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The Many Ways Prepaid Cards Can Help Your Business

For those that are suffering from major drawbacks from using credit cards (where you end up accruing huge debts), prepaid cards are a breath of fresh air. There are many reasons why most of the businesses and even individuals find the use of prepaid cards very convenient. 

For starters, prepaid cards are readily available, approval is guaranteed because you don’t have to get approved by the bank, and they come with amazing features that make them an ideal replacement for credit cards. In this article, let’s dig deeper and get to know the many enticing advantages of using prepaid cards for business.

  1. Unlike credit cards where you need to go through those tedious and time-consuming credit checks, prepaid cards won’t require one. So basically, almost anybody is eligible to get a credit card even those with bad credit standing. 
  2. Just like credit and debit cards, prepaid cards can also be used for mobile and online transactions. However, unlike credit cards, prepaid card users are spared from paying exorbitant annual fees and interests. Also, since there is no credit capability involved, users can easily avoid accumulating huge debts. In addition, there is also no need to pay costly monthly transaction fees and other charges.
  3. Another similarity prepaid  cards have with credit cards is they are widely accepted even outside the country. Apart from the convenience and ease of access it offers, it can also be used for mobile and online purchases and other transactions. 
  4. If you need help with your financial discipline and you want to practice good financial habits, then a prepaid card can be your ultimate ally. Since your transactions are limited to the balance that’s available on the card, it can help you effectively control your spending. What’s even more amazing is the fact that it is reloadable. In other words, as soon as you reload money onto the card again, you can commence doing transactions. 
  5. Depositing money onto the prepaid card is very easy as there are several options available at one’s disposal. 
  6. Prepaid cards can also be used to get instant cash from ATMs and the transaction is kept secure because just like most cards, withdrawal transactions are protected by a security PIN.
  7. One interesting thing about prepaid cards: there are issuers / merchants who report to major credit bureaus. If they find your account is in good standing, then it helps improve your credit history.
  8. The usage and transactions of your prepaid cards can be tracked easily online or by phone. That being said, controlling and monitoring spending has never been easier. In addition, keeping and generating records is a total breeze. This is definitely helpful for businesses.
  9. Prepaid cards can also be used to pay utilities and other bills online or through mobile. Now that’s convenience that’s hard to match (and ignore)! 
  10. Some prepaid cards give their users the perk of earning money through referrals. 
  11. Prepaid cards provide businesses with an effective, easy, and convenient way to monitor transactions and keep expenses within budget.

Using prepaid cards for business is no doubt a wise move for businesses, regardless of size. 

 

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