Prepaid debit card to manage and simplify employee expenses
Empower your team with business prepaid cards. Top up your cards, assign them to employees, and allow them to access company funds while controlling your business expenses.
With prepaid cards, you can guarantee that your funds are always spent according to your company policy.
Start using a prepaid business debit card for more convenient expense management. Bypass long reimbursement processes, track all employee expenses, and easily reconcile all your business spending within minutes.
Get both convenience and security hassle-free.
Trusted by finance teams at startups to enterprises.
Control spends with business prepaid cards
You don’t have to worry about out-of-policy expenses when you use prepaid cards for business expenses. Top up your employee debit cards according to your budgets and control all spending.
With an added layer of control options, prepaid cards encourage employees to spend company funds responsibly. Get access to easy card payments without the fear of going over your budget.
Better visibility of cash flow with prepaid cards
Tracking how your money is used as easy and practical with business prepaid cards. You can simply load the exact amount of money for each purchase you want to authorize.
No more waiting for your end-of-month statements and bills to shock you. Get a better grasp on your cash flow and achieve full visibility with your prepaid cards.
Real-time updates with business prepaid cards
Your card dashboard is updated in real-time for your convenience. Every time an employee uses a business debit card, the transaction will show up immediately on the system.
Monitor the way you and your employees spend your company funds at any time from anywhere. You’ll know when your debit card for employees is low on funds.
Physical business debit cards for employees
Get a high-quality and premium feel for your physical business debit cards. With your personal branding and corporate logo, you can issue each employee their own physical business debit card that reflects your business identity.
Every employee can access company funds according to company policies — no more sharing one card between many employees.
Safer transactions with controlled spending
Get a safe and reliable way for employees to make business expenses using business prepaid cards. Always ensure that employees are only spending the amount you’ve authorized by topping up your cards accordingly.
Toggle online and offline transactions depending on your usage, make it easy for your employees to submit expense reports, and review expenses from anywhere.
Multi-level approvals with prepaid cards
Say goodbye to long and complicated desk-to-desk approval workflows. Set up multi-level approval workflows through your cards dashboard instead.
When employees use prepaid cards for business expenses and submit reports, approvers can automatically be notified. Create a digital workflow for efficiency and ensure that every expense is monitored, reviewed, and approved correctly.
Convenient business transactions
Corporate prepaid cards offer a secure and convenient method for conducting business transactions. By using these cards, employees can make purchases or payments without relying on cash or their personal credit cards.
This reduces the tedious task of filing & processing reimbursements and also reduces the risk of fraud and unauthorized spending, providing peace of mind for both the company and its employees.
Prepaid cards with custom card limits
One of the key benefits of business prepaid cards is their flexibility in setting card limits. Employers can customize spending limits based on the employee's role, seniority, or specific project requirements.
This feature empowers businesses to tailor card usage to the needs of their workforce, enhancing overall financial control.
Control and manage budgets
Business prepaid cards enable employers to set spending limits on individual cards. This feature allows companies to control their budgets effectively and prevent overspending.
Administrators can adjust the card limits as needed, ensuring that employees have access to the necessary funds while staying within budgetary constraints.
So if for example, an employee needs access to additional funds due to some unforeseen business expense, they can instantly request it and the administrator can increase the budget and add the necessary funds to the employee's prepaid card.
Do expense tracking and reporting
Business prepaid cards offer robust expense tracking and reporting features. Transactions made with these cards are automatically recorded and categorized, easing the burden of the employee from manual expense reporting.
Additionally, comprehensive reports provide valuable insights into spending patterns, making budget adjustments and financial planning more data-driven. This will ultimately help the organization make its spending more efficient.
All-in-one cards for business subscriptions
Consolidating multiple business subscriptions onto a prepaid card simplifies expense management. Businesses can link various subscriptions, such as software, cloud services, or streaming platforms, to a single prepaid card.
This streamlines payments, reduces administrative burdens, and provides better visibility into subscription expenses. You can also use different prepaid cards to manage different types of subscriptions for each team.
Supports multi-currency transactions
For businesses operating globally or dealing with international clients, multi-currency support is essential. Corporate prepaid cards equipped with this feature allow employees to make transactions in different currencies without incurring hefty conversion fees.
This not only simplifies overseas expenses but also helps manage foreign exchange risks effectively.
Helps finance teams and higher authorities
Make the most of your finance team and enable them to do meaningful work. Instead of spending their days chasing down transaction data and approvals, you can simply assign employees business prepaid cards with a preapproved balance.
Save everyone’s time, increase visibility, and encourage more productivity by making business expenses easier to do.
Integrate easily with accounting systems
Skip manually reconciling your card expenses at the end of every month. Volopay’s business debit card integration allows your finance team to reduce their administrative workload and avoid human errors.
Make accounting easy and ensure that you always have the right data in your accounting software. With just a few clicks, you can integrate your system hassle-free and get automated updates.
Financial stack for business
No more switching between multiple bank accounts and tools to run your smart business. We have combined great software with every service you are using a bank for, to produce a state-of-the-art financial platform.
Empower your employees with physical and virtual cards
Manage and track every dollar that leaves your company
Open a global account with multi-currency payments.
