When you run a business, it can be difficult to control expenses, especially when you need to give your employees the ability to buy supplies, pay vendors, and travel. A business prepaid expense card offers a number of benefits to the business owner that a regular credit card could not. Here are some reasons you should consider a prepaid business debit card solution for your company.
Prepaid cards are a controlled payment solution for employees. Since employees only receive the amount you give them, you can keep expenses under control. After you create your budget, you can keep expenditures inside your budget and still allow employees to have a card recognized all over the world. Allocate to the employee the amount they need, and limit their spending to that amount. Most prepaid cards allow owners to track all the expenditures online. At the end of the tax year, print out the expenditures of all the cards for your tax records.
Another benefit of prepaid business cards is that funds can be sent immediately. If you or your employees need office supplies or to pay a vendor, then the funds can be transferred within minutes. The owner controls when the employees receive funds and how much funds they receive. Employees can also withdraw money at ATMs around the world. Should your employees need to entertain an important client or purchase supplies, you can immediately transfer them the money they need.
Control Travel Expenditures
Business travel is often a source of uncertain expenditures. A prepaid business debit card allows your employees to have travel funds while staying inside your budget. They can be accepted at retailers everywhere around the world, and multiple currencies are usually supported. In an emergency, or for special clients, the owner can instantly transfer funds and make them available to the employee even if they are far away. A business prepaid expense card could mean fewer travel expenses while allowing your employees to pay for necessary expenditures.
A business prepaid expense card can have numerous security benefits. Most come with a chip and pin number, just like a debit card. Because they are prepaid, they are less likely to be a spending risk when stolen. Employees can only spend the amount you give them.
Many businesses face challenges unique to them. Prepaid cards offer the flexibility of a credit card with the security of a cash allowance. Many prepaid card solutions allow you to have as many cards as your company needs without fear of overspending. Some prepaid cards offer optional API integration, so that you can tie the cards to your budgeting software or other financial programs. Many premium prepaid cards offer optional branding for larger companies. Some prepaid cards also have revenue share or loyalty programs just like a regular credit card.
Controlling the budget and expenditures of your employees can be made easier with a prepaid card solution for your business while allowing employees instant access to funds. If you offer your employees a business prepaid expense card, they can pay for the things your company needs while you control how much they spend.