How Prepaid Cards Can Protect Your Business and Employees

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The past few months has seen virtually all business in Australia and worldwide adapt the way they operate in an unprecedented way. Social distancing has disrupted the way people work, whether you are working from home or on the field.

One consideration for businesses is how to keep payments and expenses streamlined, efficient and stress-free for your employees during this time.

In the last blog, we talk about the benefits prepaid cards have on people who are practicing social distancing. In this blog we examine the benefits and uses cases of prepaid cards for different types of businesses and workers.

Why prepaid cards?

With prepaid cards, you are giving your people access to company funds to pay for a company expense. There are many alternatives of course, but prepaid cards are a great option you should consider when the amounts are high and recurring.

Key benefits

  1. Simplifies the expense reconciliation process for managers and accountants, as all prepaid cards can be managed under the one company account.
  2. Removes the need for employees to pay out of pocket, even if they’ll be reimbursed at a later date.
  3. No more risky business sharing or handing out company credit cards, which can make expenses hard to track.

Read more as we discuss more in our blog of the three ways employers can leverage prepaid cards for their company.

Employees working from home

While business travel and company get-togethers are not on the cards for the time being, there are many types of expenses your employees may be incurring even when working from home.

For one thing, your usual business expenses still need to be paid for, especially if your role is in purchasing, supply chain, sales, marketing and accounts etc. However, social distancing poses the challenge of paying for expenses, as it is no longer practical to share company credit cards.

Prepaid cards are great for employees who are responsible for a budget and/or paying for ongoing and petty cash expenses. Instead of passing around credit cards (which is not safe practice), every employee will be in control of their own expenses. The company administrator will be able to control the budget for each team and employee, and track all card transactions.

Employees on the field

If you are an essential business with employees on the field, now is the time to step up your game by looking for ways to improve your operational efficiency and make your employees’ lives easier.

Perhaps you are a restaurant owner with staff that are now doing delivery to customers. Or your staff are Aged Care workers offering in-home care services to vulnerable members of the community.

If you have workers who are working in the field and incurring expenses on the road, such as fuel, food and other supplies, then prepaid cards will eliminate the cumbersome process of reimbursing expenses. Some examples of industries include:

  • Restaurants & Grocers offering delivery services
  • Courier & logistics
  • In-Home Care services
  • Community Services
  • Retail Services
  • Platforms for Gig Workers: companies such as Airtasker which act as marketplaces for people who request and offer different services

INTERESTED IN A PREPAID CARD SOLUTION?

Our Visa Prepaid Cards are perfect for SMEs and Sole Traders looking for a solution to business expense management, gig worker payment and secure online shopping.

Visit our Prepaid Card page to find a solution fit for your business.

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