Every business needs to have a streamlined process for spending money in order to make money. There needs to be a balance between control and ease of access. A prepaid card for business might be just the thing to strike this balance for your business.
What are the pros and cons of choosing a prepaid credit card? While you do not get access to additional business credit and you usually do not earn rewards, there are many reasons why corporate prepaid cards may be the smartest choice for your business. Prepaid cards, like credit cards, are accepted worldwide and employees can get cards personalized with your company and the cardholder’s name. Also like credit cards, there is zero liability if a card is lost or stolen. But where a prepaid card stands out is in all the additional features it may offer that charge cards and credit cards just can’t match. For example, here are some key features that the PEX Visa Prepaid Card offers:
- Fund disbursement to employee cards is instant, giving you the ability to change card balances and available spending in real time.
- Individual cards can be set to have have daily limits if desired, and usage can be restricted by categories of spend type, providing greater employee spend control.
- There’s no pre-set spending limit for the account like credit cards, so you can control spending in your business at your own pace, rather than giving that control to your bank.
- Protecting business and personal credit is important, and a business prepaid card will give you quick access to needed funds without putting your own credit on the line
- Monthly statements and custom reports can help you forecast spending and stay on budget
- Predictable pricing can make budgeting much easier, and since a prepaid card doesn’t involve varying interest rates, you won’t be caught by surprise.
A corporate prepaid card could be just the card to help your business thrive. Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.