Prepaid Cards Help Control Employee Spend

Jul 21, 2016

There are lots of ways to manage expenses, but so many businesses still choose to use manual processes like Excel spreadsheets. According to the Expense Management Trends Report 2016 by travel and expense management company Certify, 70% of small businesses are still relying on manual expense management tools.

Managing Your Expenses

Paul Thedinga, VP of strategic alliances at expense management firm ExpenseWatch, thinks controlling the tool that allows employees to make purchases can help managers greatly. Thus, keeping control just on the tool that enables employees to record the purchases is not enough if managers need more adequately-managed spending.

ExpenseWatch has recently announced the launch of a Visa prepaid card, which is developed in conjunction with PEX. Thanks to this card, managers can set spending limits and other controls for their employees. As Thedinga mentions, business owners who allow their employees to either expense or make purchases are worried about people don’t use it with 100% accuracy.

Thedinga notes today’s businesses need to control their funds much closer than ever before. This refers both to large and small companies having multiple locations where employees are switching from site to site and making purchases.

There is No 100% Accuracy

Even when a controller or treasurer identifies fraud or another type of counterfeit corporate funds, it is often too late to save the situation. Thedinga notes there is no perfect model in this concern. You can always have employees who can do things accidentally or make mistakes. On the other hand, there are always those who take goods and money from a company intentionally.

Business owners interested in low-cost and trustworthy payment processing should consider turning to eMerchantBrker, the #1 prepaid card merchant account provider in the US. EMB boasts an A+ rating with the BBB and offers unmatched protection from payment transaction fraud to help you cut your chargebacks.

When it comes to prepaid cards, Thedinga believes they can make employee spending be more transparent. This can be realized through enabling businesses to know how much, where and on what they will spend before making a purchase.

As prepaid cards can allocate a certain spending limit, managers can apply limit adjustments to the necessary basis and keep control over the money being spent. As a result, managers will make better decisions about where money is being spent and how. Meanwhile, they can control things at the administrative level, keep employees well informed on what they should buy and where they should buy it.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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