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Whether working remote or together in the office, finance teams are turning to online prepaid cards to facilitate easier company spending.
The latest and most secure form of electronic payment, online prepaid cards can help reduce processing costs, improve internal controls, minimise human error, and slash hours from reporting and reconciliation.
And with powerful expense management software behind it, finance teams can use a suite of cards to transform the way money travels around the business; protecting against out-of-policy spending and helping control department budgets.
Virtual prepaid cards work slightly differently to virtual bank cards or virtual credit cards, with funds being preloaded to the card in advance of spending.
‘Online prepaid credit card’ or ‘online prepaid debit card’ are just ways of talking about an online prepaid card: a virtual card that’s loaded up with cash by the owner. Technically, it’s neither a credit or debit card – in fact, it’s not a physical card at all. It’s a randomly-generated 16-digit card number that is linked to an existing account.
The cards can be recalled, re-issued, created and destroyed without involving any banks or third parties. You can even create an online prepaid card that can automatically be locked after on transaction.
The card cannot be traced back to the original account by hackers – making it a better option than a credit card or debit card for online business purchases and subscriptions.
An online prepaid card is a paperwork-free alternative to handling employee and company spend. They’re usually generated from a cloud-based spend management platform (like Soldo).
You create and assign online prepaid cards to employees for them to start using straight away.
Employees can access their cards through a mobile app, where they can also upload electronic receipts and attach them to transactions on the spot; meanwhile, finance teams can manage the cards from a central dashboard and see transaction data as it happens.
Each employee can have their own online card for individual expenses, but you might also want cards shared across other employees. For example, an employee may pay for a hotel on their individual online card using a budget set by the financial controller. They may then use the online ‘team software subscriptions’ card to upgrade Zoom on their laptop.
It’s much easier than the old way of expense reimbursement.
Here’s how it might work in your company’s workflow.
With a Soldo online prepaid card, the budgets set for each person across multiple cards can be easily set and adjusted by finance admins.
Once you’ve added money to your main company wallet by bank transfer, you can distribute it to your Soldo cards any way you like.
There are many benefits to using an online prepaid card as opposed to a company credit card or debit card:
Using an online card to pay for software subscriptions helps to keep track of spend. Allocate an online card to each team for their subscriptions, or even create an online card for each individual subscription so that you can easily track what money is going where.
Keep track of digital media buying spend down to the penny, even when you’re running multiple accounts from a single system with a virtual card per platform, campaign or team. That means you could set a prepaid budget for Facebook spend per month and allocate a single online card to that campaign, or a single online card for all of the marketing team.
One-off, small purchases that don’t need to go through procurement can still be tracked using an online card. Create an online card per employee or team for incidental expenses, or a card for each online store.
When making purchases online you can use a prepaid card the same way you would use a regular credit or debit card. Simply enter your card number, expiry and CVV. You will need to make sure that there’s enough money on the card before you make the purchase – otherwise it will be declined.
With Soldo, you can reload your prepaid card from anywhere within your account, which you can top up by bank transfer. It’s easy to set up and once you’re ready to go, you can order new cards at will.
You can order a Soldo online prepaid card here. They’re the best option for businesses looking for an easier and more secure way to make purchases online and get much greater visibility over spend.