Best Prepaid Cards for Business

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Businesses must solve the challenge of fluid efficiency by allowing their employees to access cash for expenses while cutting back on wastage and unnecessary expenditure.

Business prepaid cards are one of the best options in the market, allowing businesses to maintain a specific budget while ensuring necessary expenses are covered quickly and conveniently. The nature of the prepaid cards makes it possible for the relevant employees to have a card they can use, and the business can easily track the expenses on the card.

The employees can only spend the amount loaded onto the card, making them perfect for budgeting purposes, and they are simple and safe alternatives to using cash or other payment methods.

However, for businesses to maximise the benefits of prepaid cards, they must first find the right one, and this guide looks at some of the best ones on the market.

What is a Business Prepaid Card?

A business prepaid card works like a debit card. Money has to be added to the card in advance to make purchases or withdrawals from an ATM. The card is convenient for you and your employees to spend money without going over budget.

A prepaid card for business can be used for employee expenses if they travel to meetings or for buying things like office supplies. It could also be helpful if you have team socials. The card can be used to buy the first couple of rounds.

Because the prepaid card doesn’t require a credit check, the application process is more straightforward than a credit card. Usually, you can apply for the card online through the provider’s website or app.

How Does a Business Prepaid Card Work?

Prepaid business cards work using the same concept as debit cards. However, the card is not attached to an account but is an account in itself. You start by loading funds onto the card so it has a balance. This can be done online through the provider’s website or app.

Once the money is credited to the prepaid card, you or your employees can use it to purchase. When the balance is low, you’ll need to top up the card again.

Some providers allow you to set a spending limit for each card you own. This helps you keep track of our budget. The card can also be used for overseas transactions. You should compare providers’ fees to see which one gives you the best rates. 

Why Should You Get a Business Prepaid Card?

Prepaid business cards have a wide range of benefits and features that could make managing expenses in your business more accessible and more efficient. Some of the main reasons why you should consider getting a prepaid business card include:

Controlling Your Spending

Using prepaid business cards means employees don’t dip their hands into the main business accounts. They can only use the money loaded onto the card, and if the provider allows you to set limits, the cardholder can only spend money up to the limit indicated on the card.

This makes it easier for the business to keep track of spending. Many providers also integrate the card with accounting software, making it easier for businesses to track their expenses and determine where they need to adjust their budgets.

Earlier Expenses

With a prepaid card, you pay for expenses when you load the funds on the card instead of after spending money. This makes it easier to know what your costs are sooner.

No Checks

Getting prepaid business cards is easier than getting a credit card. Because you’re not borrowing money, no credit checks are required when applying for a prepaid card. This makes getting a business prepaid card quicker and easier than a business credit card.

Safer than Cash

Prepaid business cards provide a safer alternative than carrying cash. They are an excellent option for when your employees are travelling and need a safe and secure way to access funds during business trips.

The Best Prepaid Business Cards

With that quick background on prepaid business credit cards, you can see why your business could benefit from one. The number of providers offering prepaid cards for businesses is increasing. Users can now access more features and competitive rates for prepaid cards. This makes it vital to compare the different options in the market and choose one that you feel delivers the best-tailored experience for your business.

Some of the top business prepaid cards on the market today that you can look at include: 

Soldo – Best Overall

Soldo offers a Master Card type of prepaid card for businesses with numerous perks and benefits. There’s no fee to apply for the card and no transaction fees. You only pay a 1% ATM for withdrawals and a £6 monthly fee, which is quite affordable.

Soldo could be the best option if your business is looking for a hassle-free expense management solution.

With the Soldo prepaid business card, you gain effortless control over your business expenses. Each team member can have their own card, allowing you to assign specific budgets and spending limits to ensure everyone stays within their allocated budget. This effectively eliminates the risk of overspending.

Another essential feature of the Soldo prepaid card is real-time expense tracking and categorisation. The company has a mobile app and web dashboard that provides you with a clear overview of all transactions made by your employees. The system will even categorise the expenses automatically, making it easier to generate accurate reports and gain insight into spending patterns. This feature eliminates the tedious process of manually tracking expenses and reconciling receipts.

