It’s a complicated world for small businesses, and cost-effective financial options are important to their success. Gaining control over logistical issues and payments can be overwhelming at times. Restrictive contracts with credit card companies and banks shouldn’t be among the problems you deal with on a daily basis. To succeed, you need the capability to spend and transfer your money as you choose. You should be able to give your employees your company card and not have to worry about potential misuse or overspending. That’s where prepaid debit cards come in. Prepaid debit cards have been rising in use significantly over the past several years, and it’s easy to see why.
Being able to easily track, organize, and manage your finances is an invaluable asset as a business owner or manager, especially for small businesses. Prepaid card providers will often provide you with systems to track your company’s spending, and control it as you see fit. Monitor and identify employees who are spending too much on travel expenses, or pre-specify spending limits. With prepaid solutions, you choose your unique financial specifications. This makes it easy to prevent overspending and misuse. Additionally, you can specify parameters for certain vendors, meaning your employees can’t spend your money where they don’t need to. Choose online prepaid cards for added security and convenience.
You can also lower your costs as a business using prepaid cards and online prepaid cards. Paper check transactions and bank transfers usually have fees associated with them. Sometimes these costs are as high as several dollars per transaction. That can add up to a significant amount of money for businesses that must use them frequently. Prepaid debit cards often have little to no cost for transferring or paying out funds. Unlike credit cards, there are no interest payments or charges when using a prepaid card. You’ll save money each month just off the interest charges and bank fees.
Prepaid debit cards are also significantly safer than the other alternatives. Losing a credit card, check, or your bank account information can be incredibly costly. Identity theft, stolen funds, and credit damage are all possible. With prepaid debit cards, you can cancel the lost or stolen card with ease. Additionally, because you likely had spending limits or restrictions on where the card could be used, the potential damage would be limited. Make payments to suppliers, send out payroll to employees, pay commissions and travel reimbursements safely and securely.
Prepaid card providers offer features and services for small businesses that other financial institutions don’t. They’ll be able to offer a multitude of options specific to your business goals and systems. Sign up is fast and easy. You’ll also be able to enroll employees, distribute cards, create spending statements, and request assistance with 24/7 technical support. Choose virtual prepaid debit cards instead of a physical card for added convenience and control. Adding these options to your financial structure can help you rest easy. Plus, there are no surprise fees to account for, and you will have access to your account any time, day or night, through a website and mobile applications.
Should your employee need an emergency money transfer, you’d be able to do so easily. No need for your employees to front their own money and request a reimbursement later. Lost receipts are no longer an issue for reimbursements because of the single consolidated account and the transaction history. You’ll be able to keep track of all expenditures from each employee. No more problems with unaccounted losses or account discrepancies.
Online prepaid debit cards are rapidly becoming the spending solution for many individuals and businesses all over the world. They’re especially helpful for small business owners and managers and can relieve the stress inherent in financial management.