A Mastercard® prepaid card is a payment option, like debit and credit cards, that lets you pay for services and products in-store and online. But prepaid cards are often more convenient and flexible – which makes them a certified bang-up solution.
To use a Mastercard® prepaid card, you must load money onto the card, and you can only spend or withdraw the amount you’ve got on it. You can’t go below zero and dip into your overdraft.
For businesses wanting to get a better handle on their spending and budgeting, these cards are particularly rewarding. They’re also safer alternatives to petty cash, since you don’t have to pass around cash to your employees.
Unlike debit and credit cards, prepaid cards aren’t linked to bank accounts, so there are no credit checks. And, as a bonus, your identity and assets won’t be at risk if a card gets stolen or goes missing.
There’s no credit involved, either. This, and the fact that you can only use the money preloaded on the card, means your staff can’t drive up debt, and you get a clear view and control over who’s spending what.