The Wonderful Benefits of Using Prepaid Cards for Business
Expanding reach and multiplying profit is essential in any business. That being said, it is vital that entrepreneurs are able to accurately track where their money is going and what they’re spending it on. Fortunately, this is where a prepaid card for business can come in handy.
Statistics show that businesses spend approximately $430 billion on annual credit cards costs. If you are unsure where your business money is going, it’s high time you make a change.
Nowadays, many entrepreneurs improve security and boost financial literacy by giving up their credit cards in favour of something better—prepaid cards for business.
What makes prepaid cards so enticing? Below are some of their wonderful and peerless benefits:
It helps businesses easily manage their spending
Unlike credit cards, prepaid cards don’t come with credit capabilities. This is especially advantageous if you are trying to effectively manage spending as you get to set the spending parameters.
Some prepaid card providers also issue as many cards as needed to employees as well as departments. Each card also comes with its own unique card number and businesses have the option to load the amount they want onto each card.
It helps them control their budget
Undoubtedly, overspending is one of the most prevalent problems businesses face. This is not exactly surprising as setting and adhering to a specific budget can be tough. This is especially true if there are numerous departments vying for their share of the company funds.
Fortunately, a prepaid card can help streamline the process and keep businesses on top of their spending. Fortunately, prepaid cards allow businesses to load the right amount on their cards depending on the budgetary projections.
It allows users to do secure online transactions
Since the world has become increasingly connected, many businesses nowadays can’t avoid doing online transactions online. However, using traditional credit cards can sometimes compromise the security of their funds. Fortunately, apart from online transactions, prepaid cards can also be used for physical transactions.
Since prepaid cards don’t have credit capabilities and is not linked to any bank account, users don’t have to worry about having their personal and financial information compromised. When used for online transactions, it also has a safety mechanic set in place so hackers and other shady characters won’t be able to use it for their benefit.
It can be used to help simplify the payroll process
Many businesses consider the convenience of their employees a top priority. Come to think of it, it makes total sense. After all, if you are able to keep your employees happy, it makes it a lot easier for them to also do their job accordingly.
One way to keep your employees happy is to make sure they receive their compensations securely and right on schedule. Fortunately, this is something businesses can easily pull off with the help of a prepaid card.
Apart from receiving their salaries right on schedule, employees enjoy added convenience when they use their prepaid cards as they can also use their cards for purchase transactions.
Jeremy Lee Chen Seong is a Singapore based entrepreneur and has expertise in global technology and the healthcare industry. He became famous in the late 90s with his invention of the revolutionary WaveClip, the world’s first clip-on Bluetooth adapter Palm V Handhelds. In 2002, he founded the Sourcelink Group which he turned into Singapore’s only fully automated production facility for medical supplies. Later, in 2008, Jeremy Lee Chen Seong transformed his career towards legal advisory, mergers & acquisitions, and company restructuring, since then he has been helping businesses with these three challenges.