Best prepaid business cards in Australia for 2023
The best business prepaid cards for independent ventures have reasonable charges and easy ways of reloading your balance. When choosing business prepaid cards, you must consider your spending habits and the number of cards you'll need for your employees.
Businesses should select the one that gives access to an online and versatile dashboard and allows them to control their company costs and employee cards.
What is a business prepaid card?
In contrast to regular business debit cards, which pull funds for payments directly from a linked business checking account, a business prepaid card requires you to preload money onto the card before you can use it.
Banks, credit card companies, and other financial service providers all offer prepaid business debit cards. Most of the time, these cards don't check your credit, come with digital tools for managing your finances, and they usually have low fees.
Why should businesses consider using prepaid business cards?
1. Speed up how you pay the suppliers
You can even use funds loaded directly from the acquiring balance when you launch a card program with a full-stack issuing provider, removing the complexity of pre-loading your business prepaid cards.
2. Better control of spending
The best-prepaid business cards let businesses limit how much money they can spend on the card, keep track of how much money employees spend, and get detailed reports on all transactions.
In the meantime, employees no longer have to pay for themselves out of pocket or use their own cash reserves.
3. Boost your cash flow
Your business can move cash rapidly and effectively through a solitary stage by means of your virtual pre-loaded card while smoothing out your expenses and making it simpler to accommodate exchanges.
4. Increment approval rates
Due to the issuer's direct scheme connections, some prepaid business card issuers enable faster and more reliable issuing.
This implies your business can begin spending and further developing its income more rapidly than it could while applying for a credit card.
5. Risk of fraud is reduced
Because they can be easily deactivated in the event that they are lost or stolen, the best business prepaid cards may be more secure than cash or conventional credit cards, which can increase the likelihood of fraudulent transactions.
5 best business prepaid cards
1. Bento for Business Visa® Debit Card
Due to its straightforward fee structure and a high daily maximum spending limit of $25,000, the Bento for Business Visa® Debit Card is overall the best business prepaid card.
It does not incur any fees for international transactions and can be used at any merchant that accepts Visa debit cards. Bento is also free to try for the first 60 days, with no setup or debit fees.
Features:
1. Monetary controls: With Bento for Business Visa® Check Card, you can actuate or deactivate the card or your representatives' cards whenever online. You can likewise set up adaptable spending limits and confine dealer classifications.
2. Reporting and Analytics: You can exploit constant permeability in your exchanges. You will also see an overview of your cash flow, which will help you effectively manage your budget.
Load Limit: Transactions through Bento Move are restricted to a limit of $10,000 each day.
2. Emburse Spend Card
You can earn an unlimited amount of 1% cash back with the Emburse Spend Card, and there are no monthly fees or local transaction fees. You can stack your card up to $100,000; however, you can demand an expanded limit, dependent upon extra audit and endorsement.
The card has a smoothed-out cost administration framework, which allows you to endorse or dismiss exchanges made by your employees.
Features:
1. Apps for business: Business apps like Emburse Spend and Emburse Abacus are available from Emburse.
2. Infinite rewards: All purchases, regardless of spending categories, qualify for 1% cashback.
Load Limit: The load limit is restricted to $100,000.
3. DashTM Prepaid Mastercard®
In the event that you expect the day-to-day spend of each card to be under $1,000, the dashTM prepaid Mastercard® might be the best-prepaid business card since it has the greatest spend limit of $1,000 each day. With no arrangement and month-to-month expenses, it's basically allowed to use, as the supplier takes a level of every deal from the trader. The number of cards you can order is unlimited.
Features:
1. Paperless receipts: The merchant's name, category, and purchase date are all recorded in the dashTM app for each and every transaction.
2. Strong control: By adding team members, remotely approving requests, removing funds, and suspending users, company owners have complete control over the company's funds. These should be possible by means of the dashTM application.
Load Limit: There is no limit on the daily load. Each card has a $10,000 maximum load limit, and the account as a whole has a $100,000 limit.
4. Brink's Business Expense Card
The Brink's Business Expense Card is a great option if your business only requires two prepaid cards because the starter package includes free cards for the owner and a team member. You get a 60-day free preliminary and no arrangement expenses.
Features:
1. Real-time notifications: You can select to get constant notifications for any potential misrepresentation action and turn any card off whenever utilized beyond your cost strategy. In addition, you can be notified whenever a transaction is declined, when it exceeds a certain amount, or when your card balance exceeds a certain limit.
