Nonprofits have an incentive to keep costs down since donors want their contributions to go as far as possible. But making such cuts and still being able to provide maximum services can be a daunting task. A prepaid card can help an organization manage it's cash and budget effectively. Here are just some of the ways a nonprofit could benefit from using prepaid cards:
Often a small nonprofit or a church will use a petty cash account to cover incidental expenses. While this can be an easy way to make funds available, it can also become an accounting nightmare if a number of people are using the cash and accurate receipts or records are not consistently kept. With a prepaid card, everyone can have access to cash in an easy, yet controlled away, with built-in accountability.
Nonprofits usually are formed to make a positive difference in the community, and the more time spent working toward this goal the better. Using a prepaid card with tools that can provide custom reports means that financial information flow and tracking can happen more smoothly, so scarce resources can be devoted to the more pressing tasks at hand.
Whether you are traveling to a conference or bringing a group of volunteers somewhere, travel expenses will add up. No one traveling as part of your nonprofit should be stuck without readily available funds. A prepaid card can be used to cover these costs.
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.