Prepaid business cards often come with monthly fees. If your business grows and you decide to get more cards for your employees, you may be charged delivery for each additional card. This fee can range from £1 to £2 per card.

When you open your prepaid business account and get issued your first set of cards, you may be subject to a delivery fee from certain providers. When comparing prepaid company cards, these fees can determine the providers most suitable for your business. Lots of prepaid business cards will charge fees, depending on how you use them and the provider you choose.

Are there any fees associated with prepaid business cards? Business owners cannot issue prepaid business cards to anyone under 18. Still, to be eligible for a prepaid business card, your business will need to be registered in the UK, have started trading, and have no shareholders under 18. This means new companies or businesses that don't have much credit history will have access to this helpful product, which can aid budgeting. Unlike when applying for business credit cards, there will be no credit check on you or your business. You can also get one by visiting a bank branch, although not a lot of high street banks provide prepaid business cards. The most common way to get a prepaid business card is to apply for one online on the card provider's website. Because new or small businesses may not be able to get access to business credit cards yet, many turn to these prepaid cards to give their teams access to business funds. This makes these cards popular with new or small businesses that don't have a credit history. Cardholders will be able to view their balance, see what they've spent, and request the account holder to issue them more funds from the business bank account.īecause a prepaid corporate card doesn't use credit, there are no credit checks when you apply for them. Most prepaid business cards are likely to have an app which each cardholder will have access to. This allows for better money management, keeps personal and business funds separate, and allows business owners to assess where their money is going in real time. Plus, your employees won’t be out of pocket waiting to be reimbursed. Instead of having staff pay for items with their personal funds and keep receipts to submit as expenses, a pre-paid company card means expenses can be paid directly, cutting out the admin involved in claiming expenses. Most small businesses can use prepaid cards for business expenses. With this, your team won't have direct access to the business account or credit, making it difficult to mismanage. Instead, you could give your employees a prepaid business card with a fixed limit. It’s best not to give every team member a business credit card because it wouldn't be practical. When issuing company credit cards, you'll want to keep the number as low as possible. Prepaid business cards are primarily used to give employees within a business access to company funds to pay for items or services they may need. This can make it simple for business owners of all sizes to manage their business expenses. The cardholders are unable to go over the balance preloaded on the card. These cards are typically linked to a single business bank account from which the funds are usually taken. Prepaid business cards are cards that can be preloaded with money that employees within a company can use to make business purchases and pay for other expenses.

Prepaid debit credit cards