Handling expenses for your small business can be time-consuming and complicated. There are basic expenses, extra outlays for temporary projects and costs associated with employee purchases. Unless you have time to maintain a meticulous system, it’s easy to lose track of how much is being spent. You need a better way to manage your money, and a prepaid business debit card can help.
The major advantages of using a prepaid business debit card
A standard debit card pulls money from your checking account, putting the business at risk of getting hit with overdraft fees if employees fail to exercise discretion when spending. Additionally, if you’re not using a secure business debit card, the money in your account is at risk. Loading a prepaid business debit card in advance gives you control over the amounts to which employees have access.
You won’t have to micromanage your employees
By allowing you to issue employee cards on an as-needed basis, prepaid services make it easier to record payments, monitor where funds are spent and limit spending at certain vendors. There are no interest rates to worry about, and it’s up to you how much money is assigned to individual team members out of the total budget for every project. With this system in place, you can concentrate on more important tasks than monitoring every expense incurred by employees.
The 5 questions you should ask before switching to business debit
When considering a business debit card, it’s smart to weigh your options before choosing a company. Narrow down your options by asking:
- What fees are charged and why?
- Are there any restrictions limiting use?
- Is the money loaded onto cards protected?
- How does the company keep cardholder information secure?
- What controls are available to limit employee spending?
Services like Bento for Business provide FDIC backing, SSL encryption and a complete list of applicable costs and fees. If you can’t find the information you want on a company’s website, call them directly for more details.
Making a business debit card work for you
Take advantage of prepaid cards to clean up your business spending policy. Call a company-wide meeting to discuss the change, and explain how switching to a prepaid business debit card will benefit everyone. Also use this time to:
- Decide which team members will receive cards
- Determine how much money employees need to satisfactorily complete tasks
- Emphasize trust and responsible spending habits
Once your new spending structure is in place, monitor how employees use the cards. Make appropriate adjustments to allocate funds for projects, office supplies, vendor orders and other necessities and keep your business budget under control.
Bento for business can help you
The SSL-encrypted cards provided by Bento can your business accomplish most if not all of these recommended practices with ease. With the included application for PCs and smart phones, you can do all of the following 24/7, 7 days a week:
- Designate spending categories
- Set the amount that’s available on each card
- Reload balances
- Track spending
- Turn a card on or off
When you’re ready to make the switch to a prepaid business debit card, get in touch with Bento for Business. It only takes a minute to sign up for a free 60-day trial and you can get 10 cards for only $29/month. Enjoy 24/7 access to your account through Bento’s convenient app, and call (866) 285-7549 to see how switching to prepaid cards can transform the way you manage business expenses.
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