Why Prepaid Credit Cards Are Great for Business

Why Prepaid Credit Cards Are Great for Business

There are a lot of ways to pay for things besides cash in our extremely digitized society. These include debit cards, credit cards, lines of credit, and everything in between. However, some people want the convenience and ease of a credit card without having to deal with, well, credit. For those people, a prepaid credit card is a way to go. However, businesses can also get in on the prepaid card game to fulfill a myriad of different purposes that help make things simpler for both their customers and their employees.

Let’s go over just a few of them right now:

Prevents theft

Since credit cards require the use of a PIN, even if the card is stolen or misplaced, there’s no loss of funds since you can cancel that individual card and get your money back. There are businesses out there that have drivers that risk being robbed. A company card skirts around that issue completely by eliminating the need to carry cash. Prepaid cards also insulate a business from internal theft since the transactions are easy to follow, and each card can be assigned to a specific employee who’s responsible for the funds in question.

Easy payments for corporate expenses

Should you be sending employees out of the office on sales calls or to a corporate event, a prepaid card is an excellent way to cover their expenses while also covering your own behind. See, with a prepaid card, your employees will be able to cover all of their food, lodging, and gas expenses with much less room for leakage of funds. That reason alone is enough for many businesses to seek out prepaid card solutions. Each transaction will be tracked, allowing you to keep tabs on where your employees are and what they’re up to. Also, any balance remaining on the card isn’t going to be pocketed by the employee, as they’ll have to return the card to you once their outing is complete.

Treating referred customers

Giving your favorite customers a prepaid credit card as a sign of appreciation is a fantastic way to endear long-term clients to your brand. Should they come and visit you in person or even just as a mailed reward at Christmas time, the prestige of having your own card you can issue to customers is massive. Your customers will feel appreciated that you’re giving them a card with money they can spend however they wish.

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Conclusion

Prepaid credit cards are yet another way that businesses can streamline their entire cash process. Petty cash can be easily turned into prepaid credit cards that can be given out whenever necessary, even sent through the mail to remote workers. The ability to have all transactions easily tracked and numbered also simplifies the accounting process, instead of having to count up loose bills and coins every so often. These cards are accepted anywhere that major credit cards are, so there’s no limitation on what can be purchased, within reason, of course. Not only that, having customized prepaid cards for business is a minor expense that can end up making your business look much fancier than it really is.

 

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