By using business pre paid cards, companies “self credit” with money they place on deposit. Doing so affords the ability to stay completely in control of corporate cards instead of being at the mercy of credit card issuers. In uncertain times when business credit card limits are being lowered or accounts are being closed by credit card issuers, it is difficult to stay in control of the tools used to manage day to day operations. Sudden changes to credit card limits can bring business to a halt, especially for companies that are on the road or in the field. When the credit line is maxed out, all cards stop working. No one can buy fuel or check into a hotel – and the only way the credit card company will allow spending is if all or part of the bill is paid. Even through electronic means, that can take a few days. For businesses with high spending volumes this can mean multiple funding transfers in a month. The biggest issue is not knowing the limits have been changed due to decisions made without input from your business.
Companies that begin using our business prepaid debit service quickly realize that they have a greater amount of control over their spending, what their limits are and effectively – greater control over their business. Because they interact with our system frequently, they are aware of cash position, what cardholders are spending and when to make transfers to add more funds to their program. We have heard from plenty of businesses that were in good standing, had strong business credit and were relying heavily on cards until their limits changed and people were stranded.
Sign up for PEX Card and take control of your cards, your limits and your spending!