Why Prepaid Cards are Best for Business

Whether you’re a new business or a multi-million dollar corporation, your company has one goal—to stay profitable and grow. Managing expenses and lowering your overhead costs are just a few of the easiest ways to accomplish this goal. Instead of relying on your previous spending solutions, consider something new. With the help of a business prepaid card, your company can stay out of the red while bringing in more green.

In the past, businesses have relied on credit cards to fund their orders and allow employees to make necessary purchases. While it’s easy to swipe a card, it can create a lot of major problems. Overspending, reconciling expenditures, and employee theft are just a few of the issues companies that use corporate credit cards are facing. Prepaid corporate cards, on the other hand, are an amazing solution. Because of the various hard-to-ignore benefits and the control it puts back in the hands of the owners, many businesses are making the switch to prepaid.

Less Overspending and More Capital

When your employees have access to company credit cards, they have the ability to overspend. In their eyes, it’s much easier to spend someone else’s money—especially when it seems endless. With a high credit limit and no one monitoring the card, it’s easy for them to go over budget. When your employees overspend, it forces you to compensate for their error and pull money from somewhere else in the business. Overtime, this eats into your profits. Instead of losing money due to overspending, use a corporate prepaid card. Prepaid cards allow you to set a limit that can be spent on each of the cards that you issue. Simply load each of your cards with a designated amount and hand them to your employees. Once the money is gone, it’s gone! You can choose to load it with more or simply wait until the next month. This type of spending strategy forces your employees to be better with the budget and prevents you from having to reallocate money due to their overspending.

Less Debt

You can’t create new debt when using a corporate prepaid card. It’s virtually impossible. If your employees attempt to make a purchase for more than the limit available on the card, it will be denied. This means that you don’t have to worry about paying anything off or making minimum payments. It also means that there’s no credit limit or APR that you need to be worried about. With no monthly payments, that’s more money in your pocket!

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Streamline Your System

Prepaid corporate cards aren’t just for tracking employee spending. In fact, they can provide an easier way to manage salaries and reimbursements. Employers can offer their employees the option of having their salaries directly deposited onto their prepaid corporate cards each pay period. It’s an ideal way to send money quickly to employees who are due for reimbursements. You can even use your prepaid cards as an incentive for your employees. Whether you give them away like gift cards or load an additional monetary amount onto them from time to time, your employees will enjoy using them as a bonus system. Once in their hands, employees can use these prepaid debit cards as they would any other credit card. It can be used at stores, online, or at petrol stations, making it an ideal solution for both employees and employers.

Promote Your Business

While prepaid business cards offer a better way to control your employee’s expenditures, they also present an out-of-the-box method of marketing your company. Most prepaid card companies allow you to choose logos or pictures to put on the front of your cards. When your employees use these cards, it’s an automatic advertisement of your brand. Giving away prepaid gift cards with your company’s logo and name is another great way to get your name out there.

It’s time to think about your employee spending differently. Instead of using credit cards, make the switch to corporate prepaid cards. With the help of your new spending solution, you’ll find it easier to increase your capital and reduce your overspending.

 

Choosing the Best Prepaid Gasoline Card for Your Needs

If you’ve got a car, you probably frequent a gas station every week or two. You’re probably in the habit of pulling out your card and swiping it through the outdoor reader. While this is a convenient way to fill up and go, it could be putting your identity at risk. Having your credit card information stolen via electronic skimmers is becoming more and more common. In fact, there was so much identity theft due to gas station skimming in 2016 that Gary Taylor, executive director at Conexxus, estimated that the fuel industry would have to spend $3.9 billion to retool and equip each pump to protect customers. While fueling stations are required to update their systems by October of 2017 to protect against card theft, thieves are consistently coming up with new ways to obtain your information. Currently, Bluetooth retrieval is being used to pirate card info from gas pumps. Instead of using your regular credit or debit card to pay for your gas, it’s time to make the switch to a pre-paid gas card.Filling up with gas

Prepaid fuel cards are reloadable. Simply decide how much you want to keep on your card and use it to fuel your card. Because it’s not tied to your bank information, there’s no risk to you. It’s a quick and easy way to protect yourself from theft. While using a prepaid gas card is a no-brainer, choosing the right card is another story. 