With Soldo, you can issue virtual cards instantly. The virtual cards are handy for online purchases and subscriptions because you can create virtual cards with unique details for each vendor. This enhances security and prevents unauthorised transactions. You can set the virtual cards to be time-limited, ensuring easy management and termination of subscription when needed.

In addition to the free transaction charges in the UK, you can also use Soldo to photograph receipts on the spot for easier record-keeping. If you make transactions outside the UK, there’s a 1% on the card. You can upgrade your subscription to the Premium or Enterprise plans for frequent travellers to get cards in EUR or USD, depending on where you frequent most.

After receiving the card, you will have instant access to any deposits you make to your account, and there will be no fees associated with this.

Pros

  • The account opening process is quick and easy
  • You get a 30-day free trial period
  • You can get up to 30 users and 40 active cards
  • Automatic digital receipts
  • The card includes an expense management platform
  • Easy cancellation

Cons  

  • You still need a separate business account
  • Soldo’s currency conversion rates are not the best on the market
  • Sold does not currently offer a team travel planner feature
  • Soldo charges foreign transaction fees for purchases made in currencies other than the account’s base currency.

Pleo – Best for Expense Management

The Pleo prepaid business card is an excellent option for businesses keen on cutting down costs or being as accountable as possible for how they spend their money.

The first three cards are free to apply but have a monthly fee of £6 and an ATM fee of £4 but no transaction fees. It is a Master Card, which means you can access all Master Card outlets and ATMS. It provides a seamless business solution and combines innovative technology with simple and practical features, prioritising control, integration, and insights.

Pleo’s user interface is designed to integrate seamlessly with popular accounting and business software. This allows you to easily synchronise your account with multiple existing infrastructures for smoother workflows and minimising administrative time. Transactions using Pleo cards are automatically matched with their receipts and categorised, saving valuable time while reducing errors.

The card also gives you complete control of your team’s spending with features such as setting individual spending limits for each card, which ensures budget compliance across your organisation. Pleo also sends you real-time notifications of transactions, allowing managers to monitor spending and make adjustments where necessary.

The cardholders can also use the app to capture receipts and categorise expenses instantly, making expense reporting easier and more accurate.

Every transaction you make with the card is tracked and recorded, creating a wealth of data that can be used to optimise your company’s spending habits. Using Pleo’s user-friendly interface, you can visualise your company’s spending in real-time, identify trends and make decisions and adjustments that can result in massive savings.

Besides the expense management features the account offers, your team also get 1% cashback when they use the card for purchases and other expenses and you can use the app to freeze cards. Businesses can choose from three account tiers when opening a Pleo business prepaid business card.

The top tier provides the most perks, including training opportunities and a personal account manager who can help you with onboarding and any challenges you might have.

With Pleo’s superior expense management features, you can stay on top of your business’s spending without losing track of the cards, budget or spending locations.  

Revolut Business – Best for International Use

The Revolut business prepaid is like no other in its field. It’s designed for use in multiple currencies and makes it easier for travelling employees and teams to access funds for business-related expenses.

Revolut offers physical and virtual cards for your team, and the account works like a regular account, which is accessible via mobile app on both Android and iOS. The card is ideal if you regularly need to carry out transactions or pay invoices abroad.

The beauty of Revolut Business is that you can open multi-currency accounts and accept and make payments in different currencies from practically any nation in the world. Revolut is one of the cheapest ways to transfer and receive several currencies. The account lets you receive, hold, and exchange over 35 currencies worldwide. You can also set up as many sub-accounts in each currency as necessary to run your business.

With this account, you can give your teams physical and virtual prepaid cards, set spending limits, and block and freeze cards so they can’t be used. You will get automatic expense reminders to encourage staff to submit their receipts and help you keep track of the expenses that need reviewing.

What makes the Revolut business prepaid cards a must-have is the multi-currency account. Normally, when paying for expenses in other countries, your funds must be automatically converted, and the conversion rates and fees can be hefty. You can pay in local currency with a multi-currency account, saving you unnecessary expenses.

