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If you are a fan of the MasterCard Company, and want to stay with them at all costs, you can do so with a prepaid debit card as well. A prepaid debit card gives your employees freedom to spend while you continue to have total control of the funds. This works similar to a regular credit card, except you are the financial funder. This works well for businesses as employee spending can get out of control, especially while on a business trip, or taking clients out.
If you need a creative way to cut the budget, a prepaid debit card can do that for you. MasterCard offers a variety of options for you to choose from. Depending what you need and how you plan to use your card, you will find some cards fit your particular situation better than others. Before deciding which card to go with, consider:
· What will you use the card for?
· How much balance flexibility do you want to have?
· Will an activation or annual fee be a problem?
You can offer your employees a variety of options with a prepaid card.
· AccountNow Prepaid MasterCard will give $25 cash back when you implement direct deposit. Using direct deposit on your cards can give employees more spending freedom.
· Depending on how you choose to provide business funds, employees can sign up for bill pay. If your company pays for cell phone or gas mileage, this would be a one stop shop to disperse the bills money as well as travel spending.
· Travel MasterCard gives the option of choosing which currency to pay in and what currency to get cash back. This is very convenient for business trips.
You can have complete control of funds going on and off of the card. When sending employees to travel, you may want to give a very little, or a lot.
· Prepaid cards offer a variety of max balance options. You can find some that will allow as much as $5,000 while others go up to $10,000. With all cards backed by the FDIC and insured up to $250,000 you don’t need to be worried about losing a card. Regardless, giving smaller amounts more frequently will help you monitor spending.
· SilverCard Prepaid MasterCard gives total flexibility with unlimited purchases and transactions. You will never have to be worried about employees being locked out their account for making significant purchases while away. You can keep track of these purchases with your online account, and receive the balance via text message.
Some cards charge an activation or monthly fee. However, you can often avoid them through various exceptions.
· The Mango Prepaid MasterCard charges no activation fee, but a $5 monthly fee – that is unless you load $500 a month onto the card. If you have multiple employees travelling frequently, you might be able to avoid the fee.
· Most cards let you get around the activation fee by signing up online. This can save you money, and is more convenient for you.
You can use a prepaid debit card effectively in a variety of ways. If you pay for your employee’s car, phone or gas, you can get automatic billpay to make it easier on yourself. You can give them freedom to travel with business money without giving them the ability to go over budget. Most importantly, you are able to manage, disperse and monitor all funds and transactions. Getting a MasterCard prepaid debit card is a smart, yet easy way to monitor business spending.
Choosing to go with the MasterCard prepaid debit card is a smart choice for your business and employees. When you do this, you open up a variety of options that can tailor themselves to fit any need you might have. Before deciding which card you want to use, you should decide how and when you’ll be using it.
You can sign up your employees for automatic bill pay. With this, you can simply place the necessary money on the card and have it paid for on the correct due date. Your employees won’t have responsibility for getting it paid and you can be sure it’s on time. You can also use the card to rein in spending. Whether traveling domestically or internationally, your prepaid card will keep employees under your financial power. You can put up to $10,000 on most cards, ensuring that they will never be without necessary funds. You can also choose to add a little at time, via the online account management system. Backed by the FDIC, and insured for up to $250,000, you can rest easy. Check out our approved MasterCard prepaid debit card merchants to the left.
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