Running a non-profit entity is a noble undertaking, but it’s also infinitely harder than most regular business projects. Since you’re most likely reliant on donations and charity, you must struggle even harder to keep the books balanced. This leaves little room for financial mistakes. Non-profit business debit cards like Bento for Business might be the ideal solutions, especially compared to credit alternatives.
What is a non-profit business credit card?
Non-profit spending tools come in many forms. For instance, you might use a credit card to fund office purchases or pay suppliers. Many charities give their trusted staff members payment cards so that they can help move projects along.
The problem with non-profit business credit cards is that they’re designed for businesses. These tools carry high interest rates and make you jump through hoops like passing credit checks. Credit cards are also known for strict credit limits that make it even harder to spend money in ways that help your projects thrive. Abandoning traditional credit might be the most influential decision you ever make as a non-profit leader.
Could non-profit business debit cards be better?
Debit solutions tailored to charitable entities come to the rescue where most non-profit business credit cards fail spectacularly. For instance, they don’t require you to keep running credit balances, so you have one less bill to worry about. This all but eliminates the risk of your organization getting buried in unsustainable interest.
Not having credit limits also goes quite a long way. Since you can spend what you need to as long as you fund the card in advance, it’s much easier to anticipate your organizational capacity and manage finances intelligently. When you have to plan for galas, events or donation drives, you need the power to stay informed. Having a connected non-profit business debit card that lets you generate and share reports on the go is even better because it enables you to save time by doing away with troublesome reimbursement forms.
Non-profit expense control is simpler with prepaid cards.
One major problem faced by non-profits is the fact that it’s not always easy to fight fraud. Whether your staff is made up of volunteers, paid members or a mix of both, you probably don’t have time to sit around monitoring each person’s activity. The need to keep the whole show running along smoothly exposes you to notable hazards. If you make a bad judgment call by placing your faith in someone who proves to be untrustworthy, your willingness to give them a credit card might jeopardize your future projects.
Non-profit debit solutions solve this issue without breaking a sweat or adding to your workload. They include secure, linked apps that make it child’s play to set spending limits on individual cards. You can also restrict the types of purchases that specific cards can make and monitor usage with ease. These features are invaluable for organizations that need to concentrate on serving others.
What kind of non-profit business prepaid card will further your mission?
Just like non-profit business credit cards, debit solutions come in all types. To spend safely, yours ought to include FDIC insurance, convenient reloading features, SSL encryption for safer transactions, and flat-rate fees that don’t leave you struggling to keep the lights on.
The success of your non-profit is about more than just helping you achieve your personal or even organizational objectives. It impacts everyone who depends on you, so it’s critical to choose the right non-profit business debit card. Why not learn more about Bento for Business? Find out more by starting a 60-day free trial or by calling 866.220.8455.