Manage vendors, approve invoices and automate payments.
Save hours daily, and close your books faster every month.
Integrate with the all the tools and software that you use daily.
How do business prepaid cards work?
Business prepaid cards work on a simple principle. Companies can issue these cards to their employees, each linked to a central account funded by the company.
Administrators can load the cards with specific amounts based on the budget requirements of the employees or departments.
Employees can then use these cards for authorized expenses up to the available balance.
The cards can be swiped at POS terminals, used for online purchases, or even for withdrawing cash from ATMs depending on the card provider and whether they offer this feature.
Business prepaid cards come with an online dashboard or a mobile app that allows administrators to monitor transactions, set spending limits, and generate detailed expense reports in real-time.
Employees will also be able to submit receipts of their expenses made using the cards through the mobile app for verification. This level of transparency and control streamlines expense management and ensures compliance with company policies.
Benefits of having prepaid cards for your business
1. Easy to handle employee expenses
The great thing about using corporate cards is that you can issue one physical business debit card to each employee.
There’s no need for card sharing, which could delay payments. Employees also get to bypass complicated reimbursements to make business expenses.
2. Easy to use
Prepaid cards aren’t complicated. All you need to do to get started is top up your card and you’ll be able to spend as soon as you have your card balance. They’re also practical to carry around and can be used for both online and offline transactions.
3. Control travel expenses
Using one debit card for employees won’t suffice for business travel. Not only will it be difficult to make payments but it’s also harder to track who is making which payment when you have to share one card between multiple employees.
Control each employee’s spending by assigning individual prepaid cards instead.
4. Improves cash flow
Pace the way you use your company funds with the help of prepaid cards. Load your cards accordingly and budget how much you’ll spend each month.
You can guarantee that you’ll spend only the card balance you have, improving your cash flow management in the long run.
5. Manage business expenses
You get full visibility of all your card expenses using business prepaid cards. With a linked card dashboard, all your transactions can be reflected in real-time and expense reporting is easy.
Get a full view of your business's financial health at all times and manage your expenses better.
6. Pay vendors quickly
Cards are an easy and convenient way to pay your vendors. There’s no significant wait time before the payment is received. More importantly, they’re hassle-free. You won’t have to go through many complicated just to make sure that your payments are on time.
7. Reduced risk and highly secure
It’s daunting to allow employees to carry large amounts of cash for business purchases. Using prepaid cards for business expenses solves this issue and makes payments much safer and easier.
With the ability to load cards according to your budget, you can also ensure that no overspending happens.
8. Credit check not required
Unlike corporate credit cards, which oftentimes have high requirements, you won’t have to worry about a credit check to start using prepaid cards.
Applying for your business debit card and getting started can be done with just a few documents. Sooner than later, you’ll have your card ready to use.
Use cases of corporate prepaid cards
Employee expense management
Businesses can issue prepaid cards to employees for their everyday business expenses such as travel, accommodation, and meals.
This simplifies the reimbursement process and minimizes the need for employees to use personal funds. Since the cards are prepaid, the company can be sure that there is no overspending.
Employee & business travel expenses
Prepaid cards are ideal for managing travel expenses. Employers can load cards with specific travel budgets, reducing the risk of overspending and providing a hassle-free experience for employees.
The employees can use these cards to book their flights and accommodation online and also use them for on-ground expenses like commuting and dining.
Employee perks and incentives
Companies can reward employees with prepaid cards as incentives or bonuses. Corporate prepaid cards as an incentive are great to make the employee feel valued for their efforts.
This not only motivates the workforce but also gives employees the freedom to choose how they want to use the rewards.
Department budgeting
Prepaid cards can be allocated to specific projects or departments, allowing for better budget management and cost allocation. There are many cases where a specific project might come up that requires a separate budget.
Issuing a prepaid card specifically for it is a great way to manage all the expenses for that project.
Temporary or contractual workers
There might be instances where your team needs to hire or work with a freelancer. The payment set up for such an individual or agency will not be the same as an employee.
For temporary or contractual workers, prepaid cards offer a convenient way to provide necessary funds without the complexities of a traditional payroll setup.
Online purchases and subscriptions
Prepaid cards are suitable for managing online purchases, subscriptions, and recurring expenses, making it easier to track and control costs.
You can simply set up the card just like any other payment card. An added benefit is that you will never overspend as there is only a limited budget on the card.
Petty cash management
Prepaid cards can replace petty cash systems, minimizing the risk of loss or misuse and simplifying record-keeping.
It is much harder to keep track of cash and the change that you get when you complete transactions as compared to simply making payments through cards.
Business event expenses
This is also a type of project that can come up in a business. When organizing business events or conferences, prepaid cards can be used to manage the various expenses for speakers, attendees, and logistics.
It may also come in handy for food and dining expenses for the organizers.
Controlling vendor payments
Businesses can use prepaid cards for vendor payments, ensuring timely and controlled disbursement of funds.
You can set up monthly recurring funds to ensure that no extra payments are made to a vendor by accident or intentionally.
Prepaid cards crafted specifically for businesses to manage expenses
Why should you choose Volopay cards?
