What are the Unbeatable Advantages of Using Prepaid Card for Business

When you’re running a business, it’s safe to assume two of your primary goals is to multiply your profit and scale your business. In line with this, the importance of being able to accurately track where your money is going and who’s spending it cannot be overstated.

Some studies indicate that around $430 billion is spent by businesses on annual credit card costs alone. With this in mind, many businesses have chosen to make a practical change—many of them have now opted to use a prepaid card for business as opposed to credit cards.

The Exceptional Advantages of Using Prepaid Cards for Business

One of the things that has endeared prepaid cards for business to many entrepreneurs is the fact that they offer many peerless benefits that other plastic cards just can’t match. For instance:

You won’t have to pay for monthly interests

Unlike the typical credit cards, prepaid business cards have no credit capabilities. That means you also won’t have to worry about paying those exorbitant monthly interests, fees, and other charges.

In addition, business owners also have the option to issue as many cards as needed to their departments or employees. Each prepaid card will come with a separate card number that’s not linked to the company’s bank account.

While prepaid cards don’t have credit capabilities, cardholders have the freedom and luxury to load money on the card at any time they deem convenient. That’s one benefit many businesses just find too hard to resist.

You are able to manage your budget better

Spending beyond their budget is a major concern many entrepreneurs face. Setting and adhering to a budget is hard at it is. This is especially true if you have several departments vying for funds.

To help warrant the process is streamlined and you are on top of everything, using a prepaid card for business is one of the best options available at your disposal. Fortunately, using a prepaid card also allows you to load the right amount of money on each card.

Your account has chip and PIN security protection

For the cardholder’s peace of mind, most prepaid cards come equipped with layers of high-security features. For instance, rather than the card’s information being stored in a magnetic strip, a tiny computer chip is utilised. This kind of protection makes it difficult for any information on the card to be compromised or stolen by shady characters.

Apart from the chip options, prepaid cards are also often secured using a personal identification number (PIN). The PINs are often 4 digits and must be entered before any purchase transactions or ATM withdrawals can be done. With similar security options in place, there is no need to worry about other people accessing your information or your cash without your permission.

You can use it to simplify your payroll services

The needs of your employees is something you shouldn’t overlook or ignore if you want to keep them happy and satisfied. You have to keep in mind that a happy and satisfied employee can be a huge asset to the company.

One way to keep your employees happy is to give them an option in terms of how they can receive their salaries. Thankfully, employees have the option to have their salary loaded into their prepaid cards.

Having their salaries loaded directly into their prepaid cards offers a huge convenience for many employees as they can easily use their cards for purchase transactions (online or through merchants) and ATM withdrawals.

Apart from the employee salary, businesses also have the option to use the prepaid cards to make reimbursements and provide monetary incentives quickly and effortlessly.