Introduction: What Are Prepaid Cards?
A prepaid card is a type of plastic currency that allows users to load any amount of money onto the card and take it with them at all times, everywhere. Simply keep your balance up to date and you’ll be ready to conduct smooth transactions at the touch of a button. The ability to do so at any time and from any location is an added bonus, since money may be reloaded via an online application, at any participating retailer in the area, or at any ATM. Prepaid cards are far more convenient and practical than cash. They are similar to gift cards in that they allow users to spend the money until the current balance is depleted.
Prepaid cards, like prepaid credit and debit cards, are provided by major financial institutions and supported by significant corporations such as Visa, MasterCard, American Express, and Rupay. Prepaid cards, on the other hand, are rather simple to get and use. Bankit prepaid cards provide such a wide range of services that they are an especially appealing alternative for those who do not have frequent access to or interaction with a bank. Bankit is an essential go-to for anyone searching for all of the above-mentioned capabilities in a single card, thanks to their frequent series of discounts and fantastic bargains on their prepaid card services.
Prepaid cards are a fantastic spending control tool for organisations, whether they are large corporations, small enterprises, or start-ups. They have the ability to transmit cash straight to the prepaid cards that have been allocated to employees. This can aid not only in the monitoring of wage transfers to employees and bonuses but also in the allocation of additional monetary costs, allowing them to be used more effectively. Individuals and businesses may keep track of travel expenditures using prepaid cards, which allow for easy transactions, expense tracking, and, most crucially, reloading funds as needed.
A new type of prepaid card called a business card has been added to the collection, and it has proven to be quite useful for companies with their monetary transactions. Prepaid business cards have grown in popularity and are being accepted by many since they are simple to use, allowing you to preload the amount wherever, whenever, and whatever much your business requires, and your staff may access the funds they require in seconds. Prepaid business cards are used by business owners to keep tabs on their workers’ spending.
Business prepaid cards may also be used to decrease various financial risks and avoid filling out laborious application forms or completing other procedures, especially if your company has a poor credit history or does not meet the required criteria. Thus, corporates, MSMEs, and start-ups getting on the digital transformation bandwagon is a wonderful approach to manage and monitor finances all but without lifting a single finger, thanks to mobile applications and constant notifications on all actions. These can vastly improve a company’s financial prospects by inducing high efficiency through decreased waste and increased output.
Why Manual Transactions are less safe and reliable?
Gone are the days when we had to carry cash with us at all times. Oh, the bother of always having change on hand just in case! When we talk about manual transactions, we’re talking about situations when people still use loose cash or checks as a form of payment when they need to buy anything. Manual transactions, on the other hand, have a number of drawbacks that make them less dependable and secure, making digital exploration more appealing. The following are the main reasons why manual transactions are not as secure:
- Theft or Fraud: There’s a good risk you’ll lose your wallet or misplace your money at home or in your car. The possibility of it being taken by pickpockets is also a concern. This, along with the potential of your staff stealing from you without a rock-solid mechanism to monitor them, may make manual transactions, such as using cash in hand, a lot more difficult.
- Phishing is easily possible: With the advent of technology, the dread and possibility of internet thefts by hackers are not unheard of. As a result, your plastic currency is extremely vulnerable to fraud and is at risk of numerous thefts and losses of your hard-earned cash.
- Less Transparency: It might be difficult to keep track of or document every cash transaction when dealing with actual currency in your hands. The procedure is far less transparent because there is no proof in place to authenticate such transactions.
- Human Errors: When transactions are completed manually, there is always the possibility of recording or calculating mistakes, which reduces the transaction’s quality.
- Cumbersome Process: Even simple everyday transactions become difficult to document when transactions are handled manually, and hence petty cash management becomes laborious in the manual style of transactions.
- Expense Management Becomes Difficult: With manual transactions, there is always a lack of transparency, making it difficult for company owners and employers to oversee and manage each transaction. It becomes nearly hard to keep track of each and every transaction, making the process even more tiresome and complicated.
Why Should You Make A Switch To A Prepaid Card?
When you consider all of the things that may go wrong with manual transactions, a prepaid card is a more safer, more dependable, and more handy option. It has the power to make simplifying your company’s financial processes a breeze, enhancing openness and accountability by a factor of ten. Furthermore, by eliminating any potential for human mistake, transactions via all corporates, MSMEs, and start-ups improve the efficiency and productivity of business operations. The cherry on top is that because transactions and payments are done digitally, the risks of fraud are much minimised.
Why choose a prepaid card?
Given how useful prepaid cards may be for transactions, it’s important emphasising the main reasons for users to choose prepaid cards over other options such as debit or credit cards:
- For people with a bad credit history, this is a fantastic option.
- A prepaid card is an excellent budgeting tool for people from many walks of life, whether they are company owners, students, or those with personal needs.
- Prepaid cards are an excellent option for students or recent immigrants to do business.
- If you have a prepaid card that is linked to an international merchant, you can use it anywhere in the world. All you have to do now is recharge it, and you’re ready to go!
- Prepaid cards are simple to use because they are accepted by almost all retailers.
- These cards are particularly useful since they use a highly safe and secure transaction mechanism.
- Your company may considerably minimise its reliance on extremely volatile means of the transaction by employing prepaid cards, which eliminate the need to carry along any legal paperwork or receipts.
- Prepaid cards provide real-time visibility by encouraging openness and ensuring that everything is continually monitored.
- BankIT offers a wide range of prepaid card options for you to pick from.
- BankIT offers a variety of prepaid card options to suit your needs. BankIT also has prepaid cards designed specifically for the event to meet your specific demands.
- BankIT prepaid cards are quite diverse, ranging from travel to student and employee cards, gift cards, and loyalty cards as an incentive.
- Safety, security, real-time monitoring, and faster company spending management with improved accountability and transparency are just a few of the other appealing features.
Due to their contribution to minimising T&E cost, convenience of use, and security, prepaid cards are becoming a more popular alternative for business owners. They help firms save time and money by allowing them to set expenditure restrictions, increase compliance, and eliminate expense fraud. Employees no longer have to have significant sums of cash on hand, and finance departments no longer have to spend hours manually checking expense reports.