Paying for operating expenses is just a necessity that you have to grin and bear, right? While it’s true that you can’t avoid settling your business accounts, the way you choose to do so isn’t set in stone, and your current options may be failing your small business where it counts. Here’s how to shake things up with a refillable MasterCard.

What is a refillable business card?

Business debit cards have been around for some time, and so have their credit-based alternatives. Unfortunately, the fact that these options are commonplace doesn’t mean they’re perfect.
Refillable business debit cards work similarly to how a personal debit card might. When you want to spend money, you simply need to preload the card beforehand. From there, the amount you can spend is limited only by your funds. Unlike personal cards, however, these tools give business owners extra advantages, such as being able to

  • Institute spending limits for individual workers
  • Use multiple cards for the same business
  • Restrict purchase types to authorized transactions, such as fuel, business trip hotel stays and office supplies
  • Reload the refillable MasterCard using a cell phone app to control spending on the fly

Why is debit superior to credit for so many business users?

While having a line of credit seems pretty appealing at first, the idea quickly sours as reality catches up with you. It’s all too easy to fall prey to problems that can stop small firms in their tracks, such as when

  • Business spenders run into credit limits because their individual purchases mount up faster with multiple card users
  • Obtaining approval takes so long that it becomes a major bottleneck in mission-critical revenue cycles
  • Transactional fees, interest rates and surcharges make once-attractive deals far less lucrative
  • Employees can end up committing fraud and stealing massive sums from the company since they’ve essentially got the keys to the entire shop
  • Having everything tied to a single account obscures the nature of purchases, making it impossibly hard to understand where the money went

A refillable business card gives you the power to spend money as you would with a regular business MasterCard, but it doesn’t come with all of the negative aspects. With increased freedom to choose how you allocate, control and disburse funds, you can go from monitoring individual purchases to instituting monetary policies that keep your company trucking even when you’re otherwise occupied.

How can you put a refillable payment card to good use?

Adjusting to the newfound independence of refillable cards doesn’t take much time. Still, it may feel foreign if you’re accustomed to tiptoeing around a credit card company’s rules, fees and underhanded policies. Get started by

  • Using refillable cards to set distinct spending rules for individual workers, departments or job positions
  • Integrating the spending reports generated by your refillable cards into performance reviews to increase your employees’ sense of ownership
  • Establishing a refill schedule from the start to keep yourself accountable

Of course, selecting the right refillable MasterCard helps too, and Bento for Business is the gold standard for what you should expect. With FDIC insurance of up to $250,000, an easy monitoring app and secure SSL technology, it’s hard to go wrong. Find out more by starting a 60-day free trial or by calling 866 289 1104.

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