In this week’s edition of the Prepaid Spotlight, we want to show you a slightly different side of the prepaid spectrum. In this day and age, any company that has a sales force or several employees that procure goods and services is in need of a secure, convenient and manageable program to control and monitor expenses in real-time. Issuing employees a credit card or even reimbursing them on an expense account can lead to overspending, damaged credit and employee conflict. The BankFreedom MasterCard prepaid expense card can help take the worry and frustration of employee expense accounts and at the same time empower them with company resources.
The four-step process for getting a Bank Freedom MasterCard prepaid card is simple:
- Order the card – forms are provided online and you are mailed employee cards in less than a week.
- Fund the card – use bank-to-bank ACH credit transfer or wire transfer from an existing business account. Deposits are FDIC insured up to $250,000
- Manage the card – through an online portal, you can check all employee card balances, set up email/text alerts, transfer funds to and from card, access statements and view transaction history.
- Empower employees to use the card – have your employees use the card anywhere Debit MasterCard is accepted for supplies, meals, travel, fuel, rental cars and any other business expense.
One of the great features of this business card is the simple, affordable fee structure. For a one-time enrollment fee of $100 (which is nothing for a business account), you will get much of the power and function of a commercial business account all the while empowering your employees. Signature purchases are all free as are ACH and Wire Transfer fees (over $2500, otherwise $15). There is no Activation Fee, no Monthly Maintenance Fee, no Annual Card Renewal Fee and Customer Service (live or automated) is also free. Access to cash or PIN purchase do come with a normal fee of $2 per transaction. The real-time view of employee expenditures and the online tracking of petty cash and receipts can be a fantastic time saver to boot! Another perk of using the Bank Freedom card is the FREE program training provided. Let’s not forget that there will be no interest accrued nor late fees with this card – it’s PRE-funded!
Company administrators can choose 2 versions of the Bank Freedom MasterCard expense prepaid card for their employees – Cash Access or No Cash Access. If you don’t want your employees to have ATM access, then no problem – just get the appropriate card. The cards come with the ability to set daily, weekly or monthly spending limits up to $20,000 if needed. Strict controls are set in place to issue, suspend or terminate card immediately when necessary. A card customization program can also be accommodated along with unique card design, website design and administrative privileges. There is an unbelievable amount of power available in the Bank Freedom prepaid program.
If your business is looking for a great prepaid expense card solution, then take some time and look at the Bank Freedom MasterCard prepaid expense card!