How to Use Prepaid Cards for Your Business
Over the years, prepaid cards for business have become the preferred means of doing transactions among businesses including small and medium enterprises (SMEs). The massive clout and popularity prepaid cards are now enjoying is not really surprising if we take into account all the peerless benefits they offer.
If anything, prepaid cards for business provide convenience, ease, and exceptional benefits that are truly hard to match. Aside from the superb benefits prepaid cards provide, they also make it possible for cardholders to go about their typical financial transactions without all the bank-related inconvenience and hassles.
How Your Business Can Benefit from Using Prepaid Cards
If you’re considering using a prepaid card for your business transactions, below are some of the ways to use the card to your full advantage:
Employee payroll. In some instances, it is just impossible for small businesses (we’re talking about entities with 10 employees or less) to be approved a payroll account by banks. Basically, this can be because banking institutions often set a minimum requirement (oftentimes 20 employees or more) for those firms that would like to secure a payroll account.
The good thing is this is where prepaid cards can be very handy. Come to think of it, when using prepaid cards, businesses have the option to purchase as many prepaid cards as they need for their staff. In addition, prepaid cards also make it easy for businesses to effortlessly schedule transfers when giving out employee salaries. No more dealing with the hassles of handing out cash or issuing checks.
Scheduled payments. Whether people admit it or not, running a business no matter how small can require a lot of external obligations. One common internal obligation is the payment of utilities that related to the business, loans, and vendors. If it’s not feasible for you to pay cash upfront at all times, it is reassuring to know you can use your prepaid card to make scheduled payments.
Oftentimes, utility bills can be linked to different networks that accept prepaid cards for payment. Many lenders and vendors nowadays also prefer receiving payments via payment networks as they are easier to track and process. Additionally, using a prepaid card can also make it easy for users to streamline payments so business transactions are easier to carry out.
Purchase of supplies and necessities. Nowadays, sourcing out supplies from abroad has become a common practice in businesses. When shopping and ordering from online merchants and sellers, payments are accepted using bank transfers or network partners.
Fortunately, that’s no longer the only option available. Thankfully, prepaid cards can now be used to also pay for business supplies and other necessities. While prepaid cards are not linked to any bank, most have tie-ups with several payment networks that are accepted by many online merchants. That being said, prepaid cards can now be used to securely and easily do online purchases.
Additionally, once the balance on the card has been depleted, users have the option to easily load money on the card. Once money has been successfully loaded on the card, it can be used right away for purchase transactions as well as ATM withdrawals.