While thousands of new businesses open each year in the U.S., many will fail within the first four years. A leading problem that can lead to business failures is out-of-control business expenses. Other businesses do not have enough flexibility with their spending, costing them time and money. When you get prepaid MasterCards for your company, you can keep control of your business spending while also giving your employees the flexibility that they need to make purchases for your company.
Corporate credit cards may be out of reach for many businesses. The credit card companies may require businesses to have been profitable for several consecutive years and may check the business owners’ credit. Some types of credit cards such as fuel cards are also only able to be used at certain stores, greatly limiting your employees. Prepaid MasterCards are not credit cards and do not depend on your business’s length or on your credit. They also are accepted at every business or vendor that accepts MasterCard, allowing you and your employees the freedom to shop around for better prices.
The prepaid MasterCards at Bento for Business have additional features that are unmatched by most other companies. These cards give business owners control over their employees’ spending at the transaction level. When you fund your account and your cards, you can establish different spending limits and purchase categories on each card. One employee might be limited to purchasing office supplies while another may only be able to pay for travel expenses. You can define the spending categories according to the needs of your particular business and its employees. Any attempts by employees to buy other things will be declined immediately so that you won’t have to try to get reimbursed for fraudulent purchases.
You will also have access to your own interactive dashboard that you can sign into from anywhere. On it, you will be able to review every card that you have distributed to your employees and see how your money has been spent. If you see any issues, you can instantly deactivate an individual card by tapping the button or clicking on it. When you have a new employee, you can similarly activate his or her card from your interactive dashboard.
The information contained in your dashboard is compatible with most accounting software, allowing you to import it into your office software for your accountant. This streamlined process may make completing your financial reports, reconciliations, and taxes much easier. You will also be able to easily track your expenses and to make necessary adjustments when they are required.
All deposits are insured by the FDIC up to $250,000, and Bento for Business uses the highest level of encryption technology that is available. This helps you to feel confident that your information and your money are protected.
In order to help facilitate the decisions of our business clients, Bento for Business offers a free 60-day trial. Sign up now by completing our fillable form or call us at 866.289.1104.
Applying does NOT affect your credit score!