The use of reloadable Visas is on the rise, particularly with younger adults. According to a recent CNBC article, about a third of Millennial Americans have used them as a way to make credit card purchases and help manage their budgets. For people in all age groups, about one-fourth have used these reloadable payment cards for the same reason.
Many businesses have found that reloadable Visa cards can offer them many of the same advantages that they offer consumers. Plus, they can even do more with features that are specifically designed for corporate use.
Why are reloadable Visas for business different than consumer cards?
Of course, unlike a credit card, you have to fund a reloadable Visa card before you can use it to make purchases; however, that can provide several advantages. These are some general reasons that reloadable Visas have become more popular:
- The most obvious benefit is that you don’t have to run up any more debt since the cards are funded from a bank account.
- Because these aren’t credit cards, you don’t need a great credit score to obtain them.
- Reloadable Visas have name-brand logos, so most merchants accept them if they accept any credit or debit cards.
- You can load the cards electronically from a bank account, so you don’t have to withdraw or carry a lot of cash around.
If you run a business, you may not find that these cards are very useful as a way to help your employees make purchases. Sure, you can limit an employee’s spending by limiting funding, but that’s about it. Using consumer cards for your employees really limits their usefulness. Instead, you will probably want to look for reloadable purchase cards that have been specifically designed for businesses.
Some of the features that your business can benefit from include the ability to set total and daily purchase limits, restrict their use to specific merchants, and even to synchronize reports with accounting software. Instead of being anonymous like so many consumer cards, you can actually get cards for each employee who needs to buy things for work. That way, you can customize your settings for each type of employee. You also have the ability to drill down to see how each employee is managing their expenses.
For instance, your salespeople probably need to make different kinds of purchases than your technicians or managers do. You will have the luxury of managing groups of employees or each employee with their own set of rules. This can prevent a lot of problems with employee purchases before they ever happen. Furthermore, you will have a handy, online dashboard that you can use to load the cards, see reports, and change settings at any time.
Alternatives to reloadable cards for your business
If you want to work with a good business card, it’s helpful to know that they are also good at business. Consider Bento for Business’ Visa debit card, with an overall A+ rating from the BBB. That way, you can be certain that you have the secure and quality tools you will need and the business-oriented customer service that you deserve.
Furthermore, Bento provides business Visa debit cards and software that have been specifically designed for companies that need to help their employees make purchases. You can experience the difference by signing up online for a free trial today. If you have any questions, contact Bento at 866.220.8455 or refer to their FAQ page.