Maestro cards can be used at both directly on the point of sale and also to withdraw cash from any maestro mastercard network ATM. Maestro debit cards can be obtained from associate banks and are linked to the cardholder’s current account.
On the other hand prepaid cards do not require a bank account to operate. Instead, you are spending money you placed in the prepaid card account in advance. This makes it so it is not possible to overspend (as can happen with a credit card), as it will only spend the amount that you have prepaid.
Apart from not being directly connected to a current account and the feature of only being able to spend prepaid amounts, these cards offer other benefits that can be of particular interest to businesses. Prepaid debit cards are a form of electronic payment that can be easily integrated with internet-based or mobile money apps. Via these apps users can see and manage their transactions in real time.
Business applications allow organizations to distribute these re-loadable Maestro cards to their employees and set spending rules and limits for each employee, office location or department. This allows financial managers to have direct control and real-time insight of expenses across the entire organization. Learn more about business payment cards, how they work and their benefits here.
In order to have watertight expense management, finance managers will want to automate several tasks. You can read about how prepaid cards allow for full oversight and control of business spend while giving employees more flexibility here.
In different industries, prepaid maestro cards come to replace petty cash, employee cash advances, company credit cards and many more other outdated payment methods to facilitate business expenses. In this article, we will go over how three industries are using Maestro prepaid cards to improve their workflow and have full control. The use of Maestro prepaid cards facilitates business spending and improves the organizational efficiency in each of these industries:
- Nursing homes
- Media production