Prepaid credit cards: a sure-fire way to control business spending

A prepaid card is often referred to as a ‘prepaid credit card’ but, in reality, there isn’t any credit involved.

Prepaid credit cards are reloadable. You can add money to them, and once the balance reaches £0, they can’t be used again until you reload them. These cards are also known as prepaid business cards, prepaid debit cards, cash cards, and prepaid cards – but they all mean the same thing.

With preloaded credit cards, you get individual accounts that allow people or departments in your business to manage spending without a hitch. They’re ideal to cover day-to-day costs, as well as one-off purchases. And, for many, they’ve become a welcome alternative to company credit and debit cards.

Buckle up for this journey through the benefits of prepaid credit cards and see how they can help you track and control your business spending like never before.

When discussing finance tools, strong security is as expected as a cheese plate at a party. With a prepaid card, you only spend the money you’ve loaded onto the card. This reduces risk of fraud and deters scammers since you can only lose the amount loaded on each card.

While credit cards are a huge help when you’re in need of credit with a flexible repayment term, prepaid credit cards are more suited for businesses wanting to stick to budgets and stay out of debt. Businesses like yours.

You also won’t pay any interest, either (although there may be fees).

And to make things easier, prepaid cards are usually accepted anywhere that accepts major credit cards – and they can be used to securely withdraw money from cash machines.

If you’re looking for the best prepaid credit card in the UK, you’ll want to seek out a few key features.

With Soldo, for instance, you can see who’s spending what, instantly. You get information on each transaction as it happens, and you don’t have to wait for monthly statements to see your spending.

The granular level of control that Soldo prepaid cards offer allows you to:

• Set daily, weekly, or monthly budgets and limits, as well as one-off transactions.
• See if company money is being spent using a prepaid credit card online or in person, and limit where it’s spent – by category, merchant, and geographically.
• Get real-time alerts after each transaction to upload receipts and anything else your expense policy requests.
• Manage cash flow with full control and visibility over money going out.

You can also lock and unlock cards as needed, which makes them a more secure form of payment than traditional credit cards. Yet another advantage to mull over.

Prepaid cards are a powerful tool, particularly for businesses struggling to control spending.

Soldo lets you set rules, budgets, and limits that define exactly how you want your people to use the cards. You can order as many cards as you’d like once you sign up.

Think of the time you’ll save (and the headaches you’ll avoid) when you no longer have to get the bank on the phone to increase limits. Your company money will be secure, and you can keep a close eye on it when it moves.

Total control, zero debt. Go for it.