As a small business owner, you might want to get a corporate credit card but believe that obtaining one is out of reach. Credit card companies often prefer businesses with extensive histories and review the business owners’ credit before issuing the cards. Fortunately, there is a good alternative for small businesses. Prepaid MasterCards from Bento for Business can offer you the flexibility that you need while also saving your business money.
Corporate credit cards often come with high annual fees and interest rates. They also may impact your credit because checks that are done by credit card companies in connection with credit applications cause your score to drop. Since the cards at Bento for Business are prepaid, your credit will not be impacted. You can sign up for as many as 10 cards for a low monthly fee of $29. You will not be charged annual fees or interest, and your account balance will be insured for up to $250,000 by the FDIC.
Corporate credit cards are often abused by employees who make personal purchases with them. Some employees may withdraw money with corporate credit cards. The cards at Bento for Business come with features that help to end employee theft and abuse before it happens.
Employee theft is a huge problem for companies across the U.S. In addition to the misuse of company credit cards, employees may embezzle funds from bank accounts, use check fraud schemes and steal from petty cash. Even long-term and trusted employees sometimes commit acts of embezzlement. When you convert your company’s spending to prepaid debit cards from Bento for Business, you can eliminate this type of fraud and abuse by your employees.
The debit cards from Bento for Business allow you to establish limits on employee spending. You can choose the types of spending that each employee is allowed to do according to the tasks of his or her job. Employees who must drive for their jobs might be allowed to use their cards to purchase gas at the pump but not to buy other items inside of the convenience stores. An office worker might be allowed to buy paper, pens, toner and other office supplies but nothing else. The office manager may be able to pay for utilities and the monthly lease. If any employees attempt to buy unauthorized items or to make withdrawals, they will be denied. You will also be able to see the declined attempts from your account’s dashboard, allowing you to act accordingly.
From your dashboard, you can see your card balances and transaction histories on every card. If you need to do so, you can immediately end an individual employee’s access. This obviates the need to try to retrieve a card from an employee that you have to terminate. When you hire a new employee, you can similarly turn on his or her card by clicking a button. Your cards can be ordered with your employees’ names imprinted on them, allowing them greater flexibility in making the purchases that your company needs.
Small businesses need the flexibility that corporate credit cards can offer, but it might be better to choose an alternative like the prepaid cards from Bento for Business. We offer a free 60-day free trial and you can sign up today. You can also call us at 866.289.1104 to learn more.
Applying does NOT affect your credit score!