Credit card misuse or misallocation by employees is a prevalent problem, touching businesses both large and small. Business prepaid cards are an excellent alternative to credit because they eliminate this risk. With the prepaid business cards you are able to control spending before it even happens, helping you to eliminate both fraud and expense-misallocation— and to protect your company’s bottom line.
How business prepaid cards can help you control spending
A major problem with business credit cards is paradoxically to control the spending that occurs with them. Credit cards do not offer businesses the ability to control spending by employees at the cardholder level, a flaw that can leave your business open to fraud. Business prepaid cards iffer because they allow you to control each employee’s spending. Some even allow you to choose the different allowed categories of spending on your smartphone or PC for each employee card.
A Dashboard brings all-around efficiency and control
Some cards offer software that allows the account administrator to see the purchases that are made by checking the dashboard. This can help you to understand exactly where your business’s spending stands at any given time. Then, you can limit how the funds that you allocate to each card are spent. For example, you might designate that an employee who needs a card for fuel will only be able to purchase gas with it and not retail items from inside of the store. Another employee may only be able to purchase office supplies with his or her card.
How business prepaid cards work
With business prepaid cards, your credit score is free of risk— you will have no personal liability. You simply load your cards with money and designate how each one can be used by your employees. If you need to refill a card, you can load more money onto it at any time and from anywhere. This allows you to easily transport the information to make your required business reports or send to a tax preparation company.
What happens if I lose a card?
It can be difficult to retrieve your company cards. With business Visa debit cards from Bento for Business, you do not need to worry about an employee failing to return the card, a stolen card, or a lost card. You are able to turn off each individual card from your smartphone or laptop with the click of a button. With credit or petty cash, this could result in hundreds to thousands of dollars in fraud or otherwise loss of company money.
Business Visa debit cards from Bento for Business can be a great alternative to business prepaid cards. They can help you to reduce fraud and control spending. FDIC-insured up to $250,000, these cards also have the added protections afforded by SSL encryption.
Bento: A Better Kind of Prepaid Business Card
Business Debit Card— Why Get a Debit Card for Business?
Prepaid Business Debit Card— Simplify Spending with a Business Debit Card
Small-time Employee Theft, Big-time Consequences
The Major Drawbacks of Using Prepaid Gas Cards