How to Pay Online with a Prepaid Business Debit Card
With so many goods and services being purchased online, it’s more important than ever before to have a secure and convenient way to pay, especially as a business owner. Nowadays, businesses and corporations around the world are relying more heavily on debit and credit cards to complete virtual transactions than in previous years. In fact, the amount of people using credit cards has increased by 5 percent in the last five years, simply because of the demand to purchase products online. Overnight delivery and same day pickup makes it easy to receive goods quickly and efficiently, causing more and more people to make purchases over the web.
Along with the increase in credit card users is the amount of credit card theft and fraud. In 2016 alone, over 3 million theft cases were reported in the United States, totaling more than $744 million dollars. Cyber criminals worldwide are constantly striving to create more innovative ways to steal identities and funds. Protecting your legacy and business is easy. Due to the increased risk, more and more businesses are utilizing prepaid card solutions in an effort to protect their assets.
What Is a Prepaid Business Debit Card?
A prepaid business debit card is a prepaid solution suitable for any industry. It allows for more financial control by being able to carefully monitor and track budgets and expenditures while still allowing employees the autonomy to make necessary purchases. These physical cards are issued by a company such as Visa to a specific business. Some cards may have the business’ name on them, while others may not be issued to a specific cardholder. It’s possible for a company to have multiple prepaid business cards issued to them. Once received, the company simply has to activate the cards.
Upon activation, the card is ready to be loaded with funds. Prepaid debit cards are different than traditional debit or credit cards, as they aren’t tied to an account. There isn’t a checking account or savings account supplying the funds to the card, nor a high credit limit. Instead, the user is responsible for loading as much or as little money as they’d like onto the prepaid card. There are no interest rates or credit limits, making it difficult for online theft to occur, while also saving businesses money.
Using a Prepaid Business Debit Card Online
Many businesses miss out on the benefits of a prepaid business debit card simply because they don’t understand how to use them. Prepaid business solutions are easy to use. Once the card has been issued and activated, load a specific amount of funds onto the card. The amount could be a monthly budget amount or just enough to cover the purchase of a specific product—the choice is yours! After the funds have been loaded, your prepaid business card is ready for use.
One of the biggest benefits of a prepaid business debit card is that it functions just as a typical card would. It can be swiped anywhere with any vendor that accepts your card type. Likewise, it can also be used for online purchases. Each prepaid card is equipped with an expiration date, security code, and card number. When using it online, simply enter in the pertinent information, hit submit, and the funds are withdrawn from your card. It’s important to note that if there aren’t enough funds on your card to cover the purchase amount, the purchase will be denied. There are no overdraft options.
There are optional security benefits that are offered with prepaid cards. Some online prepaid business debit cards are equipped with virtual numbers. These numbers are attached to the prepaid card, but add an extra level of security. Like a prepaid business card, you still have to load funds on to the card. When using the card online, though, a number different than the one found on your physical card is used. This number isn’t associated with your prepaid card at all. By utilizing a virtual number, it’s less likely that online theft will occur.
A prepaid business card is a much safer option than traditional business cards. Because your prepaid card isn’t attached to your high-limit business credit card or business bank account, your assets are more secure. Plus, there’s no need to worry about overspending or employee theft. Instead, you can choose the amount to load onto each card. Once the money is gone, the employee using the prepaid debit card will either have to ask for more funds or wait until the budget allows for more, giving you more control of the budget and reducing overspending.
Easy Online Tracking
Once you’ve used your prepaid business card, you can quickly and easily track your purchases. With easy-to-use software, managing expenditures and budgets is easy. Whether you issue cards to various people within a department or just give one to the department head, reconciling purchases and balancing the budget monthly, weekly, or daily is possible. With the help of a prepaid business card, there’s no need to worry about overspending. Simply load the card with the designated amount of funds and monitor each purchase to make sure you stay on track. Many businesses choose to use their cards for specific projects, only loading a specified amount on to the card. This allows the department to stay on track with the budget and monitor expenditures easier. Once the project is done, creating and reconciling reports is simple. Incorporating a prepaid card plan into your already-existing process has never been easier, no matter how you decide to use it.
Using a prepaid business debit card online is simple. With additional security options available, it’s easy to protect your assets and improve your corporate practices. While online purchases are quick and efficient, you can also choose to swipe your prepaid business card at most stores, restaurants, and suppliers. If you’re a business owner, you can’t afford another payment method. Don’t put your budget and finances at risk. Instead, protect yourself with prepaid business solutions.