Compare Business Prepaid Cards

• Convenient spending method you control
• No credit checks
• Useful for payroll and employee expenses

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:

• Employee expenses
  Instead of employees having to pay using their own cash or cards and then submitting an expense claim, a business prepaid card is an easy alternative. For making essential business purchases, employees don’t need to wait to obtain a credit or debit cardholder to make the purchase.
• Payroll
  Pay temporary or seasonal staff that don’t have a bank account by loading wages onto a prepaid card.

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:

• Monthly management
• Issuing a new card
• Making a purchase using the card
• Withdrawing cash at an ATM
• Foreign use and currency conversion

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.

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