What Are Business Prepaid Cards?

By March 28, 2017Business Prepaid Cards
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Business Prepaid Cards Solve Problems Old, New, Known And Unknown

The Problem: Employees Need Money – Managers Want Control

Your employees are out in the field and you need to get them the money they need to buy supplies to do their job. What do you do?

If you are like many business owners who buy everything themselves to maintain tight controls on spending or use a collection of payment methods such as cash, checks or gift cards, business prepaid cards could be a better solution you need to know about. You’ve been operating like this because a better singular solution didn’t exist until now. ¬†Save more of your and your employees valuable time, improve productivity and eliminate waste with business prepaid cards.

Business Prepaid Cards: What Are They?

Business prepaid cards are quickly becoming the “must have” business tool for SMBs, nonprofits, startups and even associations, so you had better learn about them. Essentially, they are reloadable debit cards that you transfer money to a master account, similar to your bank account, and then the cards access the funds. What makes these different is that they have configurable spending controls, so you can set spending limits for each card, and even turn cards on or off in real-time.

Why Business Prepaid Cards Are Better Than Cash

As everyone knows, cash is convenient, but it requires chasing down receipts, managing expense reports and delivering funds to employees. The petty cash drawer and a shoebox full of receipts is your accountant’s worst nightmare. Instead of having to plan ahead to get employees the money they need, simply give them a prepaid business card in advance and turn it off. When needed, just turn the card back on and allocate only the funds they need.

Why Business Prepaid Cards Are Better Than Checks

How much time do you spend writing checks, balancing your checkbook, and then reconciling checkbook purchases? Also, writing a check causes an interruption in both the employee and manager’s productivity. Eliminate the time losses by giving your employees prepaid cards.

Why Business Prepaid Cards Are Better Than Credit Cards

Most small businesses, nonprofits, and organizations can’t qualify for a business credit card, which is really just a re-branded personal credit card. Not to mention that the business owner is personally liable for the total credit limit. Because of this, giving your employees a credit card opens you up to unnecessary risk and it’s just a bad idea. ¬†Fact: unintentional waste occurs from even the most trustworthy employees and relatives working in your business. Really, all that you need is a convenient way for employees to make purchases so that you don’t have to be there, deliver them funds or chase down receipts. Enter business prepaid cards, which provide all of the conveniences of credit cards without the risk. Plus you get even greater real-time tracking and alerts, which credit cards have traditionally not offered.

Why Business Prepaid Cards Are Better Than Gift Cards

You need a way to control spending while empowering employee purchases. Whether you only need to control the dollar amount, or you want to limit the purchases to a merchant, such as Home Depot, business prepaid cards could fit the bill. Set spending category controls to allow purchases only at certain merchant types, such as hardware stores or at the gas pump. Also set spending dollar limits. Avoid the fees that drugstore prepaid cards charge, which can be $6 per load. And where do the remaining funds on those cards end up? Eliminate this waste while maintaining maximum control with business prepaid cards.

Conclusion: Business Prepaid Cards Win For Control, Convenience & Eliminating Waste

Anytime you have unrelated parties who need make purchases on behalf of an organization, and you want to maintain control over spending while enabling your team to make purchases to do their job, you should consider business prepaid cards. Nothing beats these reloadable prepaid cards as a safer alternative to credit cards, cash, checks or gift cards. Get to know this new technology and you just may discover that you will never choose to operate without prepaid business cards again!

Learn more about business prepaid cards by downloading the FREE guide, titled “Business Prepaid Cards: Everything You Need To Know” now!

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