As the recession drags on, keeping tight control over company spending is becoming more and more critical. On the other hand, SMEs (Small to Medium Enterprises) can waste as much as up to 13 business days a year on managing expenses*. But there is a cost-effective and efficient way to keep an eye on company expenses: prepaid cards.
So, how can prepaid cards help with keeping business spending under close scrutiny? Well, after the business has topped up the cards' account with its cash, spending can be tracked via online statements, 24 hours a day, seven days a week — whenever it's convenient.
Online access to transaction information also saves on having to spend time calling a bank. And because the statements are updated in real time, fraudulent or inappropriate spending can be spotted practically as soon as it happens, and can be very quickly nipped in the bud.
However, employees will find that prepaid cards are ideal for paying suppliers, buying office supplies and materials and as a better alternative to a fuel card. After all, most fuel cards out there are tied to a particular chain, whereas a prepaid card will be accepted at almost any petrol station across Europe.
In fact, Cashplus prepaid cards can be used worldwide wherever the MasterCard® acceptance mark is displayed — including at cash machines — if a business wants staff to have access to ATMs. What's more, employees that travel on business or need to make purchases from suppliers in the Euro zone and throughout the USA, will find free currency cards can be very convenient. They offer very competitive exchange rates, and of course, spending can be tracked online.
As well as helping to keep employees' spending in check, prepaid cards can reduce the money spent on business banking. The savings start straight away with a Cashplus Business Expenses Account because there are no monthly fees — instead there's an annual fee of just £29.99. What's more, cash and bank transfer deposits are free of charge. And UK purchase transactions are free and unlimited.
What's more, with the Cashplus Business Expenses Account, the application process is quick and easy. Approval is guaranteed as long as the company is based in the UK and the cardholders are 18 or over. There are no credit checks involved, so even if the balance sheet isn't particularly healthy, the business can still get spending under close scrutiny.
So in short, any business can benefit from a tight grip on employees' expenditure — so almost any business should seriously consider issuing prepaid cards to its staff!
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About Advanced Payment Solutions Ltd (APS)
APS is the leading European prepaid card provider, with more than 500,000 cards issued and £650,000,000 in payment turnover. Its flagship product, the award winning Cashplus prepaid Gold MasterCard® is the UK's first general purpose prepaid card for consumers and in the last couple years APS has developed a growing interest among small businesses which now exceeds 2,500 who are utilising the benefits of the Cashplus prepaid Gold MasterCard to manage and control their business expenditures.