Increasing your wealth and expanding your reach is what building a business is all about. For that reason, it’s important to know where your money is going and who’s spending it. It’s estimated that corporations spend $430 billion through credit cards each year. If you’re unsure where every dollar in your budget is being spent, it’s time to make a change. In an effort to increase financial awareness and increase security, small-business owners and corporations alike are steering away from high-limit credit cards and choosing something better—prepaid solutions from Wavecrest Holdings Ltd.
Prepaid corporate cards, unlike credit cards, aren’t attached to high limits. Instead of having to worry about APRs or interest rates, you set the spending parameters. As a business owner, you have the ability to issue as many cards as needed to your various employees and departments. Each card that’s issued is given a separate card number that isn’t associated with a company bank account or credit limit. Instead, you have the freedom to load a specific amount of funds onto individual cards.
Overspending is one of the biggest problems that business owners face. Setting and sticking to a budget is difficult, especially when you have multiple departments vying for funds. To make the process easier and keep you on track financially, utilize prepaid corporate cards. Based on your budgetary meetings and projections, you can load a prepaid card with funds and issue them to your heads of department. Using Wavecrest Holdings’ easy-to-use app, you can then monitor the spending and make changes as needed.
You may conduct the majority of your business transactions online. If you use traditional credit cards, this compromises the security of your company and your funds. Instead of leaving your company susceptible to cyber theft, opt for something safer. Prepaid business cards and credit cards function in similar ways. Both can be used online and for in-person transactions. Corporate prepaid cards, however, provide a level of security that’s unparalleled. Because they aren’t attached to a revolving credit limit, there’s no need to worry about identity theft. When used online, you’ll be issued a virtual credit card. This number changes automatically and randomly, making it impossible for cyber criminals to access your account or impact your company’s security. Whether your employees need to pay for a corporate dinner or are looking to place an online supply order, a prepaid business card is the best way to preserve your safety.
Along with virtual and physical card options, your prepaid corporate business cards come equipped with other forms of high-tech security. Instead of your prepaid card’s information being stored in a magnetic strip, a tiny computer chip is utilized. This makes it more difficult for the information on the card to be stolen and used by criminals. On top of chip options, your prepaid corporate card can also be protected with a PIN. These personal identification numbers are typically 4 digits long and must be entered before a physical purchase can be realized. With these secure options in place, there’s no need to worry about someone accessing your funds without your permission.
While you may think that most companies pay their employees via direct deposit, almost 40% of organizations do not. Only 30% of those companies that do offer direct deposit have 100% participation. With such low numbers, it’s important to offer various payroll options for your employees. Instead of cutting paper checks for those who don’t wish to participate in direct deposit, issue them a prepaid card. Prepaid cards can be swiped or used for online purchases just as a credit or debit card would be. Your employees can withdraw cash or pay bills with their prepaid card as well. With the use of prepaid debit cards, you can load your employee’s salary, as well as any reimbursements, quickly and easily.
There are many advantages to selecting prepaid corporate cards. Whether you’re looking for a prepaid solution or a way to make maritime crew payments easier, Wavecrest offers various options to fit your business. With cutting-edge security and easy-to-use software, now is the time to make a switch.