The account can also be integrated with accounting software, saving valuable time and resources while enhancing the business’s accountability and tracking of expenses.

CashPlus – Best for Small Businesses

Every business wants financial solutions tailored to its needs. For businesses looking for simplicity, ease of use and quick account opening, Cashplus is the best option. This prepaid card is particularly beneficial for small businesses looking for prepaid cards with straightforward banking services and features designed for small businesses.

The CashPlus prepaid car allows small businesses to access simple but effective financial solutions, helping them evade the complexities associated with traditional banking solutions. You can use the card to simplify expenditure tracking and ensure financial discipline among your teams. It only allows you to spend what you have loaded onto the card.

The card has a user-friendly interface on physical and digital platforms that allow you to manage finances, track transactions, and check balances from the comfort of your office or on the go. You can use the card anywhere you see the MasterCard or Visa signs, depending on the type of card you choose, making it an excellent option for business with international operations.

The main selling point for CashPlus prepaid cards is the quick and seamless account opening process. The business can open an account within a few minutes without the lengthy documentation process typically associated with traditional banks. This feature benefits startups and small businesses that might not meet the criteria or have all the documentation required by a traditional bank.

Other advantages of the CashPlus prepaid card include the robust security measures fitted into the card, the platform that keeps your funds safe, 24/7 customer service, and advanced online banking features. The prepaid card can also be integrated with various accounting software, simplifying financial management and reducing administrative burdens.

With the CashPlus prepaid card, you also enjoy low fees, up to 20 extra cards, free EUR and USD deposits, and a centralised account dashboard where you can run all the cards. CashPlus has a free account option that businesses can use to maintain low overheads. Obviously, this comes with reduced features.

Wallester Prepaid Card – Best for Large Business

The Wallester prepaid card is a one-of-a-kind corporate payment solution. It’s a powerful tool tailored specifically for large businesses with global reach.

The card offers substantial flexibility and a level of control and efficiency that traditional payment methods haven’t yet achieved. The range of features Wallester offers has made it a headliner in the financial industry.

One of the most notable features of Wallester is its provision of an unlimited number of free physical cards. This unique offer allows the largest employers to get as many cards as needed, regardless of size. Despite the vast number of cards you can get with Wallester, managing expenses, tracking and controlling company spending remains as easy as ever.

In addition to the physical cards, Wallester allows the issuance of up to 15,000 virtual cards. These are particularly useful for online subscriptions, transactions, and other digital payments. The virtual cards provide an additional layer of security because they can easily and quickly be canceled or replaced without affecting other transactions or the physical prepaid card.

Managing expenses, especially for large organisations, can be complex and time-consuming, especially when operating globally; Wallester is designed to help large corporations easily navigate the challenges of operating in different countries, such as varying currencies, tax laws and the sheer volume of transactions. Its advanced features simplify multi-currency transactions, enable real-time tracking and provide extensive analytical tools, ensuring you maintain a firm grip on your firm’s spending. Everything runs smoothly and efficiently anywhere in the world.

Tide – Best for Any Size Business

Some businesses might not consider themselves large or small. In other cases, a business owner might have multiple small and large establishments and would like a prepaid card that they can use across the board. The solution here is the Tide Expense Card.

This fantastic financial solution allows the business to order a prepaid card for up to 50 people per account. The card is available for all businesses, from sole traders to limited companies.

The key features that make the Tide Expense Card an attractive option are its ease of use, seamless integration with the Tide app and the ability to issue up to 50 cards per account. This makes it ideal for small and medium teams.

You can consider other options when looking for an efficient stand-alone expense card, but with Tide, the card is paired with a working bank account. With Tide being one of the top accounts in the UK, you can rest assured that you will get a working and efficient prepaid card and a blend of functionality, efficiency and cost.

With the Expense Card, you can track, manage and organise expenses in real-time, easing the accounting processes. The level of automation in receipt keeping makes this card one of the best for anyone who understands the hassle of tracking receipts.