Easy to get
Getting prepaid cards doesn’t have to be difficult. Apply for Volopay easily online. Within the week, you can get started with Volopay and immediately order your cards.
No hidden fee
Every cost to your business debit card is accounted for. You won’t run into any hidden fees that will surprise you. No need to fear hidden fees that’ll pile up!
Get credit limits
While business prepaid cards are great, a credit line can improve your cash flow. Take advantage of Volopay’s credit line to make business purchases more efficient.
Monitor spends easily
With Volopay’s card dashboard, you’ll know when, where, and how your money is being spent at all times. Every time a card is swiped, your ledger will be updated.
Unlimited virtual cards
Utilizing virtual cards will streamline your expense management and give you better visibility into your spending. Assign each Volopay virtual card to a vendor and never miss recurring payments.
Safe and enhanced security
Volopay has industry-standard ISO and PCI DSS certifications that ensure the safety of all your data. All your Volopay cards are guaranteed to have enhanced security for your comfort.
How to apply for a business prepaid card?
Applying for a business prepaid card is a straightforward process. Businesses can approach reputable financial institutions or fintech companies that offer such services.
Volopay is a leading financial solution provider that offers prepaid cards designed specifically for businesses in Australia.
To apply for virtual prepaid cards from Volopay, businesses can follow these steps:
1. Create an account
Visit the Volopay website and create an account. Provide the required information and necessary documents as part of the registration process.
2. KYC verification
Complete the Know Your Customer (KYC) verification to comply with regulatory requirements. Each company is assigned a customer success representative who will help you complete this process and onboard on the platform.
3. Issue prepaid cards
Using the Volopay platform, businesses can issue one prepaid card to each employee with customizable spending limits and predefined expense categories.
4. Add funds
After your account is verified, transfer funds to the Volopay account. This will serve as the balance for your prepaid cards.
5. Expense tracking and reporting
Once the cards are in use, businesses can track expenses in real-time, generate reports, and gain valuable insights into spending patterns.
By utilizing prepaid cards from Volopay, businesses can streamline expense management, improve financial control, and enhance the overall efficiency of managing employee expenses.
They loved Volopay, you will too
Learn more about our physical cards
Volopay is a single platform that incorporates approvals, corporate cards, bill payments, cost reimbursements, and accounting automation. All of these are available from any device, at any given time.
Real-time expense reporting
Create an expenditure reporting system that allows you to see where, when, and why each item was made. The report can be created using custom filters, so that your reports only show the information relevant to analysis and data capture. Forecasting and proactive financial decisions are much swifter.
Business credit
Get a quick credit line for your day-to-day business expenses, without jumping the hoops required of a traditional business loan. Instead, use the credit line, loaded into corporate credit cards for all your employees to use. Start spending more efficiently with flexible cycles of payments and lower rates.
Multi-level approvals
5-tiers of approvals to make sure that no transaction is missed, or occurs outside of company policies. In order to handle all staff spending and payments, all fund requests are directed to the company policy and approval algorithms.
Accounting automation
Accounting automation just got better. The world’s most beloved account software options integrate with our system, letting you sync your information in real time. From card swipe to closed books, you can plug and play your expenses with software like Xero, Quickbooks, Netsuite, Deskera, and more.
FAQs on physical cards
Yes, getting a prepaid business debit cards is perfectly possible and very easy, depending on the provider. Several banks, financial institutions, and FinTech firms offer this facility to their clientele.
A business prepaid card is a type of card where you open an account with a chosen card provider once and then top up the balance of your card each month to use. Company owners often create multiple business debit cards for employees to carry out their operational expenses. Volopay, for example, lets you create cards that can be used for all kinds of business payables.
Yes, business debit cards technically function exactly like normal debit cards and so are also limited to the balance that is available in the bank account linked to them.
With prepaid cards, you never have to worry about overspending. You can top up your cards with the exact amount of money you want to spend. Employees can have easy access to company funds while you’ll be able to maintain control over how much money is being spent. It’s a faster and more convenient payment method compared to reimbursements.
Yes. Similar to other card counterparts like credit cards, you can get business prepaid cards for your company expenses. Having a prepaid card that is specifically designed for your business needs helps you separate between personal and business expenses and is strongly recommended.
Business cards and commercial cards function exactly the same. They both are cards given by banks or other financial institutions to businesses to make expenses, which can be issued to the company’s employees. The biggest difference between the two is that business cards typically denote smaller companies, while commercial cards refer to cards given to corporations and enterprises. The latter sometimes will have higher requirements than the former.
Whether or not you can withdraw money from business prepaid cards depend on your provider. Make sure that what you choose fits what your business needs. Keep in mind both the advantages and disadvantages of withdrawing money from prepaid cards as well before you choose what you go with.
You can get started with Volopay in less than a week. Once you have onboarded, you can immediately order and start using your prepaid cards. For physical cards, you’ll be able to activate them as soon as they arrive in the mail.
The cost of business prepaid cards will depend on the card provider. You want to be sure that you know all the fees that you will be paying before you choose a provider. These fees can include the admin fee, card order fee, as well as any top-up fees.
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