Want to Use a Prepaid Card for Your Business? Here’s How

For many years now, prepaid cards for business have become the preferred means of doing transactions among all types of businesses including SMEs or small and medium enterprises. The massive popularity and clout prepaid cards enjoy is not really surprising if we examine all the amazing benefits they offer.

Prepaid cards for business also provide ease, convenience, and other amazing benefits that are truly hard to match. Aside from the exceptional benefits prepaid cards offer, they also make it easy for cardholders to carry out their financial transactions without all the hassles and inconvenience related to transacting with banks.

How You Can Use Prepaid Cards for Your Business

If you want to use prepaid cards for your business transactions, you need to keep the following in mind to help ensure you use your card to your full advantage:

Use your card to purchase necessities and supplies.

Nowadays, many businesses source their supplies from abroad and there’s no denying this has become a common practice. When ordering and purchasing supplies from online and foreign sellers and merchants, payments are sometimes accepted through network partners or bank transfers.

Fortunately, that is no longer the only option available today. Prepaid cards can now be used to also pay for business supplies and other necessities. While not linked to any bank, many have tie-ups with many payment networks and are honored by online merchants. That said, prepaid cards can now be used to easily do transactions online.

In addition, if the balance on the card has been depleted, users have the option to load money onto the card. There are also various ways to load money on the card and you have the option to choose what you prefer. Prepaid cardholders can also choose how frequent they will load money on their cards.

Once the money has been successfully loaded on the card, users can immediately use the card for purchase transactions and ATM withdrawals. If the balance on the card has been depleted or if the balance is no longer sufficient to cover the transaction, the transaction using the card will be declined.

Use your card to pay for scheduled payments.

Running a business no matter how small will involve lots of external obligations. One of the most prevalent external obligations is the payment of utilities that is related to the vendors, loans, and the business. If it is not feasible for the business to pay using cash at all times, the prepaid card can be used to make the scheduled payments.

Many vendors and lenders nowadays also prefer receiving payments through payment networks as it is easier to process and track. In addition, prepaid cards can also be used to streamline payments so transactions are more smooth sailing and easier to carry out.

Use your card for employee payroll.

In some cases, it is just not possible for small businesses (those with 10 employees or less) to open a payroll account in banks. Generally, banking institutions typically set a minimum requirement (often they require at least 20 employees or more) for those who would like to apply for a payroll account.

What’s even impressive about prepaid cards is employers have the option to purchase as many prepaid cards as they want for their staff. Not only that, prepaid cards can also make it very easy and effortless for employers to give out employee salaries and compensations. No need to deal with the hassles of issuing checks or handing out cash.