Starting up a business can be an exciting and rewarding experience, being your own boss and taking full control of your company’s direction, however there are also numerous things to watch out for. Many people feel as if they had to jump through hoops just to get a business bank account set up, all the red tape makes the process long and inconvenient, and eveb once an account was arranged, almost 60% felt that their business bank charges were far too high.
But there is an alternative that more and more business professionals feel is actually better than a traditional bank account, a prepaid card.
This alternative offers excellent value for money and could easily save any business a significant amount of money – and that’s especially vital for start-ups, when the first few years can make or break a new company. What’s more, whatever the company’s credit status, approval is guaranteed so you can be up and running as soon as you apply for one.
But easily getting approved for prepaid cards is just the start. Once set up, they can help with everything from reducing banking costs with free deposits and bank transfers, to cutting the risk of fraud with their purchase protection. With the plethora of issues and details to worry about when you’re trying to kick start your business, anything that streamlines the process and helps decrease the problems is a welcome investment.
In fact, by reducing cash fraud with online statements that show transactions on the account in real time, prepaid cards can help ensure that staff stick to their budgeting restrictions. Although most staff are pretty honest when it comes to using a company expense card, some staff may be tempted to use it as the way to a better lifestyle, dinners out at the cost to the company for example.
Perhaps staff wouldn’t feel so tempted to exploit their expense account if they knew that their spending could be monitored online 24/7, and that transaction information for all their company’s prepaid cards was downloadable by their employer at any time.
On the other hand, when staff really do need to make purchases be them online, over the phone or in highstreet stores, a prepaid card is accepted all over the globe. And companies that carry out transactions in Euros or US Dollars will find the fact that some prepaid card accounts can be linked to currency cards particularly handy. This isn’t something a start will have to worry about immediately, but if your new business takes off like you hope then international deals will definitely be on the horizon.
So whether a business just wants to be able to set up an account quickly without hassle, or is looking for better value than typical business accounts offer, a prepaid card could be the way forward.