With the usage and demand for credit cards evolving in the country, there is a fine line of difference between regular debit or credit cards and corporate prepaid cards, which specially cater to business owners. It has proven to be a great way to foster greater entrepreneurship initiatives since smaller businesses have lesser credit to start off work in the initial years.
There are many more advantages such as regulating the expenses between a team or group of employees and keeping a track of it. The owner may load it with any amount of money he or she wishes to. They may also save money since prepaid cards have proven to be much cheaper than transactions in cheque or traditional cash.
Here are the top two prepaid business credit cards:
The Netspend Small Business Prepaid Mastercard® offers a variety of options to business owners on their corporate prepaid card such as having as many as 10 subaccounts after verifying their ID and being able to have a maximum balance of $25,000. Employees may spend up to $5,000 a day. This prepaid business credit card may be issued within 7-10 days of application and no annual fees are charged for the same. Cheque, direct deposit, or even an Automated Clearing House (ACH) transfer may be done physically across 130,000 and more reload locations or on the smartphone, taking 2-3 days for funds to be loaded. A subaccount fee costs $1.95 per month while the master account is worth $10 per month. The account may also receive rebates on certain eligible purchases through the Mastercard Easy Savings plan in which codes or coupons are required to be bought or shown.
Bento is a prepaid Mastercard that gives a free 60-day trial to business owners. It takes 5 minutes to acquire them without any set-up fees to be paid for the same. In fact, Bento offers two more cards for free, allowing owners to add more balance to spend on these cards. There is no credit limit and businesses may load up to $25,000 to spend. They may be used as employee cards, project cards (for each project, area or supervisor) or expense cards (basic daily expenses). The biggest advantages, however, are the cards that are like an interactive dashboard. They give the owner an overall view of the activities. Also, its synchronization with QuickBooks ensures an automated bookkeeping and the formation of monthly statements or other receipts within minutes.