What is a reloadable debit Visa card?
Of the four major card processors, Visa is the most popular. There are an estimated 312 million Visa credit cards in the U.S., accounting for a purchasing volume of $1.78 trillion. In addition to credit cards, Visa also offers prepaid cards and reloadable debit Visa cards.
What is a reloadable Visa card? It is a card that has a 16-digit card number and CVV code that carries the Visa logo. It is useable anywhere that Visa is accepted to make purchases or payments.
Reloadable Visa cards allow you to determine how much money to fund the cards with, and that amount will serve as the balance. When you make a purchase, costs get subtracted from the balance instead of being charged against a revolving line of credit.
Who uses reloadable debit Visa cards?
Reloadable Visa debit cards are popular with both consumers and businesses. Consumers might choose to use reloadable Visa cards for several reasons. Some people use these types of cards instead of a traditional bank account.
They might use the cards for direct deposit of their paychecks. They might also use them to make payments, pay bills, and to shop. Finally, some consumers use reloadable cards to help them to control their spending.
Businesses that use reloadable debit cards use them for some different reasons. Reloadable cards designed for companies may offer additional features that help to meet the needs of business owners. Businesses might be able to set restrictions and limit employees on how much they spend by the day.
You can limit cards based on what they can purchase, where they can use the cards, and when the cards will work. These features can help businesses to control their expenses and to prevent unauthorized purchases.
Where is reloadable debit Visa card accepted
A reloadable debit Visa card is accepted anywhere that Visa is accepted. Visa cards can be used to make purchases at more than 46 million merchants around the globe. Visa is also accepted in more than 200 countries and territories and can handle more than 160 different currencies.
You can use a reloadable Visa debit card in the same manner that you use credit cards or debit cards to make purchases in person at brick-and-mortar shops. You can also use the cards to make purchases online or over the phone. If you use a virtual reloadable Visa credit card, you can use it to make purchases remotely that are secure.
Reload your Visa business debit card
The locations where you can recharge your rechargeable prepaid Visa will depend on your card issuer. Some allow you to load funds from your account onto your cards electronically. Allowing you to set daily spending limits per employee. Prepaid cards are refillable once taken to an ATM or specific retail location.
Some reloadable Visa credit cards allow you to initiate a transfer of funds onto a card over the internet. Whichever method that your card issuer uses, loading funds onto your cards should be straightforward and easy to complete.
The pros and cons of a reloadable debit Visa card
There are several pros and cons of a reloadable debit Visa card. Some of the advantages of using a Visa reloadable prepaid card include the following:
- The cards may offer expense controls
- The cards can help you to limit your spending
- The cards do not require a credit check
Some of the cons of reloadable cards include the following:
- Spending on the cards will not help you to build your credit score
- Some card issuers may charge high fees
- The cards won’t provide you with access to financing in times of cash shortages
Reloadable debit Visa cards make managing employee spending straightforward
Some debit cards that are reloadable can simplify expense management in several ways. You determine how much money to make available on each of the cards that you give to your employees and can also set individual spending limits by each day or week. Spending restrictions can be set to limit where the cards are accepted and the categories of items that you may purchase.
When your employees use your cards to purchase items for your business, the transaction details are transmitted electronically into your company’s accounting program. Your employees can photograph their receipts so that they can be automatically uploaded together with the transaction information. You can see the spending that occurs in real time from the online dashboard on your smartphone, laptop, or tablet.
Understanding business fraud
In a survey of almost 700 finance professionals at companies across the U.S., the Association of Financial Professionals found that 78 percent reported that the organizations for which they worked had been the victims of payments fraud during 2017.
Checks were the most frequently targeted at 74 percent. Wire fraud incidents came in second at 48 percent, and corporate card fraud rounded out the top three at 30 percent.
The prevalence of business fraud makes it crucial for you to take steps to protect yourself from it. One way to help prevent fraud at your company is by adopting a reloadable debit Visa card program instead of riskier payment methods such as checks, reimbursements, and petty cash funds. Your employees also cannot withdraw money from the cards at ATMs or use the cards to access the money in your account.
How secure are reloadable Visa business cards?
Reloadable Visas for businesses have several features that make them secure forms of payment. The cards are associated with a deposit account and allow you to choose how much money to make available on each card. You can also add funds to the card from online.
Some card issuers also hold a DigiCert certificate showing that they use the highest level of SSL encryption technology. The encryption can help you to protect the security of your information and your money. The cards also do not provide direct access to the funds in your account, and the restrictions that you can set on them can help to prevent unauthorized purchases by your employees.
Business debit cards compared to reloadable debit Visa cards
A business debit card connects to a business’s deposit account. The card works like an electronic check. When it is used to make purchases, they are subtracted directly from your account balance. Like reloadable cards, business debit cards do not require credit checks and are not attached to a revolving line of credit.
Visa reloadable business cards are associated with a deposit account but are not linked to the account itself. Instead of your purchases being subtracted directly from your account, you decide how much money to place on the cards. Purchases subtracted from the card balances. When the balances deplete, you can add more money to the cards.
Advantages of choosing a Visa business debit card
There are several advantages to choosing a Visa business debit card. The cards do not require credit checks since they are not credit cards, making them accessible to new businesses as well as those with marks on their credit histories.
Unlike reloadable cards, some business Visa debit cards offer an extensive menu of controls. These controls allow you to choose where the cards are accepted and how much money is available.
When your employees use business debit cards, the purchases that they make will not add to your debt. Using the cards also can allow you to get rid of traditional systems such as reimbursements, petty cash, and checks so that you can have greater control over your business expenses.
Choosing a business Visa debit card can help you grow your company
A business debit card can help you to grow your company. The ability to exercise greater control over your expenses can help you to cut costs, reduce losses, and prevent fraud. You can use the money that you save to put back into your business, aiding its growth.
Vendors and suppliers receive payments immediately when they do business with you. Fast and reliable payments can lead to goodwill and potential discounts and other benefits in the future.
Controls and features of a business Visa debit card
The Bento for Business Visa debit card connects to your business bank account. You can determine the overall available limit on each card as well as set individual daily spending limits. You can restrict where your employees may use the cards by merchant category codes and limit purchases to the categories that you have authorized.
The cards allow you to turn them on or off remotely at any time. You can also see the transactions that happen in real time from your dashboard. Businesses can easily try out the cards without any obligations for a free 60-day trial period. To learn more, you can request a free demo or call 866.220.8455 to speak to a customer service representative.