For businesses, small and large, a benefits of prepaid credit cards is one of the best ways to incentivise employees, streamline business expenses, and allocate corporate gifts. Besides being a versatile option providing a full range of benefits of prepaid credit cards for companies, it serves as a great alternative to cash, cheques, and in-store cards. Here are some of the top benefits of Visa prepaid cards:
- Varied Prepaid Payment Applications
Prepaid Visa cards are a great rewarding strategy that can be used for gifting purposes as a gesture of thanks or business-related expenses. Whether you want to reward employees or customers, you can empower the recipient with the freedom to choose what they want to buy according to individual preferences. Companies can use prepaid credit cards for purposes like:
- Employee rewards and incentives
- Business-related expenses, travel expenses
- Distributing health and wellness benefits
- Emergency and insurance payments
- Disbursing customer rewards, cashback programs, rebates, and incentives
- Goodwill payment and settlements
A prepaid card equips your employees and customers with greater freedom of choice to buy whatever they wish from anywhere globally, where Visa payment mode is accepted. It also provides companies with greater flexibility.
As opposed to regular credit cards, prepaid credit cards have a spending limit. Companies can set fixed budgets based on single loads or monthly budgets in the form of reloaded cards. You can provide these cards to any number of employees or any department and set bespoke rules to manage business spending before it happens.
- Track Business Expenses
You don’t have to run endless expense sheets to track the business expenses of your employees. Simply provide them with prepaid cards, allocate budgets, and let them spend. There is no need for you to wait for a long period to see what’s on the statement as you can see a real-time picture of the employee’s business expenses at any time.
Whether it is for travel expenses, trade show expenses, or any other business-related expenses, budgeting can be tightly controlled since expenses are no longer open-ended.
- Brand Recognition
Prepaid visa cards come with unique designs that can be customised to print your company’s logo. You can utilise generic designs or opt for custom-made varieties according to your choice.
With your business name on the card, users will see and remember the company logo every time they use it. It will serve as a robust promotional tool for employees and customers in a highly visible touch point. This will also spread your company’s brand awareness without any added costs.
- Instant Issuance – No Paperwork
You don’t need to set up a bank account to use this prepaid credit card or submit lengthy applications for the approval process. You can instantly issue cards to your employees and have everything set up with minimal administrative work.
Benefits of prepaid credit cards are essential aspect of every business, no matter its size. However, not all companies have the same financial requirements. This is where a prepaid credit card comes in handy making it a sensible way to take care of corporate costs and gifting as a single-point solution.
This simple payment solution can easily be incorporated into your corporate expense and reward strategy with ease.