You may already be familiar with prepaid cards, but the services that support them can revolutionise the way your business handles expenses.
If you’re already in the know about prepaid cards and how they differ from other payment options, then we won’t go into them in depth here, although we do have some useful prepaid card guides if you’re interested. Instead, we’ll be looking into the services surrounding these cards, because a prepaid card can’t operate on its own. To be really useful, they need associated systems that allow them to function properly. In this article we’ll run through these services and see how they complement prepaid cards.
With every prepaid card you need a way to control how it functions. This is where expense management software comes in. With effective supporting software, you can decide how much is on the card, how often it’s topped up, and what it can be used to purchase. This is far more versatile than the controls (or lack thereof) included with a traditional business credit card.
You can also use digital wallets to ring fence funds so that team leaders can manage their own budgets. This way, there’s no need for staff to access the company bank account, which not only increases security but also means you know exactly how much will be spent over a certain period.
On top of control, management software also offers increased visibility. You can see every card purchase as it happens, spot an unknown transaction, and analyse spending across all of your company’s prepaid cards. Some, like Soldo’s software, also offer automated reporting, making reconciliation and bookkeeping much more simple as there’s no need to manually input tons of data or wait for bank statements to come through.
With the right software, the ease and security that comes with a prepaid card is complemented by visibility, control, and efficiency.
Having an intuitive app with which to carry out these functions is a must. Not only does it provide a simple interface from which to establish the aforementioned spending controls, it’s also useful for employees while they’re spending.
With an app that’s connected to their prepaid card, your team members won’t have to worry about keeping track of paper receipts. Instead, they can take a photo of their receipt at the point of purchase and upload it to the app alongside any necessary notes.
This makes it so much easier for reconciliation later down the line, and means there’s no risk of receipts going missing or being binned.
Employees can also use the app to request a boost to their card balance. If they’ve got insufficient funds or they need to pay for a high ticket item, they can make the request in-app. Managers will then receive the request and can either approve or deny it from their phone. It’s as easy as that.
Prepaid card services needn’t stop there. Not only can they make the lead-up to bookkeeping simple, they can make bookkeeping itself much more streamlined. For example, Soldo integrates directly with accounting software like QuickBooks and Xero.
In no time at all you can transfer the spend data from every card into your existing software. This means there’s no need to overhaul your current accounting system and you can give your finance team peace of mind.And if you use accounting software that we don’t directly integrate with, that’s no problem. Our reports can be easily exported into any other system.
Not only can prepaid card services be external to those cards, they can also take the form of different types of card. For example, a plastic prepaid card may be the default when talking about this type of payment method, but there are other variations.
Virtual cards, for example, work in much the same way, but they only have a digital presence. This provides additional security as there’s nothing physical that can be lost or stolen, keeping your card safe. Virtual prepaid cards are perfect for online purchases such as software subscriptions or advertising.
Even more secure than this is a purchasing card. This is a type of virtual card that can be generated for one-off purchases online, with the card being destroyed upon use. This is perfect for expense transactions that don’t fit into the budget of any of your standard prepaid cards. It also means there’s no chance of your card details being compromised. Much safer than a debit card.
Prepaid cards can come in whichever format suits your business needs.
Ultimately, these services all function to make prepaid cards more efficient. Whilst these cards themselves are useful in limiting overspending and empowering employees, they need a comprehensive system in order for their use to be maximised.
If you’re looking to change the way your business manages expenses, then prepaid cards and their associated services might be the solution for you. They’re a great way to make your company’s funds more visible and secure. Your employees will always have sufficient funds, but you’ll never risk overspending. Soldo’s prepaid cards and expense management software can give your business this boost.
Signing up is easy. With a simple application process and no need for a credit check, you can be up and running the next day. Soldo’s solutions offers all of the services discussed above, and more. Find a Soldo plan to suit your business.
No it isn’t. With a credit card, limits are sky high and often inflexible. Credit cards can also incur debt, which of course is not something you want for your business. With a prepaid card, you only load money onto it that you know you can spend. This means increased visibility and increased financial security. Read more about the advantages of prepaid cards here.
You can set budgets, assign specific cards to certain individuals or teams, and top up your cards whenever you need. One of the biggest benefits of a prepaid card is the visibility. You already know how much you’re spending, so there are no mystery payments. With a Soldo prepaid card, your business won’t lose any time catching up on expense admin, leaving you to get back to the tasks that matter.
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