Corporations today are working to find ways to manage employee spending, while offering immediate access to funds as required. Prepaid corporate business cards are supplying options for companies to set specific limits on their spending budgets. Cards can be provided to any employee without their personal banking information and regardless of their credit scores or income. You can offer your employees an expense account that your company can actively manage and monitor.
Implementing Prepaid Cards
Prepaid business cards empower companies to load money onto cards for their employees who have an expense account. You can set a minimum or a cap for spending. Cards can be used like a traditional credit or debit card. Funds can be accessed via point-of-sale terminals or ATMs. Once allowable balances are utilized, no additional credit can be charged.
Setting Up Employees and Other Users
It’s important to work with a prepaid business cards firm that can offer you simple online approval so you can get the service up and running right away. You provide the cards to your team and let them know what their credit restrictions are for the program. You can set the limits and controls over the cards. Cards may be used at home and for travel. Cards can be issued containing International currency or used for bank transfers for global business.
Directing Expenses and Maintaining Security
Offering credit via prepaid cards enables your company to maintain greater security and fewer credit issues. You’ll want to work with a prepaid business card company that provides PIN and chip security to eliminate unnecessary risk. Also, prepaid business cards are an excellent way to teach your new or younger employees about managing their finances without getting into debt or excessive employee spending.
Simplifying Commission Plans
When you use a prepaid business debit card or credit system, you can streamline commission plans, offer business incentive programs, and ensure flexible payments for your employees on the road or taking appointments. Cards offer ease of use and automation, so there’s no stress with payments to vendors, suppliers, employees, or business partners.
Obtaining a Proactive Prepaid Card Program
Ensure you are working with a prepaid card company that will enable money transfers to your employees and card users within a short implementation time. Ask your company if they offer risk control, dispute assistance, and reporting capabilities. Most companies today will provide around-the-clock support for their prepaid business cards.