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If you’re interested in finding out more about prepaid debit cards, and how to use them effectively in your business operations, then get in touch with our financial experts. Or even topping up and checking your balanceĬhoose the right card for your needs and you’ll avoid unnecessary fees and keep expenses manageable. These vary depending on provider and product, which is why it’s so important to take your time choosing the right card for your needs. Prepaid cards are often subject to a range of charges. While prepaid cards are advantageous in many ways, they also come with a caveat. Using a prepaid debit card does not affect your credit scoreīecause there are a wealth of prepaid card options out there, businesses can shop around to get the best rates for their needs and usage If the card is lost or stolen, businesses can mitigate how much capital is lost as thieves can only use the balance present on the cardīecause the credit on a prepaid card is limited, businesses can assert more control over their spending on expenses They make it easy to track spending on expenses They’re much safer and more secure than carrying cash There are lots of reasons why businesses like using prepaid debit cards to cover their employees’ expenses:
What are the advantages of using a prepaid debit card? Each card also has a PIN so they can also be used to withdraw cash (although this will usually incur charges). So you can use them pretty much anywhere. Prepaid debit cards are accepted wherever conventional debit cards are accepted. It’s even possible to pay your employees’ wages using a prepaid debit card if they do not have their own bank account In person- You can usually top up at your bank or at participating PayPoint locationsīank transfer- Some businesses prefer to top up their employees’ prepaid credit cards via their payroll accounts. Online- You can usually top up online through the card provider’s website or app using your business credit or debit card Prepaid debit cards can be topped up in a number of ways:
Users put a set amount of credit on them and top up when the credit has been used up. Prepaid debit cards work much like prepaid mobile phones. Their versatility makes them ideally suited for business expenses as they can be used for things like fuel, hotel accommodation, meals, drinks, and other sundry expenses that employees incur when on the road.īanks issue prepayment cards and they are managed by the usual troupe of international credit card companies such as Visa and MasterCard. Except that you aren’t confined to a single brand or chain. What is a prepaid debit card?Ī prepaid debit card is much like a gift card. This is one example of where prepaid cards can be particularly useful. If, for instance, you have sales teams out on the road, you want to ensure that they’re well looked after while also making sure that you have a modicum of control over their expenses. What’s more, not all expenses will be borne under your roof. Strategic spending in the right areas can help to grow your business, improve employee satisfaction, and build value in your brand. Nonetheless, we all know that it takes money to make money. That means making efforts to make more sales and build more revenue, while also taking active steps to keep operational spending manageable. Profitability in business is all about keeping as much space as possible between your top and bottom lines.
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