How Digital Prepaid Solutions Are Helping Businesses
As recently as a few decades ago, running a business meant having money on hand in a cash register ready to pay vendors for all your needs. Those days have changed. Now, cash exchanges hands at the press of a button sometimes traveling halfway around the world through a variety of currencies before hitting a bank account.
It’s an exciting time for doing business on a grand scale. But, high-speed exchange brings with it a host of new challenges that aren’t quite as easy as a handshake, a smile, and a few carbon copies. That’s one reason many business leaders are using prepaid solutions to bring their products and services to the broader market while limiting some of the risk and a lot of the challenges. So, how can digital prepaid solutions help your business work at top speed? Read on!
Prepaid Business Debit Card
A prepaid business debit card allows your business to make or receive payments across currencies without utilizing a bank account or undergoing credit checks. Prepaid cards offer a safe, and hassle-free payment system so you can get money to affiliates, suppliers, and even employees without routing it through a traditional bank. If you’re competing in a high-speed industry, you need a digital payment solution that can keep pace.
These prepaid payment options can be set up and managed as easily as any banking payments, but with an added level of security and efficiency. While still licensed and regulated, prepaid cash solutions offer a global reach in a variety of currencies. And, unlike some banking cards, the funds on your prepaid cards are available immediately, so you don’t have to wait to make or receive a payment. It’s truly business at top speed. The prepaid cards are Mastercard issued, so you can be certain you’re using a trusted and widely-accepted form of payment.
Whether you need to pay commissions, reimburse travel expenses, or make payments across the globe, you can make it happen with a prepaid card. Expenses on the cards are easy to track, secure enough to use online or through digital platforms, and can be easily refilled.
Business Owner Advantages
Small business owners are using prepaid solutions for a variety of reasons. Foremost, prepaid debit cards allow business owners to safely and conveniently control and manage employee spending. Employers can set spending limits for each employee. These can be daily, weekly, or monthly limits, and these can be changed as needed. Additionally, employers can use prepaid solutions to limit where employees can utilize the prepaid cards.
Business owners don’t have to worry that their employees are using their cards to purchase fancy steak dinners if the cards are set to only allow the purchase of fuel. Prepaid credit solutions can be tailor-made to fit the needs of your business and employees.
Here are just a few of the advantages of using a prepaid debit card:
- Ease of use — There’s no bank account to open, and no credit check to complete. Simply register your card, load it, and it’s ready for use around the world.
- Safety — Much of business takes place in the digital space, where cash isn’t accepted! With a pre-paid debit card, you can make purchases online. Additionally, once your cards are registered, you have some protections in case of loss. The same simply can’t be said for cash.
- Insurance — Depending on the service of prepaid card you choose, your company is insured against employee misuse of cards.
Billions of dollars pass from business to consumers and make each year. In the past, its pace was slow. Today’s prepaid solutions speed up the process, which can be terrifying, but it doesn’t have to be that way. Prepaid business debit cards offer an alternative to keep money flowing as needed while eliminating the necessity of credit checks and a bank account.
Whether you run a small business or a large corporation, prepaid solutions can help manage your transactions–even on high-dollar transactions. The cards can be used for virtual accounts, eliminating the need for transactions to traverse through accounts payable using invoices and writing checks. A prepaid business debit card offers your business transparency, oversight, and most importantly, can save you time and money.