Using Prepaid Cards to Manage Business Expenses | Prepaid365

Powered by PFS
12 October 2011

Tags: , ,

The efficient management of business expenses is one of the challenges which most corporate and small businesses face in the global marketplace. Business travel is one of those business expenses which can be quite costly if not managed properly.  This is even more important in the current economic climate where each expense needs to be scrutinised even more carefully whether they are the travel expenses of Members of Parliament or the business professional working on Fleet street.

This is where business prepaid cards are playing a major part as organisations turn to corporate expense cards and business travel cards with an ever growing number of organisations issuing such prepaid cards to their employees as expense cards, per diem cards and travel cards to be used in a number of situations such as making business purchases, business expense payments and managing travel costs within the UK and abroad.

In addition to the convenience provided by these business travel cards and business expense cards, they provide numerous other benefits.

  1. Prepaid Cards are not linked to the employer or employees business bank account which means there is reduced exposure to fraud for both the employer and employee.
  2. Carrying money on prepaid cards means that there is lesser chance of expense allocations being misused by employees. There is complete transparency as to where and how these business prepaid cards have been used.
  3. There are no interest charges and transaction are either free or extremely competitive which means that there are significant savings to be had when corporate prepaid cards are used in comparison to corporate credit cards.
  4. Foreign exchange rates available on corporate travel cards typically available in Euro, Dollar and Sterling are much better than the FX rates available at the airport and high street FX providers.

In addition to all the other benefits, prepaid cards can be issued fairly quickly and acceptance for these prepaid cards is 100% guaranteed as no credit checks or bank accounts are required and all due diligence is usually performed at the outset on the corporate as opposed to the individual employees.

Furthermore, corporate expense cards are usually Mastercard or Visa branded which means that they can be used at millions of retailers around the world in-store, online and over the phone wherever the Mastercard acceptance mark is displayed.

It would be fair to say that in today’s economic climate, where companies are having spending reviews and cutting back on in-efficient practices, prepaid business cards are transforming corporate travel and expense management and there is no longer the need for a cumbersome paper trail.

Read about Prepaid Mastercard cards for expense management which allow you more operational control of your business, increasing efficiency and reducing the internal administration costs of processing payments and find out how these could be perfect for your business at Prepaid365.

Comments are closed.

Want to find out more about corporate travel cards?

Get in touch