With the world rapidly going digital, the need to carry cash and cheques while travelling, shopping, or making purchases is decreasing, and instead, payment cards, such as credit and debit cards, are taking the wheel. Similarly, in the corporate field, organisations are also switching to cards. However, unlike regular credit and debit cards, companies are switching to prepaid debit card. It allows you to spend the money the card holds, and once the funds are exhausted, you can reload the card with more money. Prepaid cards are reforming the corporate world, as they help boost the company, are safer, and guarantee employee happiness, among other things.

What are the Different Types of Prepaid Cards?

There are various types of gift cards designed for different functions and company operations, such as:

  • Mastercard: A Mastercard is loaded with the funds a company adds to it. You can use this card in more than 25 million stores, online and offline, around the world, for multiple reasons. Mastercards are flexible, versatile, and customisable.
  • EFTPOS: An EFTPOS card holds allocated money that can be used once the card is activated and is accepted in all Australian stores. It usually contains a limit of $1,000, is convenient for daily shopping, and can be customised with company logos and designs. In addition, EFTPOS cards can also be gifted as a “thank you” gift card to employees.
  • Visa: A Visa prepaid card works as a substitute for store credits, cash, and cheques. It helps in increasing brand awareness by publishing company-specific designs on the card. A Visa card comes in two forms — a single-load card, which can be used until the funds are spent, and a reloadable card, which can be recharged once the funds are exhausted.
  • Petty Cash Card: A petty cash card is a prepaid Mastercard and Visa card, which you can recharge multiple times. It is issued to employees who do not qualify for an organisation’s corporate card. You can use it instead of cash for small expenses, such as parking tickets, cabs, gas, tools, project management funds, and meetings.
  • Christmas Cards: Santa might not be real; buy Prepaid Christmas cards! These cards are Christmas-special gift cards for your staff, employees, clients, and customers they can use for their Christmas shopping and expenditure.
  • Customised Cards: Customised prepaid cards are personalised cards on which you can print your logo or completely transform your EFTPOS, Visa, or Mastercard with your company’s designs, details, or personalised gift cards for your employees.

Why are Companies Using Prepaid Cards?

Prepaid cards make transactions, operations and monitoring funds convenient for companies. Some of the benefits of prepaid cards are:

Better Than Cash.

Prepaid cards are an excellent and safer alternative to carrying cash and cheques. If you lose or misplace your card while it is still activated, you can disable it to prevent unauthorised transactions and expenditures. You can carry a card while travelling, withdrawing cash, shopping, and paying for services.

You Can Recharge Them.

You are always at a risk of running out of cash or your cheque bouncing. Since you know the funds on your prepaid card, you can use them without worrying about the money running out. You can always recharge the card if you spend all the allocated funds.

Final Thoughts.

Prepaid debit cards are the perfect way for companies to allocate and monitor funds safely, hassle-free, and securely. Companies can customise the cards and use them as gift cards for employees, which increases employee satisfaction, and they do not have to carry paper money while travelling.