Corporate Prepaid Cards are a comprehensive, reliable and commodious solution for large organisations who are taking care of even larger expenses. You can easily budget and track exactly how much is being spent on your employee’s business trips, vendor payments, or any other expense. Their popularity has definitely transpired amongst business owners, who can now send money to their employees at the click of a button.
So are you a company who is trying to get out of a fix with a fix? Then for you convenience is definitely the key with Corporate prepaid cards.
Corporate Prepaid Cards are a modern payment solution through which organizations can preload the card with a predefined amount of funds for the use of their employee's business-related transactions without involving any revolving credit whatsoever. These cards provide the ability to withdraw cash from ATMs, purchase goods and services at merchant locations, conduct online payments, and practically everything that you can do with your regular credit or debit card. These cards can be issued by any of the card networks such as MasterCard, Visa, American Express.
1. Corporate Prepaid Cards help its users to not only limit the overt usage of company funds, but also to monitor the transactions made on it.
2. Since the cards are reloadable as per the company’s discretion, it gives autonomy to the organization to allocate a specific amount of funds to each employee who is in possession of the card.
3. Additionally, an employee has the option of leveraging mobile banking to send receipts for their business transactions.
4. If you have a staff member who is stuck in any adverse situation - be in the same country, or outside, and is in immediate requirement of funds, then you always have the option of reloading the card with additional funds, rather than requesting a credit limit increase.
5. Corporate Prepaid Cards can also be used for online transactions by adding them to your Apple Pay or PayPal Wallets, or even your Uber Accounts.
6. If you have surmounting forex charges on your corporate credit cards, then you do not need to worry about those cumbersome charges on your Corporate Prepaid Cards. There is no foreign exchange fee involved with using these cards. The exchange rate is fixed with the currency that you load the card with. This means that they can also be used in multiple currencies such as GBP, USD, EUR, etc.
1. Using prepaid cards is more secure than using your actual cards which are linked to your bank accounts. If you ever run into an insecure website, you do not need to worry about hackers draining your bank accounts.
2. In case you misplace the card, your organization has the right to immediately block the card, and issue you another prepaid card instead.
3. Since the spending limit is ascertained by the employer, it also prevents the option of any employee going rogue with company funds. Any unused assets can be swiftly retrieved from your company’s corporate accounts, instead of directly obtaining them from the employee.
Corporate Prepaid Cards are being widely accepted by organisations worldwide, and it is definitely being accepted as a smarter mode of payment, as a vital replacement candidate for traditional credit cards or cash.
According to research conducted by ResearchAndMarkets.com [1], the prepaid card market (value terms) in Europe increased at a CAGR of 15.1% during 2014-2018. Over the forecast period of 2019 to 2023, the market is expected to record a CAGR of 11.1%, increasing from US$ 287.9 billion in 2019 to reach US$ 438.2 billion by 2023.
ZOQQ is an efficient and effective mode of payment for existing and upcoming businesses. It has launched its beta Corporate Prepaid Card program in multiple countries, and is in the process of getting approvals in more countries.