Why Corporate Prepaid Cards are Vital for Businesses

In order to be successful, a business must be competitive and economical in all operations. One operation that often contains superfluous costs are the expenses incurred for business travel.

Below are a few reasons why Corporate Prepaid Cards can help reduce business expenses while making travel easier on your staff.

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Employee Benefits:

Staff will no longer have to use their own money to cover business expenses. This can often leave them out-of-pocket as it takes time for expense reports and reimbursement to be processed. Staff can also travel with peace of mind, with the additional security of using replaceable prepaid cards rather than cash.

Employer Advantages:

Corporate Prepaid Cards allow for considerable savings for employers.  Prepaid cards come with reduced interest rates, lower transaction fees, and the option to pre-buy foreign currencies at a preferential rate. This saves employers’ money with every aspect of business travel spending.

Companies have also reported a noticeable reduction in staff spending and wasteful expenditures simply due to the nature of prepaid cards. By pre-loading a card with a set amount of money, prepaying for business travel instils a mind-set in the cardholder to save money and promotes better financial control.

In addition, companies can get a big-picture view of how much business travel is costing their company. If business trips are funded in advance, complete with ad-hoc expenses, the financial data can be organized for analysis. Managers will be able to see and project travel costs, allowing them to make more informed administrative decisions about spending.

What’s Next?

Corporate Prepaid Cards are considered one of the most preferred payment solutions for businesses in the UK. And while Prepaid Cards can be acquired through various providers throughout the UK, it is important that the card program is designed and directed toward corporate clients. Consumer versions exist in the market, but do not come with the same features as corporate prepaid cards, something which often makes them unsuitable for business use.  When picking a Corporate Prepaid Card Solution, be sure that the card is connected to a suitable management system, which will make integration a breeze.