By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs
What are prepaid business cards?
Prepaid cards offer a flexible way for small businesses to manage their cashflow and expenses. It can be an important tool for budgeting, as only the amount of money pre-loaded on the cards can be spent. You, as the business, can top up the card with funds and then give it to your staff to spend, imposing spending limits if necessary.
You and your employees can then use the card for a wide range of expenses including meals and entertainment or paying suppliers.
Physical and virtual cards are available. Virtual cards tend to be used for spending on one-off online purchases and subscriptions. On the flipside, a physical card is better if you’re making more purchases when you’re out and about.
Whether you opt for a physical or digital card will depend on what sector you’re in and what you plan to use the card for. A prepaid card is also more secure than a credit or debit card because there’s only so much the thief can be spend before you manage to deactivate it.
What’s more, both can be added to a digital