How A Prepaid Business Account Helps You Control Spending
If you own a small business, keeping track of all of your business expenditures is vital. If you are able to control your spending categories, you can protect your company from losses and understand where your business is at financially at any given time. A great way for businesses to monitor their spending and to keep it under control is by using a prepaid business account. These types of accounts can help you to see the purchases that are made whenever you’d like and can help you to plan your budget more effectively while also preventing fraud and waste.
What is a prepaid business account?
In business, you must spend money in order to make it. Running a small business will require you to make certain expenditures, including such things as office supplies, gasoline purchases, and others. Many businesses use business credit cards to make these types of purchases, but these cards may have high-interest rates and fees. They may also be easy to use for purchases that are not business-related, making them potential vehicles of employee fraud and thefts. A prepaid business account is an alternative to business credit cards. A prepaid account may allow you to control the spending by your employees, limit the purchases that are made, and provide them with access to funds to be used for your selected purposes.
How a business account that is prepaid works
The prepaid business account is simple to use and to understand. You determine how much money to fund your prepaid account with and transfer the funds into your prepaid business account. Card providers offer different plans based on the number of cards you need, each with cards for a low monthly fee that your employees can use to make purchases according to their different job duties. Since you are able to control the amounts that are available on each card by day, week, or month, you can limit how much your company spends in the various spending categories on your budget.
Controlling spending and expenses with your business account
A primary goal of most small businesses and startups is to get the spending and expenses under control. A Bento for Business Visa debit card can help you accomplish this goal. You can designate that different employees are only able to use their cards for the types of purchases that their jobs require. For instance, an office employee who is tasked with tracking and reordering office supplies may be limited to only making those types of purchases. Another employee who must travel might be limited to making pump-only gasoline purchases at different convenience stores. If employees try to make unauthorized purchases, the transactions will be declined. You are able to see what is being spent at any time by accessing your online platform. Your business debit cards can be turned on and off with the click of a button 24 hours per day and seven days per week from anywhere.
Contact Bento for Business today
For extra peace of mind, funds held within Bento are FDIC insured to at least $250,000 through The Bancorp Bank; Member FDIC. We use the highest level of secure encryption so that you are protected. To learn more, get started on a 60-day free trial, or call 866.220.8455 for answers to any questions.