We got a call from a business owner who found us via web search (we love to hear that!). He is currently using a general spend reloadable prepaid debit card product to manage petty cash. General spend cards service the “underserved” or “unbanked” community. Which means, they provide a card option for consumers who do not have a bank account and/or are unable to get a credit card.
General spend cards are a bad option for business owners, here are a few reasons why:
- Transaction fees: They charge a fee for every transaction.
- Load fees: This particular business owner told us he was paying $5.00 for every card load. He says, “that is just not economical!”
- Cash access: General spend cards are for consumers that need ATM and cash access.
- No transaction oversight: Some cards offer a website for the cardholder to review transaction and balance history. But, what about the business owner? No access to transaction history.
- Transaction Limits- if the per-day limit is exceeded, the card will be shut down due to fraud alerts. Business owners can call and ask for increased limits, but this ultimately messes with the fraud systems in place, since the card is not meant for businesses.
On the flip side, we can help business owners:
- No transaction fees: You can use the card as often as needed.
- No load fees: Add and remove money from cards as much as you want, it's free!
- Pre-approved pin access: Use your PEX Card pin at Sam's Club, BJ's or anywhere a pin is required. We give each business an option to supply pins to employees that are pre-approved by the administrator.
- Know where your business's money goes by tracking transaction history in real-time
- 25K limit, but instantly re-loadable, so you can spend an unlimited amount per day–as long as it is approved by the administrator.
Money belongs to the business and the business owner who needs to see where it's going – in real-time. Our corporate re-loadable prepaid debit card is the economical option for business owners who want to effectively manage petty cash. Leave the general spend cards for consumers
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Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).