So at the end of the month, the finance team has a list of already-prepared payments that only need a quick stamp of approval, ready to export to your accounting automation tools. These are matched against every payment, and verified by the technology itself. Good prepaid cards also come with a mobile app to let your team members upload receipts as they spend.
![prepaid debit credit card prepaid debit credit card](https://1.bp.blogspot.com/-9oIevCrCXu4/XqOFleUO6kI/AAAAAAAAANo/CfbEBDXOiYMEUMxai-g-UQngsRjIYeA0ACLcBGAsYHQ/s1600/prepaid%2Bvirtual%2Bmastercard%2BIndia.png)
![prepaid debit credit card prepaid debit credit card](https://www.bankdealguy.com/wp-content/uploads/2018/03/Best-Prepaid-Debit-Cards.png)
And if those cards are shared around the whole company, it easily gets out of control. When you have a handful of cards, this can be tricky. Finance teams then have to match these receipts to the card payments to make sure that each payment was legitimate. With a normal credit card, each user has to keep their receipts and submit them to finance periodically. Because they're built specifically for businesses, they tackle one of the biggest recurring challenges for finance teams: the monthly close process. Really good prepaid cards take all of this to another level. Next level: prepaid expense cards that reconcile payments for you Simply create a virtual subscription card, and the right amount is loaded onto the card when the payment is due, so the subscription is automatically paid. Then finally, you also have recurring cards designed for online subscriptions (like your SaaS tools). Why should your company use prepaid cards? But purchasing debit cards have a far higher acceptance rate - especially online. These are still "prepaid" in the sense that employees can't spend any more than is made available to them. You can have as many as you need to give your team members the autonomy they need. The key thing for you to know is that they're not credit cards, and we think they're better for businesses because of that. In this article, we're going to use the terms prepaid and debit cards somewhat interchangeably. For largely technical reasons, many don't accept purely prepaid cards. There's usually no credit or overdraft function.īut for merchants, this can mean the difference between accepting a payment and rejecting it. They essentially do the same thing.īoth only let you (or your employees) spend the money available on the account. For the corporate user, prepaid cards vs debit cards is really a distinction without a difference. We need to add one further clarification here.
![prepaid debit credit card prepaid debit credit card](https://images.antiquesatlas.com/dealer-stock-images/aworldofglass/Aubergine_Bohemian_Cut_Glass_C_as319a210z-1.jpg)
The ones Spendesk provides are integrated with an online dashboard, where finance managers can handle spending limits and track payments in real-time. Prepaid cards for businesses are not connected to the main company bank account so they are less risky to hand out to employees.