You may be considering getting a credit card for your business. A secured credit card provides digital breadcrumbs for tracking and analyzing expenses— and may be a decent solution compared to a private account. However, business credit cards have fees and can hurt your credit score. Additionally, a credit card that is secured does not necessarily mean it is risk-free. A credit card can use secure digital protocols, but when it comes to human error there are significant drawbacks. Through Bento for Business, you’ll have access to a variety of great features that are specifically designed for the needs of small businesses.
Getting a secured credit card for business instead of using a personal card is a good option for small business owners. A secured credit card, however, requires that your credit meets strict minimums, and it does not prevent your employees from misallocating funds. There is generally a high spending cap and little to no control over how it may be used. Using credit, as opposed to a prepaid debit card, can easily lead to potentially devastating fraud and misuse. Bento for Business offers a superior alternative: the prepaid business debit card.
Bento for Business allows you to limit the spending of each employee to a specific category or set of categories. For example, you can give an employee who is responsible for paying the utilities a card that is limited to utilities spending. A different employee who is responsible for purchasing new office supplies has a card that is set to that unique spending category. If your employees attempt to make purchases that are not allowed by the designated categories, their attempts will be declined. Your employees are also not able to make withdrawals on their cards, giving you an added layer of protection. As opposed to secured credit card, with Bento’s debit cards for business you deposit funds onto the card from the proprietary application. This administrative command center, the dashboard, can make changes to each individual card 24 hours a day, seven days a week— and it’s available on PC and smart phones for on-the-go changes.
The application dashboard shows all of your employee cards and how much has been spent on each one at any given time. This can help you to make certain that your employees are keeping the business expenditures within your company’s budget for their individually designated spending categories. You can easily transport the information into your QuickBooks or other office accounting software, helping you keep up with your books and monthly reports. For a low monthly fee of $29, you can get up to 10 cards for your employees to use for business-only expenditures and be glad you chose Bento over a secured credit card. You and your employees will have the flexibility to make business purchases when they are needed without the hassle of employee reimbursement forms. Running up a balance— something a secured credit card cannot easily protect against— will never be a worry again. With these cards, you can turn off access to specific funds or employees instantly by simply clicking a button.
A secured credit card underperforms against the astounding features of Bento for Business’ prepaid debit— and with SSL encryption and FDIC insurance up to $250,000, there’s no question who wins! To understand your company’s financial budget and expenditures in real-time, and to reap the numerous other benefits of Bento’s prepaid business debit cards, start your no-obligation, free 60-day trial.
Fill out our contact form today, or call our wonderful support staff with any questions you might have: 866.220.8455.
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Applying does NOT affect your credit score!*This is not a credit card.
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.