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Making Business Budgeting Easier With Reloadable Credit Cards
Managing financial resources can require a lot of time, effort and manpower for medium to large - and even some small - businesses. Disbursing payroll and sales awards, handing out vendor incentives and rebates and managing employee travel expenses require a significant amount of management, and making sure that a company's financial assets are being used 100% efficiently can be nearly impossible. One solution many businesses are turning to in order to make financial management less costly and less risky is the introduction of reloadable MasterCard credit cards, also known as prepaid credit cards.
What is a reloadable MasterCard?
Quite simply, a reloadable card (most often a MasterCard) is a credit card that works very similar to the way that a normal credit card does - with a few exceptions. The issuer of the credit card (i.e. the company or business that issues the card) pre-loads a specified spending amount onto the card. The employee, vendor or customer who is given the card can then use the card just as they would use a normal MasterCard, up to the amount that has been pre-loaded on the card.
Prepaid credit cards can be imprinted with company logos, brand names and even custom messages, another important feature which makes these cards ideal for businesses.
Reloadable credit cards for payroll, bonuses and sales awards
Issuing payroll via regular paper checks works in most instances, but there are plenty of ways this method of issuing compensation can become a liability, or simply just a hassle. Loading payroll amounts onto reloadable credit cards as an alternative to issuing paper checks can solve a number of common problems faced by businesses. For example: compensating employees without bank accounts, distributing payroll to remote employees and mitigating frequent lost or stolen check fees. Businesses that employ contract workers or workers without bank accounts find reloadable credit cards a simple solution. This method of issuing payment also eliminates the expenses associated with printing paper checks.
Similarly, reloadable credit cards offer an ideal solution for issuing bonuses and sales awards.
Vendor incentives, gift cards, customer rewards and rebates
Distributing funds - whether they be gift cards for employees, incentives for vendors or customer rebates - tends to be simpler and safer with reloadable credit cards. Prepaid cards can be loaded with a certain amount and given as simple cash gifts, a great solution for dispensing holiday gifts to employees. Similarly, customer rewards, vendor incentives and rebates issued in the form of a reloadable MasterCard are simpler for companies to disburse, safer to track and can help to spread company brand awareness with an imprinted company logo and message. If the company issuing the card wants to direct purchases only to certain merchants or types of purchases, the prepaid cards can be equipped with merchant code blocks which ensure that they can only be redeemable by specified merchants.
Travel expenses and disbursements
Rather than handing over a credit card with a limitless spending amount, keeping track of travel receipts or reimbursing employees for travel expenses, providing employees with reloadable credit cards provides both employees and employers with a hassle-free way of managing travel expenses. As with gift cards and vendor incentive cards, reloadable credit cards used for travel expense disbursements can be programmed to only allow purchases from certain merchant types - such as airline, food and lodging providers. With a prepaid credit card, employees do not have to keep tabs on expenses, nor does the employer need to waste resources keeping track of or reimbursing these purchases.
Author Resource:-
Maggie Segundas is a customer service rep for Dodson Group, a business supplier specializing in payment solutions based in Grand Rapids, Michigan. Learn about Dodson Group's reloadable mastercards and merchant services.
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One solution many businesses are turning to in order to make financial management less costly and less risky is the introduction of reloadable MasterCard credit cards, also known as prepaid credit cards.
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