Debit cards that are linked to major checking accounts aren’t safe. If they get into the wrong hands, your accounts can be misused. Plus, checks or automatic payments that haven’t cleared may bounce if a thief withdraws your money. According to Credit.com, prepaid credit cards for business use can protect you from data breaches. Business prepaid credit cards that allow you to stop spending in real time make it easy to cancel the card if you detect fraud. Plus, withdrawals on prepaid credit cards for business are not linked to your bank account. Only the pre-loaded amount can be spent at one time.
Do some employees spend a lot more than others? That could be a sign that there is card misuse. Those who are in a similar position may normally spend around the same amount for equivalent expenses. You can take a closer look at employee spending with prepaid credit cards for business use that come with a comprehensive mechanism for tracking and analyzing utilization. You can also control how much employees spend by preloading the prepaid business credit cards identically. This is an easy way to notice if someone’s expense reports are irregular 24/7.
Most businesses are constantly dealing with lost receipts. If going through receipts gives you a headache, you might benefit from using prepaid credit cards for business. Keeping tabs on spending is the best way to prevent employee fraud. Many organizations don’t have the time to analyze each receipt.
For example, an employee might over-report a tip or taxi fare. If they know that they will blindly reimburse them, they’re may take advantage of the situation. When you have an easy way to monitor expenditures, employees will be more apt to use company funds appropriately.
American Express recommends giving away as many perks as you can to improve morale. These don’t have to be big-ticket items. A small amount issued on prepaid business credit cards as a bonus can go a long way in making your staff feel appreciated.
Instead of reimbursing employees for expenses, offering short-term spending controls can help simplify your budget, according to Workforce. One of the drawbacks of this method of expensing is that it can be hard to develop and implement using traditional credit cards.
However, if the best business prepaid credit cards let you easily load the card without leaving the comfort of your desk. You can add money every day, no matter what time it is, and no matter what location you are at. You can also choose to limit spending on certain days so that you know the card won’t be used for personal costs.
To find a great prepaid credit card for business, sign up for Bento’s 60-day free trial. Bento for Business lets you customize your prepaid business credit cards. You can use them for fuel, travel or general expenses. Contact us to find out how prepaid credit cards for business use can help you save money and control costs today. Start your 60-day free trial today!
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Banking services provided by The Bancorp Bank, Member FDIC. This Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A Inc. and may be used everywhere Visa® debit cards are accepted.