is true as far as obtaining a prepaid card goes.

If you’ll apply for a prepaid card, you won’t have to provide any financial documents. You are also spared from all the hassles associated with tedious and time-consuming credit and background checks.

While having access to really high credit limits can have its upsides, it can also have massive downsides. Case in point: if your business has a credit card with a really high credit limit, it also becomes very easy for employees to overspend since they won’t be shelling out cash to pay for the purchases.

With a prepaid card on the other hand, money has to be loaded on the card before it can be used. This gives business owners one very helpful feature—it puts them in total control of how much they’ll be spending.

In addition, transactions using prepaid cards will be limited to the balance that’s available on the card. That means no overspending when you can’t afford to!

Set Up

Many businesses are quite delighted to know that obtaining a prepaid card is both easy and straightforward. Since it does not have any credit capabilities, you don’t need an impressive credit and financial standing just to get one.

Also, businesses who are using prepaid cards have the option to have the card personalised using the company colours and logo. They are also given the luxury to choose if they would prefer a generic prepaid card or one that’s issued only to a few staff.

Limitations

Without doubt, the flexibility prepaid cards offer is one of the main reasons businesses have ditched their other plastic cards. Another benefit prepaid cards offer that many people consider too enticing to resist is the ability to load money at their convenience.

Once the balance has been depleted, users have the option to load money onto the card again or delay it at a later time.

Since spending is limited by the balance available on the card, it’s a lot easier for prepaid card users to stick to the budget they have set for a specific period.

For instance, if the card is used to pay for miscellaneous purchases, cardholders can easily look into their spending patterns so they’ll be able to budget the money until a specific time.

Prepaid cardholders also have the option to load money onto their cards at any time that’s convenient and ideal for the business—whether it’s weekly, monthly, quarterly, or daily, you call the shots!

What are the Peerless Benefits of Using Prepaid Card for Business?

Nowadays, prepaid cards have become the ultimate financial tool for people who don’t have a desirable credit, those who have issues managing their credit cards, or those who want to curb overspending. 

However, apart from making their way into the hearts (and wallets!) of consumers,prepaid cards for business have also found their way in the business world. 

In fact, for many, prepaid cards for business have become the consummate card of choice for those who are looking for exceptional budgeting tools they can use to ensure the smooth operations of their business. 

The Unbeatable Benefits of Using Prepaid Card for Business

Prepaid cards for business users can attest using them provides peerless benefits that are hard to miss. For starters, they are now used to set aside money for supply and logistics, employee meals and fare, travel and emergency funds, and many others.

So what are other reasons that make prepaid cards ideal for business? 

They are easy and straightforward to use. If anything, prepaid cards won’t require much of a learning curve. This is especially true if you’re already using other plastic cards like debit or credit cards. More often than not, they work pretty much the same way except that it’s not tied to any savings or checking account.

They are easy to load money to. Loading money onto your prepaid card is quick and effortless. However, that’s not all. With a prepaid card, you have the luxury to load any amount you wish at anytime you deem convenient. You also have the freedom to decide on the frequency you’ll load money on your card.

They can help businesses still to the budget they’ve set. While a lot of factors can help warrant the success of any business, proper use of resources, including money is one of the things that ranks high on the list. With a prepaid card, adhering to the budget you’ve set has never been easier. Monitoring of transactions is also a breeze.

The Enticing and Peerless Benefits of Using Prepaid Card for Business

Prepaid cards for business provide a lot of unbeatable benefits. Some of the most notable ones include:

● They can help businesses effectively and easily control and regulate their spending. This ability can help ensure businesses stay efficient.

● Loading money on the card is quick, straightforward, and hassle-free.

● Since no credit checks are required to obtain a prepaid card, application is fast and easy.

● Having and using a prepaid card will not have any impact whatsoever on your credit standing. In addition, it will not affect your credit in any negative way.

● No learning curve is needed when using a prepaid card since they work pretty much like the rest of the plastic cards.

● With a prepaid card, monitoring transactions has never been easier. This brings peace of mind as you are able to easily track your spending and stay on top of your finances at all times.

● Prepaid cards are not linked to any checking or savings account. This means prepaid cardholders are spared from paying huge overdraft charges or those exorbitant monthly interests, fees, and other charges.

Prepaid cards can be an exceptional financial tool so businesses can easily segregate business from personal expenses. The ability to keep both expenses separate can help you better manage both personal and business-related funds more effectively.

● Prepaid cards make it very easy to keep tabs on the spending habits and patterns of employees. In addition, with a prepaid card, monitoring expenses and spending limits is very easy. You are also spared from the risk of accumulating mounting debts you might not be able to pay off easily.

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.