Controlling Spending With a Prepaid Debit Card and Business Bank AccountBank Cards
If you own a small business, keeping track of all of your business expenditures is vital. A prepaid debit card program is a great way to do that. It lets you determine not only who can spend money, but also how much, when, and where they can spend it.
Bento for Business’s prepaid debit card and expense management program starts with an FDIC-insured bank account at The Bancorp Bank, our financial partner. The account can be funded with cash or with a Bento line of credit. It is managed through a digital platform that allows payments through physical debit cards, virtual debit cards, Bento Pay digital payments, and ACH transactions.
Using the digital platform, account administrators can determine which employees are allowed to make payments, how much money to assign to their prepaid debit cards, and what other permissions should be given. They can manage online and telephone transactions through virtual debit cards, and pay vendors through email with Bento Pay, and send payments to
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.
Setting up your Bento prepaid debit card account
In order to sign up for a Bento prepaid card, a process that can take as little as 60 seconds, you will need to link and verify a bank account. Your prepaid debit cards can only be used if you have an available balance in your Bento account, which means you will need a method for transferring funds into the account.
Once your accounts have been verified, you can begin loading your employee prepaid debit cards for use. You can add up to ten employee cards for $29 per month. In addition, you can add or remove employees, add more funds to their card or change the locations where they can use the card 24 hours per day, 7 days per week from anywhere. All accounts are protected with up to $250,000 of FDIC insurance as well.
Managing funds in your account
Transfers from your bank account are normally available from your Bento prepaid debit cards within two to three business days. When you manage your funds, you can see exactly when a transfer will be available for you and your employees to use. If there is a bank holiday or you attempt to transfer just before a weekend, there may be a delay in funds. For example, if you load funds by 4 PM on Monday, funds should be available by 11 AM on Wednesday. However, a transfer on Thursday by 4 PM may not be available until Monday at 11 AM.
Setting up payments and controls
The Bento account is simple to use and to understand. When your account is funded, you then determine how much money to fund each debit card with. You can also make digital and ACH payments on your account platform. This replaces costly and inefficient checkwriting, A primary goal of most small businesses and startups is to get spending and expenses under control.