Emergencies can happen to anyone, no matter how prepared and organized they are. What sets a successful business apart is how the emergency is handled. If quickly and efficiently dealt with it becomes nothing but a minor setback. If there is no plan in place a small emergency can grow into a big problem.
It can help to brainstorm where issues might crop up and what the process is to resolve them. Who will be called? How can the situation be mitigated? And how will emergency costs be paid? With a corporate prepaid card, it can help to have funds set aside in a separate account for such situations, so money can be placed on a card quickly to pay for the unexpected. Then, for example, a truck can be immediately repaired or supplies can be ordered on the spot – as long as funds are immediately added to the prepaid card. If there is no plan in place a small emergency can grow and become a big problem.
Having a plan for emergencies can get your company back on track faster. 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.