Within any business, processes need to be reviewed and adapted in order to stay efficient and profitable. One specific area of concern for efficiency is managing expenses in a convenient and accountable fashion. Hours or even days are often spent collecting expense claims from employees and reimbursing costs. As well, compensating per diems can often be a time consuming process that takes away from other important business tasks. The solution to this inefficiency is through the adoption of a prepaid credit card program that can cover all necessary expenses simply and conveniently.
Managing Your Business Expenses with Prepaid Credit Cards
The most efficient way to manage prepaid expenses is through the use of MasterCard or Visa prepaid cards. These payment cards can be ordered in batches of various quantities, and are setup for specific purchases with customizable restrictions in place to keep expenses in check.
Instead of having your employees use their own funds for company purchases, or have them dip into petty cash periodically, company prepaid credit cards allow for easily accessible funds that can be tracked much more efficiently. A prepaid credit card will track exact expenses at specific locations and times, which will in turn enhance your reporting processes and provide clear accountability for all purchases and expenses.
As well, using a prepaid credit card is much safer than using cash and is much easier to manage than cheques. Essentially, prepaid cards improve efficiency by eliminating time-consuming manual processes; allowing real-time expenditure tracking and reporting; providing a cost-effective electronic payment method that reduces administrative costs; meeting different requirements relating to access to cash, frequency of reloads and how the funds are spent; and simplifying payments, including unexpected or last minute expenses.
Common Uses for Prepaid Credit Cards
- Per Diem Payments
- Business Travel Expenses
- Health Benefits Coverage
- Employee Rewards and Incentives
Prepaid cards can be used in the same way as any traditional debit or credit cards, for buying goods both online and in store, and can even allow for cash withdrawal around the world. No more waiting for cheques to clear or funds to transfer. Prepaid credit cards serve as the optimal solution for providing compensation for expenses, pay, benefits, rewards and more.