Build a Business on a Prepaid Card
Creating a new business is an ambition that more and more people are fulfilling, but there are things to avoid – such as confusing, inconvenient and frequently expensive business bank accounts. In fact, in a recent survey, 27% of firms said that their most arduous administration task was banking, with the conclusion that ‘greater simplicity and clarity on banking charges’ would be a great help in improving efficiency.
Well, thankfully there’s a great solution: a prepaid card. These are a fairly new option in the business world and have a plethora of advantages. From free internet banking that makes monitoring payments simple to a straightforward and easily understood pricing plan. As a result many businesses are finding prepaid card accounts a great help when starting up.
They offer excellent value for money and could easily save any business a significant amount – and that’s especially vital for start-ups. No company is more vulnerable than in these early stages so anything that streamlines the running of the company is going to be a welcome aid. What’s more, whatever the company’s credit status, approval is guaranteed.
But easily getting approved for prepaid accounts is just the start. Once set up, they can help with everything from reducing your businesses banking costs with free deposits and bank transfers, to cutting the risk of fraud.
In fact, by reducing cash fraud with online statements showing transactions in real time, prepaid cards can help ensure that staff stick to budgeting restrictions. Although most staff are pretty honest when it comes to using a company expense card, some staff may be tempted to use it for free lunches and gym membership.
It’s possible that staff wouldn’t feel so tempted to exploit their expense account if they knew that their spending could be monitored easily online and all the time. As well as that transaction information for all their company’s prepaid cards was downloadable by their employer. As the boss you can chose to inform them of this or wait to see which member of your team tries to take unfair advantage.
On the other hand, when staff really do need to make company focused purchases (online, in the highstreet stores or over the phone), a prepaid card is accepted all over the world. And companies that carry out transactions in Euros or US Dollars will find the fact that some prepaid card accounts can be linked to currency cards particularly handy.
So whether a business just wants to be able to set up an account without hassle, or is looking for better value than the typical business accounts offer, a prepaid card could be the perfect option for you and your new company.
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