There are many different types of financial institutions offering options for corporate entities and small businesses. So many in fact, that it can be daunting to choose one that specifically fits your needs. Prepaid debit cards are a low-risk alternative to bank accounts and credit cards, and an easy solution to deliver payroll and incentives to your employees. In fact, the use of prepaid card solutions has been steadily increasing since 2006 and prepaid debit cards have become an effective choice for people all over the world. Today’s businesses are moving past checking accounts, debit, or credit cards with a long list of restrictions and limited benefits by choosing prepaid debit cards instead.
Prepaid cards, like other debit cards, can be used online and at bricks-and-mortar stores, making them infinitely more flexible than bank accounts or checks, especially in this age of online shopping and other financial transactions. Once the funds are deposited to the card, they are available immediately. Prepaid debit cards also have extensive spending histories, so losing a receipt or not maintaining an expenditure list is less risky. Also, a lost card carries significantly less risk than a lost check or bank account information. If you lose a check, there are a myriad of potential issues, such as identity theft, stolen funds, or a compromised bank account. Prepaid debit cards offer features like CHIP and pin security. Many companies provide loss prevention options for prepaid debit cards. If a card is lost, your employee can simply cancel it and receive a new one without losing funds, and without submitting a litany of requirements to secure a new one.
Some of those benefits are also present in a normal bank-affiliated debit card or credit card, so what makes a prepaid card stand out for your employees? First off, there’s no credit check involved. Today’s workforce expects to have immediate access to their funds, and prepaid debit cards offer that feature. If an employee has a low credit score, opening a bank account or getting a debit card is often a complicated task, and a prepaid debit card is a good solution for this.
Prepaid debit cards are an efficient alternative to other financial options. A company credit card or bank account carries inherent risk. Prepaid debit cards work well with expense accounts and travel expense accounts, ending concerns about overspending, or going over budget. Prepaid cards allow you to set a spending limit and prevent abuse or unauthorized expenditures. You have the ability to delegate spending tasks and rest easy knowing that there won’t be any misuse. With prepaid debit cards, you can easily monitor and manage your company’s spending, and customize your cards to your company’s unique specifications. Finally, you’ll be able to make instant transfers and payments to your employees and associates anywhere in the world without difficulty or convoluted transferring systems.
Financial systems should be cost-efficient and not complicated to use. With prepaid debit cards, paying employees, customers, suppliers, and other businesses is as easy as a press of a button, and the funds are available to them immediately. There’s no expenditures for checks, no cost for mailing them out, no long list of banking fees, and no extensive accounting required. Reimburse travel expenses, and pay commissions as well as payroll through prepaid debit cards. You’ll have easy access to balances, withdrawals and payments through a website or mobile application. Should you have any issues, technical support is readily available not only for you, but for those who have been issued cards through your business.
Global businesses need global financial solutions, and prepaid debit cards offer customizable options for your company or small business. Today’s companies have employees in locations all over the world, and deal with a variety of currencies. Prepaid debit cards work with multiple international currencies, allowing you to make payments to employees, freelancers, temporary workers, contractors and suppliers anywhere in the world. Those funds are available immediately, and accessible through both ATMs and POS terminals.
MyChoice Corporate works for any type of business or industry, and is the most efficient way to handle financial payments in the U.S. and abroad. In as little as 72 hours, your account will be up and running, and you’ll have technical support 24/7. Visit our website to view the packages we have available.