The Tide prepaid card is fully integrated with the Tide app. That means you can view transactions in real time, set spending limits for your teams and even freeze and unfreeze cards if necessary. With the card, you can have the account and the card in the same place, making it easier to transfer funds from one to the other.

However, if you’re considering the Tide Expense Card, you should know it doesn’t function as a stand-alone option. You will also need to open a Tide account. But considering the rewards and cashback programs you get, it is worth the extra trouble.

Wise – Best for Low-Cost International Payments

Wise is one of the biggest names in the UK finance industry. It is a well-established challenger bank offering various services, including business accounts and prepaid cards tailored for businesses focusing on international trade.

The Wise Prepaid Card is an excellent choice for businesses looking for cost-effective global transactions. Wise offers significantly lower charges compared to traditional banks. They also have a transparent pricing model that eliminates any hidden costs associated with international transactions, which makes it an appealing and affordable option for businesses.

With the Wise card, you can hold and manage over 50 currencies. This function is helpful for businesses operating in multiple currencies or dealing with international clients and partners. 

If you don’t have a specific currency, Wise uses the real-mid market exchange rate for your conversion and only charges you a small conversion fee, saving you exorbitant currency exchange rates. With Wise, the time it takes to process international transactions is significantly reduced. The online platform is super user-friendly and has a mobile app that delivers convenience on the go.

With the Wise prepaid card, you have an unlimited number of users for a flat fee of £3 per person, which is a small price for the convenience, safety and security the card offers.

Team members’ cards can be linked to your Wise business account, further easing the process of tracking spending and monitoring the budget. You will also get instant spending notifications and be able to approve card payments instantly and set spending limits.

Wise is perfect for companies looking to pay in the currency of the country you’re buying from, saving your conversion fees. You can also spend more freely in over 70 countries than any business needs.

What You Should Consider When Choosing a Prepaid Business Card?

Choosing the best-prepaid business card for your business is crucial in ensuring you get the best value for your money and your financial needs are fully met. Some of the critical factors you should consider when choosing a prepaid card for your business include:

Features and Benefits

When shopping around for a prepaid business card, you will notice that each brand offers varying features. You should consider a card that offers features that apply to your business. For large businesses, having a card provider offering many free cards is a huge advantage. You should also consider card management features and how easily you can set limits, freeze and unfreeze cards, and any other features that can help align with your financial goals and needs.

Security

One of the reasons businesses are going for prepaid cards is because they are safer and offer better security than having employees carry cash. However, the security features on the cards are not the same. When choosing a prepaid card provider, you should go for one with robust security measures to protect your money and personal information from fraud and theft.

Customer Service

Excellent customer service enhances your experience with the card provider. One of the key factors to consider is a 24/7 customer care service to address any issues or concerns regardless of when they occur. This is particularly crucial for businesses that want to use the cards abroad because of the time difference.

Multi-Currency Option

 This feature might not apply to local-focused businesses. But a multi-currency option is vital for businesses with travelling employees and interests in other countries. It can drastically reduce costs by ensuring you pay in local currency and ease moving money around. Additionally, when considering the multi-currency features, you should consider the provider’s currency conversion policies. Ideally, you want someone who offers the real mid-market rate, which allows you to maximise the currency you have.

Fees

All prepaid cards have fees attached to them. However, the range of fees varies, and some cards can be more expensive to operate than others. When choosing the right card, the fees should be prioritised, especially when you intend to have multiple cards for your team members. Ensure the cards you pick offer a good blend of features and have affordable fees and conversion rates.

Final Thoughts

Prepaid cards are a fantastic addition to every business looking to manage their budget better and help their employees be more accountable. With features like expense tracking and integration with accounting software, the right prepaid card can be an essential addition to the business, allowing for efficient operation and movement of the team.

Each business has unique needs and, therefore, requires a different card that works for their size and nature of operations and suits their financial goals and needs. With the wide range of options covered herein, finding a card that aligns with your business interests is easier.

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