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Role of Prepaid Card Solutions in the Corporate Sector

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Business these days is tight—maybe tighter than ever before. Sometimes, the distance between the top and bottom lines seems impossibly close. When every penny counts, business owners can’t afford surprises. Today’s technology for expense management is incredibly advanced and includes a variety of solutions such as mobile apps that scan receipts and allow for online transaction monitoring in real time. But all these innovations have one major limitation: managers only see expenses after the money is already spent. To genuinely manage spending, mangers need a tool that limits spending before it happens rather than a tool that simply records spending after the fact. The solution: MyChoice prepaid debit cards from WaveCrest.

Prepaid debit cards give managers control over spending before it happens. With prepaid cards, employees can’t spend more than they are allocated. The concept is brilliantly simple: managers preload a card with the necessary funds via an online transfer that takes merely seconds. The funds are immediately available to the employee for use anywhere major credit and debit cards are accepted or at ATMs around the world. Once the card is empty, the employee can’t spend anymore. Just like that, end-of-month surprises are gone.

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Benefits

In addition to tighter spending control, prepaid debit cards offer a number of other benefits as well. First, funds are available immediately to card holders, no matter where they are in the world. There is no waiting for banks to open, transfers to process, or checks to arrive in the mail. Second, cardholders do not need a bank account or a credit check to get a card; a card can quickly be issued to anyone at anytime. Third, businesses can track and manage cards and spending using online reporting tools. With prepaid cards, it’s easy to see who is spending what where. Fourth, prepaid cards are safe and secure. Issuers and users enjoy fraud protection, and, if anything should go wrong, managers and cardholders have access to 24/7 support via phone or online chat. And, finally, prepaid cards save money. Not only is it easier to manage spending, but transaction costs for distributing funds via prepaid cards are low. For example, it is much less expensive in manpower and fees to do an online funds transfer than it is to issue a check or process a bank transfer. With all these benefits, it’s no surprise that the use of prepaid cards in the corporate sector is steadily on the rise.

Possibilities

While using prepaid cards to manage employees’ spending is one of the most obvious uses for prepaid cards, businesses are discovering that a prepaid debit card solution offers a multitude of other possibilities. Prepaid cards are ideal for a number of business purposes, including the following:

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  • Paying Sales Incentives. Managers and sales teams alike love prepaid cards for incentives. For managers, the process of transferring incentives to prepaid cards is simple and cost effective. For the sales team, their incentives are available quickly and can be used safely and securely wherever they are needed. Mobile apps make checking balances as easy as a tap on the screen.
  • Giving Awards. Cash awards are a snap when given on a prepaid card. Cards can be printed with custom logos that will advertise the business and build company loyalty.
  • Making Business-to-Business Payments. Prepaid cards are an excellent medium for payments to suppliers and other businesses. Since no bank account information is required, money can be transferred much more efficiently. This is especially useful when enterprises need to pay small suppliers, one-time suppliers, or suppliers that are foreign. Prepaid cards make light work out of transactions that are otherwise complicated and time-consuming.

Prepaid debit card solutions from WaveCrest are what businesses need to widen the distance between the top and bottom lines. Using prepaid cards adds a layer of transparency to employee spending and allows managers to control spending before it happens. Prepaid cards are a cost-effective solution to the hassles of day-to-day expense management and the complexities of managing other types of business payments. Prepaid cards are increasingly the way business gets done. For tight control, total transparency, low transaction costs, and ease of use, nothing beats prepaid cards. For superior control, choose prepaid card solutions from MyChoice.

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