New business owners need the flexibility to spend money at many different places so that they can keep their businesses running smoothly. While it takes spending money to make money, it is also important for business owners to institute tight controls so that their business expenses do not balloon. Company debit cards at Bento for Business may give new businesses access to the cash that they need when they need it while also helping them to keep the expenses and spending under control.
How the company debit cards at Bento for Business work
The company debit cards at Bento for Business are prepaid business cards. This means that getting approved for these cards does not depend on your credit. You can choose from several different options and get started with up to 10 cards for an affordable monthly price. There are no annual fees or high-interest rates with these cards.
After you have chosen the number of business debit cards that you need, you can then choose what types of spending may be completed with each card. For example, you can choose to designate one employee’s card as a prepaid gas card. You can then limit the allowed transactions to pay-at-the-pump gas purchases and vehicle expenses. This can prevent the employee from buying other items inside of the store. If an employee tries to make a purchase that is not allowed, the transaction will be denied. You will be able to view the card’s transaction history online and see the attempted theft so that you can deal with your employee appropriately. Another employee may be given a card that is limited to office supply purchases while another might have a card that is limited to paying the utilities and lease payments. When you get these company debit cards, you can use them to pay all of your business expenses, allowing you to stop any bleeding of money that has been happening.
How company debit cards can help identify spending area problems
It is normal for small businesses to have different expense areas that could be tightened so that less money is spent. When you use your company debit cards for all of your business purchases via Bento, you can easily see how much is being spent in each different expense category at any time. By tracking and monitoring the spending, you might then be able to identify spending categories in which too much money is being spent. This may help you to identify the types of spending for which you might then negotiate better deals with your suppliers and vendors. The ability to track spending by category while controlling the use of the cards at the purchase level may help to save your business substantial amounts of money. You can also limit the amount that is spent on each card by choosing the amounts to deposit on them.
Employee theft prevention with business debit cards
When you remove your employees’ ability to spend your company’s money other than by using the debit cards for companies that you give to them, you can prevent most thefts that might otherwise happen. Employees will not be able to use their debit cards to make unauthorized purchases, and they are unable to make withdrawals with them. This can help you to prevent your business from falling victim to employee fraud.