If there are regular external purchases on the carrying out of their business duties like travel, gas, food, accommodation, representation costs, and others.
Business credit cards and Prepaid credit cards are very useful for organizations because they enable teams to be more agile, efficient, and autonomous. When employees need to pay for their hotel during a business trip or when office expenses like lunch, office supplies, and subscriptions, become too cumbersome to handle with just petty cash. Especially in the case when an organization has multiple locations across countries.
Furthermore, prepaid credit cards are very useful for online purchases like digital services, software subscriptions and other recurring costs such as Google and Facebook advertising. With these cards your organization can easily keep all costs separate and properly identified by user and cost centers. Finally, when all elements are integrated in the Card Management System, organizations will have full control and overview of incurred expenses.
Benefits of using business credit cards
Using petty cash or cash advances, by the employer or employee, makes it extremely difficult for a team to deal with unexpected expenses. In the occurrence of an unexpected expense, all “live cash” based solutions create strain across the company. In this case either the finance team needs to liberate more funds, or the employee has to advance the cash from a private account.
Spending in multiple environments
Unlike these cash based methods, prepaid payment cards give teams agility to operate and do spending in multiple external environments without being dependent on fund liberation processes.
Reducing the risk of fraud
Carrying around cash is a big risk for employees while giving credit cards to your team is a strong reassurance of their safety. At the same time cashless methods significantly reduce the risk of fraud for organizations.
Business credit cards and payment cards carry the advantage of being accepted across borders and are eliminating the problem of currency exchange.
When should you use prepaid credit cards?
When the company frequently changes providers or has a significant amount of one time purchases and therefore needs to pay those expenses upfront and not through invoices.
If employees work on a project basis for organizations like media productions, consulting agencies, corporate education, and installations/construction companies.
If there are multiple offices/locations with specific costs allocated to each location and frequent small cash needs.
Organizations with recurring online expenditures, subscriptions, software, online advertising, etc.
What makes the SimpledCard cards better?
Our cards are self issued. This means you receive a blank stock of cards and you can issue your own credit cards and scale up as you need. SimpledCard cards are the only ones connected to the Card Management System which gives you full real time overview of spending of each card and allows the manager to add or reduce budgets. In the Mobile app for cardholders you can add receipts to transactions, it predicts cost type and cost center among other things automatically. You can request and change pin code real time and you will be able to temporarily block the card yourself.
Assign and re-assign cards to individuals or teams instantly. You have the flexibility to also assign cards by cost center or expense type. SimpledCard provides due-diligence that covers your organisation as a whole. No extra forms or are required to add new card holders as long as they are within the organisation. SimpledCard provides Mastercard & Maestro payment cards. This guarantees you the access to payments globally both online and offline. Our credit cards are from the Mastercard® network and accepted worldwide.