Adopting a secure payment system for your business needs is a crucial consideration for businesses that are looking to safeguard their funds and make sure money is disbursed safely and conveniently. Thanks to the advancement of technology, there are several ways that companies can ensure their payments are secure so that they have peace of mind about their business transactions.
Securing Online Payments
There are several secure payment networks available that allow users to send or receive online payments instantly, often with the help of specially-designed software applications. This can be through banks and other financial institutions.
When looking for a secure method of sending online payments, be sure that you seek out a provider that uses a sufficient level of encryption and security safeguards, as this will determine how protected your sensitive financial data is. You should also consider the service fees that you will be charged for making payments. Every payment system provider will have a variety of different fees that they charge users for sending and accepting payments.
The Advantages of Prepaid Credit Cards for Payments
Why use prepaid credit cards to establish a secure payment system? There are a number of key benefits:
- Flexibility of applications: Prepaid cards can be used to compensate employees, reward performance, disburse funds, promote products, and incentivize sales staff. Employees and consumers can be issued a prepaid credit card, which can be either loaded once, or reloaded multiple times. Studies show employees love prepaid because they can spend the funds on whatever they want, wherever Visas or MasterCards is accepted.
- Prepaid card security: A prepaid credit card is not linked to any of your company's bank accounts, is not tied to a credit report, and does not require exposure to sensitive financial information. It is simply cash on a card. If a prepaid card is lost or stolen, the card can be replaced just like a lost or stolen credit card would be. Plus, standard fraud protection exists on all prepaid products.
- The ability to make payments in person: One of the main limitations with online payments is that unless the recipient has an account with the payment network, they will not be able to receive payments from the payee. This poses a serious challenge. Prepaid credit cards overcome this problem as they are an accepted form of payment worldwide, and are extremely easy to use in person at stores or online.
- A convenient choice for payment recipients: Your payment recipient will be able to get access to their funds immediately, instead of waiting two or three days for a bank transfer or a cheque to clear. Also, since the most reputable prepaid card companies link their services with highly-respected credit card companies like Visa and MasterCard, the party that receives payment will be able to use their funds at almost any location.
Making payments is a responsibility that all businesses have to handle. With a secure payment system through prepaid credit cards, you will be less concerned about the possibility of payment fraud on your company, and have more time to tend to the business itself.