Whether you’re the CEO of a startup tech company or a traditional small business, the way you and your employees pay for goods and services has to keep pace with your business. Business debit cards can help you manage expenses and budgets better, giving you more time to focus on your business.
The Advantages of Business Debit Cards
Business debit cards are used in combination with an FDIC-insured business bank account, the same way you use other credit or debit cards. Then, the amount of the purchase is subtracted from your business account at the bank.
Making the switch to a business debit card over credit cards or petty cash is a smart move. If you’re a new business, qualifying for a credit card can be difficult. If you do qualify, you still have to cover interest charges and other credit card fees, in addition to any purchases made with your card. Some of the other advantages of switching to business debit cards include:
Can be used anywhere major credit cards are used
Most debit cards have readily identifiable logos, such as MasterCard or Visa. Your employees won’t be limited to specific stores when shopping for supplies. If you’re used to letting employees purchase what they need and reimbursing them later, you can say goodbye to that added paperwork.
Better control over expenses
While debit cards are accepted nearly everywhere, you can control expenses by limiting where your employees can use your cards. You can also set limits per card. For instance, if you give cards to different roles, you can set lower limits for the roles that don’t need as much purchasing power.
Streamlined expense management
You can view every expense from a handy online dashboard. Your online dashboard lets you see every purchase made, as well as any declines. If one of your office personnel attempted to subscribe to Netflix on the company card, you’ll know.
Prepaid Business Debit Cards for Your Company and Employees
If you’ve been burned before, such as an employee helping themselves to funds from petty cash or using a company credit card for personal purchases, you can probably already see how debit cards could solve the issue. But on the other hand, business debit cards also alleviate the hassle of your employees needing your approval for every single purchase.
Prepaid debit cards for employees allows you better control over invalid transactions. Prior to handing out the new cards, you’ll create a list of approved merchant categories where your company debit cards can be used. Whenever an employee attempts to use the company card at a location that’s not on your list, the card is declined.
We make it easy to find a good business debit card. Bento’s debit cards offer all of the features your employees need to make business purchases while allowing you to stay on top of business expenses. Bento also has industry-leading customer support.
Bento for Business just makes good sense. We provide debit cards for your employees and a user-friendly dashboard. You or your admins can easily monitor transactions. You can add as many or as few admins as you like. This gives you a direct line from user to Finance Department without the hassles that can come with average expense monitoring and reporting. Ready to try Bento? Consider the Bento for Business 60-day free trial.