Controlling employee expenses is always a challenge, and considering expense reimbursement fraud accounts for annual median losses of at least $26,000, it could be seriously impacting your business’ financial well-being. Even if you have full trust in your employees, the simple truth is that expense and accounting fraud can happen to any business. In fact, small businesses are especially vulnerable, making it essential that you have effective controls in place to monitor the flow of money within your business. One particularly effective control method is providing your employees prepaid credit cards.
Prepaid cards for employees
Whether you’re trying to prevent fraud or simply looking for a better way to manage your expenses, setting up your employees with prepaid cards is a powerful and versatile solution. These cards work by tying into your business expense accounts, providing access to funds without the cumbersome and fraud-prone process of expense reimbursement or the dangerous risk of using checks. Some businesses instead turn to traditional business credit cards, but these lack precise expense controls of prepaid cards for employees and could potentially put your credit standing on the line.
How employee prepaid credit cards work
Prepaid cards for employees have become popular in recent years, and for good reason. They’re simple to set up, easy to use and offer powerful features. Employees prepaid cards work just like standard debit cards, drawing from your designated business bank account every time your employees’ cards are used. This allows you to monitor every cent your employees spend without tracking a litany of credit card receipts, checks and other paperwork. You can also place customized rule sets on your employees’ prepaid credit cards, specifying when and where purchases can be made and how much money can be spent. This offers virtually endless possibilities, from setting up prepaid cards for employees to use on travel costs to designating cards to be used on office supplies. It’s a safe and affordable way to empower your employees to conduct their business without risking fraud or theft.
Employees prepaid cards vs Business Visa debit cards
Your organization deserves the best, and when it comes to cards for employees, there’s no substitute for Bento for Business Visa debit cards. With a variety of low-cost plans to suit businesses of all sizes, a suite of powerful tracking and expense management tools, reliable 256-bit Secure Socket Layer (SSL) encryption and an ironclad $250,000 FDIC insurance guarantee, you can be confident that your business’ money is secure and well-controlled. A convenient mobile app makes expense reporting and tracking quick and easy, and setting up your employees with Bento cards eliminates the hassle of traditional reporting and reimbursement. Business Visa debit cards for employees can also be enabled and disabled with one simple click, making management and fraud prevention even simpler.