Business

Prepaid cards are not eligible for protection under the Financial Services Compensation Scheme

Business prepaid cards 

Offering a convenient and secure alternative to paying by cash or debit or credit card, a prepaid card can be loaded with money in advance and then used to make purchases or withdraw cash from an ATM, just as you would with a credit or debit card.

Unlike with a business credit card, however, you can only spend the amount that has been put on the card, making them ideal for budgeting.

What's more, business prepaid cards don't require a credit check to be carried out – either on you or your employees.

Greater flexibility and control

Even if you issue business credit or debit cards to some people in your business, the number of cardholders is generally kept as low as possible.

But this can be inconvenient, and in comparison, business prepaid cards allow you to issue a larger group of employees with the means to make business purchases, while limiting the sum of money they have access to.

To help you do this, you'll have access to online spending reports and be able to arrange credit “top-ups” when needed. You'll also be able to decide how employees can use the cards – for example by banning cash machine withdrawals.

Easier expenses

Traditionally, employees who incur expenses such as those related to travel often have to use their own cash or cards to make the payment, before claiming the money back from the company.

With a business prepaid card, however, the need to keep a wallet or purse full of receipts and make expense claims can become a thing of the past.

No credit checks

In contrast to business credit cards, prepaid cards do not require a credit check. 

You can't get into debt with a prepaid card, so acceptance is guaranteed so long as the card provider can verify your identity using your personal details.

This keeps the application process simple and also means that businesses with short-term or seasonal employees who do not have bank accounts can pay them by loading their wages on to a prepaid card.

Lower charges

The cost of issuing employees with business prepaid cards will generally be lower than giving them business credit cards. But do look out for monthly fees, as well as charges for making purchases, withdrawing money and issuing a new card. 

Find the best deal

With MoneySuperMarket, you can compare and apply for a range of business prepaid cards with just a few clicks of your mouse. So take a look at our tables to ensure you're getting the right one for your particular needs.