Meals and hotel stays are expected expenses, and businesses can budget for these appropriately. Emergencies, such as car repair costs, are infrequent and can be handled on a case by case basis. But what about those other travel costs?
When employees are traveling frequently, there are incidental costs that can add up and are often hard to predict - especially for employees taking overnight trips. They can be difficult to gather receipts for and remember to include in expense reports. One great solution - if these expenses are charged using a prepaid credit card, it can be easy to cover these incidentals. And with all the expenses tracking in one place, you can view previous travel costs and budget for this accurately in the future. In addition, if incidental expenses for one employee are adding up beyond the allotted amount, the employee can check in to have more money added to their prepaid credit card, giving the manager an opportunity to discuss curbing spending if necessary.
There will always be unexpected costs that crop up during travel, but with a good system in place this doesn't have to be a problem.
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.