Why Do I Need Business Prepaid Cards?
Now that you are aware of what business prepaid cards are, you might still be learning about them and wondering why you should consider them. That’s exactly what we are going to cover in this article.
Control, Control, Control
You may have heard the adage, what are the three most important words when it comes to real estate: location, location, location. The same can be said about control when it comes to business prepaid cards.
The Small Business Owner’s Predicament
The challenge that business owners have with regards to employee spending is an eternal compromise between control, loss and time. While some business owners purchase everything themselves ensuring optimal control and zero loss, they do so at the expense of their time, which is generally more valuable than the time they are exhausting making trivial purchases that any employee could make.
Empowering employees or even family member’s to make these purchases frees up the business owner’s time, but even the most trustworthy employee or family member can keep the change, lose the receipt for petty cash purchases, or buy something for themselves. All of this financial loss can add up if not properly tracked, but most business owners have just accepted this as a cost of doing business.
Building A DIY Expense Management Solution
Forced to cobble together their own a la cart expense management solution, many business owners use a hodgepodge of legacy payment methods; cash for ultimate control of exposure, checks to control suppliers or for cashing convenience, credit cards for reporting & convenience, and store gift cards for control & convenience.
While each has its merits, each is also tethered to detrimental artifacts which you already know in the form to dollar, time and convenience losses.
Business Prepaid Card Features To The Rescue
We’ll now discuss how the features of business prepaid cards represent the best of legacy payment methods while mitigating their detriments.
Ultimate Control – Owners and authorized Admin’s control how much money each employ can access, and can set specific spending categories which limit where the cards will work. If an employee doesn’t show up, just turn a card off, eliminating the exposure inherent with employee credit cards.
Convenience – Configure cards, release funds and see reporting from the convenience of your smartphone, tablet or desktop. Employees get a payment card they can use to get their job done without interrupting their and their manager’s productivity. Everyone works smarter.
Reporting – See all spending in real-time as it happens and catch small issues before they turn into large problems. Alerts keep you informed of spending activity on-the-fly giving you eagle’s eye insight into your company’s precious cash flow.
Conclusion – Learn More If You Are Not Convinced
If you are starting to see how business prepaid cards can efficiently and effectively replace legacy payment methods, then you are starting to understand why business owners are migrating over to prepaid business cards in droves. If you need even more proof, then download our FREE guide, titled “Business Prepaid Cards: Everything You Need To Know” now!