Woman paying at gas station

  • Don’t pick the first card that crosses your path. Plenty of gas stations and convenience stores offer prepaid gas cards. While it may seem easy and convenient to pick one up, it’s important to put some thought into which gas card you want to use.
  • Make a list of the last five stations that you used to fill up your tank. Why did you choose these stations? Was it because they were close to home or work? Maybe they had the best gas prices? No matter the reason, you want to choose a card that can be used at your most frequented stations. Many companies offer prepaid gas cards that can only be used at specific gas stops, limiting your options.
  • Some prepaid gas cards may offer rewards or incentives. This is a great way to save some money while protecting yourself. If you spend hundreds of dollars on fuel each month and you choose a prepaid gas card that gives you a percent back or that gives you a discount on each gallon of gas, you could be saving quite a bit over the course of a year. Compare different rewards before deciding on which prepaid card is best for you.
  • Each prospective prepaid card is going to have a list of terms and conditions that needs to be read. Before you can even begin using your card, you may be required to pay a “purchase fee” or an “enrollment fee.” Typically, this is only a one-time charge. Depending on the card, though, you may also be charged a monthly fee. Some cards also tack on a fee each time you reload the card. By reading the fine print, you can eliminate those cards that might charge you more for fees.
  • If you don’t drive a lot, a gas card is still a good idea. It protects you at the pump and can put more cash in your pocket. But it’s important that you choose a card that doesn’t require you to spend or keep a certain amount of cash loaded each month. This will just be a hassle for you, especially if you don’t spend a lot of time behind the wheel.
  • Your prepaid card should make your life easier, not harder. Before selecting a card, figure out how you add funds and use it at the pump. Reloading your card should be simple and only take a minute or two. Using it at the pump should be no different than using your typical debit or credit card. Anything more difficult will just complicate your life and make the benefits of using a prepaid card obsolete.

Happy couple at gas pump

Don’t let credit card thieves rob you of your money and personal information. Protect yourself and your bank account by selecting a gasoline card that’s prepaid. With the right card, you won’t worry about compromising your confidential information each time you fill up.

 

Meet our payment expert at AILO Members’ Meeting on April 20, Novotel Hotel, Greenwich, London

MyChoice Professional helps multinational insurance and investment firms pay commissions to brokers and agents worldwide. Meet our payment expert Miles Paschini at AILO Members’ Meeting on April 20, Novotel Hotel (Greenwich, London) and get to know how insurance companies can lower the cost of distributing their international commission payments.

 

WaveCrest Sponsors Gibraltar Startup Grind

We are excited to sponsor Gibraltar Startup Grind as we believe this is a great initiative for the local entrepreneur community in Gibraltar. It’s a chance for like-minded individuals to network with each other, and an opportunity for local talent to further their personal and professional development.

This platform will help forge relationships between entrepreneurs and local companies, thereby generating future job prospects for local Gibraltarians.

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Startup Grind is the largest independent start-up community, actively educating, inspiring, and connecting 1,000,000 entrepreneurs in over 200 cities. They nurture start-up ecosystems in 85 countries through events, media, and partnerships with organizations like Google for Entrepreneurs.

The cornerstone of the global community is monthly events featuring successful local founders, innovators, educators and investors, who share lessons learnt on the road to building great companies.

“At WaveCrest, we are proud to already have a great track record in employing local talent, and training them with specific skills to help them with their professional growth and future prospects. We feel that Startup Grind supports both our company objectives and future goals, and are very happy to be a part of the community” , Brent Almeida CEO of WaveCrest

Meet Us at TLPA Spring Conference & Expo (Booth #26), Apr 25-28, Hyatt Regency, Indian Wells

WaveCrest is exhibiting in TLPA Spring Conference & Expo 2017, from April 25 – 28, at Hyatt Regency Indian Wells Resort & Spa. Meet our Wave Crest team in space #26, and get to know how we are creating a revolution in payments and creating specific custom payment solutions for fleets.

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Meet Us at booth #26 in Consensus – May 22-24 NYC

We’re exhibiting at Consensus at the Marriott Marquis Hotel on May 22-24 and would be delighted to meet and discuss your payment needs!

Meet Us at booth #3012 in Affiliate Summit East – New York (Jul 30-Aug 01)

We’re exhibiting at Affiliate Summit East at the Marriott Marquis Hotel on July 30 – August 1 and would be delighted to meet and discuss your payment needs!

Meet Us (#1314) at Affiliate Summit West – Las Vegas

WaveCrest is exhibiting at Affiliate Summit West 2017 on Jan 15-17 in Paris Las Vegas Hotel. Find your way to our booth #1314 and meet our payments experts.

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Meet Us at Money 20/20 USA 2016 from October 23-26, at The Venetian, Las Vegas

Meet the WaveCrest team in Money 20/20 2016 US, from October 23-26, at The Venetian, Las Vegas.

Talk to us at the event to know more about our innovative payment solutions for Corporates, Government and Tax Authorities, Transport and Fleet companies, Student payouts, Commission Payouts and Gaming & Lottery companies.

To learn more about how we make global payments easy, please contact us at: [email protected]

Meet Us in TLPA Annual Convention, Oct 31- Nov 04, Hyatt Regency, Phoenix AZ

WaveCrest is exhibiting in TLPA Annual Convention & Trade Show 2016, from October 31 – November 04, at Hyatt Regency, Phoenix AZ. Meet our Wave Crest team, and get to know how we are creating a revolution in payments and creating specific custom payment solutions for fleets.

For further information, contact [email protected]