2. Online cards: Verge lets you make and access virtual cards immediately. Your data will be promptly accessible when you make a virtual card. Furthermore, your card data is safely put away, and you have the choice to make either single-utilized virtual cards or cards for repeat buys.
Load Limit: The number of deposits is unlimited; be that as it may, assuming that the record has a surplus of $15,000, it will be physically posted by the handling group after review.
5. PEX Prepaid Business Card
If you want to modify your business' spending per division, representative, and shipper class, the PEX Prepaid Business Card is the best-prepaid business card. You can try it for free for 60 days, and you can choose from various monthly packages based on your requirements.
Features:
1. Account reporting and management: PEX reports transactions in real time so that you can keep track of your company's spending from anywhere. Cardholders can submit receipts and bookkeeping codes through a versatile application, while chairmen can oversee card limitations online or by means of a portable application.
2. Integrating accounting: Depending on your requirements, you can provide an automated payment platform by integrating your PEX account with QuickBooks and other major accounting software.
Load Limit: A single PEX Card can only have a maximum balance of $25,000 in PEX Expenses.
Best cards for your business to manage expenses
Alternatives to business prepaid cards
You have the accompanying choices as options in contrast to prepaid business cards:
1. Small Business credit cards
You can float expenses with this best business credit card while expanding your company. Develop your FICO assessment, and set aside cash with low basic and continuous loan fees and applicable rewards.
2. Purchasing cards for businesses
Business-to-business transactions require purchasing cards. The balance must be paid in full each month, just like a credit card. Our gathering of the top buying cards is a decent spot to begin searching for one that possesses all the necessary qualities.
3. Secured Business Credit Cards
Secured business credit cards are a decent choice for individuals who can't fit the bill for a non-tied down card because of poor or low credit or no record as a consumer, as you just have to put aside a security installment to qualify.
Why Volopay cards are the best solution for businesses?
1. Safe & secure
Volopay cards are protected with high-tech bank-grade security measures. Along with this, two-factor authentication, 3DS protocol for expense authentication, and spend controls like expense limit and transaction type specification.
All these measures make Volopay cards extremely safe and secure for storing and transferring money.
2. Instant approval
With Volopay cards, you get the option to set spending limits. Hence, all transactions under the spend limit are instantly approved. Plus, you can set who can access the card and the expense category. This means employees will no more have to run around to get payment or expense approvals.
It can easily be done on the system. Any expense over the limit can also be approved in seconds. The expense request is displayed on the approvers' screen with all the necessary details. The approver just has to click approve or reject. It's that fast.
3. No hidden fee
Any charges or fees you pay for Volopay cards are disclosed upfront. Nothing is hidden or secretly charged to your chards. You get complete transparency and clear visibility of all your spends and charges like international transaction fees, interest payments, etc.
4. Easy to use
Volopay cards are easy to create and use. You can create unlimited virtual cards from the cards section. These cards get created instantly. Transfer money from the Volopay account to the card, and voila, you can start using it immediately.
Moreover, to make any payment, you just have to add some basic vendor details, enter the total amount and transaction currency and click on pay. The payment is initiated then and there.
5. Access to higher credit
The Volopay platform provides its customers with access to higher credit limits. To avail of the Volopay line of credit. Customers need to submit some basic identity, revenue, and expense documents, along with the application for how much credit is required.
Once the business credit profile is approved, the business can customize its repayment cycle and start using the credit. No personal guarantee is required.
6. Unlimited virtual cards
Customers can create unlimited virtual cards. No fees, costs, or charges. Unlimited virtual cards for free.
These can be assigned to different employees, projects, departments, and vendors. Specific virtual cards can help in better expense management and organization as the expense will be properly separated.
7. Integrate with accounting systems
All Volopay features on the platform are internally connected. All Volopay cards are integrated with the accounting system. This means that every transaction made through the cards is automatically entered into the accounting sheets.
The expense information is entered under the right categories in the accounting books with the help of auto-categorization and expense mapping features.
8. Real-time tracking
One of the best features of Volopay cards feature is real-time tracking. Every transaction is tracked and recorded in real time.
Hence the managers will have a complete look into when the transaction was initiated, what is its current status and when will the end receiver get the money.