11 MORE Reasons Why Your Business Needs To Make The Switch To Prepaid
We already gave you 11 reasons why your business needs to make the switch to prepaid. But we weren’t finished! Here are 11 MORE reasons why prepaid is the right choice for your business.
Prepaid Cards Streamline Payments
- With prepaid, your business can easily and effectively track payments and manage multiple programs, such as sales incentives or employee expenses. Funds can be delivered to prepaid cards at the click of a button. Payments are flexible and can be custom-designed as you see fit.
- Open-loop reloadable prepaid cards are the simplest and fastest way to make recurring payments. Managers have 24/7 secure access to funds using DCR’s online portal.
- Prepaid streamlines travel and expenses claims and improves visibility by removing unnecessary paperwork.
Prepaid Cards Cut Business Costs
- 51 percent of organizations rate cost savings as the top benefit seen from electronic payments. A study by Spencer Commerce concluded that automated payments offer cost savings of 90 percent in accounts payable processing over manual processing. Savings on storage costs over 10 years amount to 67 percent. Put simply, cheques and manual payment processing are expensive.
- Automated, electronic payments increase staff productivity and allow employees to handle increased workloads while also reducing the need for management to bring on more staff.
- According to Ardent Partners ePayables, payments automation can cut duplicate and overpayments by 292 percent! “Costly errors” are reduced by nearly 40 percent, according to Spencer Commerce.
Prepaid Cards Improve Employer-Employee Relationships
- According to research, employees prefer prepaid cards over all other types of rewards. Give your employees something they actually want and reward them for hard work, milestones, anniversaries, holidays, and more.
- Prepaid offers direct deposit, instant access to funds, fraud protection, and enhanced security. It is a far superior form of compensation compared to cheques or cash.
- Automated payments streamline these processes and offer accounts payable professionals the freedom to put their skills and energy into other roles, such as analytics. Instead of spending time on data entry and number checking, these employees can instead focus on ways to improve the business.
Prepaid Cards Streamline Employee Expenses & Protect Gig Workers
- Prepaid can protect gig workers from having to pay out-of-pocket for work-related expenses. Gig workers taking on travel-based jobs incur expenses when they travel, including food, gas, and accommodations. A prepaid card solves these expense problems and skips the tedious and time-consuming process of keeping physical receipts, creating expense reports, and submitting to management for approval and reconciliation.
- 41 percent of employees said they would not incur a business expense if it took a long time to get reimbursed. 43 percent of employees would stop meeting with current or potential customers if the same problems kept coming up. Prepaid cards eliminate any undue financial burden from being placed on employees who might have difficulty covering their expenses with their own funds or credit cards.
Prepaid saves your business money, improves efficiencies, strengthens the bond between employer and employee, and so much more. Click the button down below to contact one of our agents and find out how your business can #maketheswitch today.
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