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Business prepaid cards offer a convenient and secure alternative to paying by cash or cheque. Available on the Maestro, MasterCard and Visa payment networks, you can use a prepaid card at ATMs, online and any retailers, restaurants, etc. that accept payment by card.
In contrast to a business credit card, prepaid cards don’t require a credit check as they aren’t a form of credit. This allows you to keep a tighter rein on your business’ and employees’ spending.
Prepaid cards can help businesses in two main ways:
A business’ prepaid cards can usually be controlled centrally. This means that you can have access to online reporting of spending, and arrange credit ‘top-ups’. Importantly though, you may also be able to limit how your employees use cards, for instance by not allowing ATM withdrawals.
Business prepaid cards will usually not cost as much as a credit card to issue, although fees may be charged for:
Compare prepaid card fees based on how your business will use them. If for example, it’s just to make online and card purchases, the ATM fees may not be applicable. Similarly, if the card is only to be used in the UK, making purchases in sterling, then foreign use and conversion charges won’t matter too much either.
Prepaid Everyday CardsPreload your card with money that you already have so you only spend what you have.
Prepaid Travel Money CardsPreload them with foreign currency before you travel so you know how much you have to spend abroad.
Business Prepaid CardsNeed a payment option for staff, but don’t want a credit card?
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