OlympusTM, an EnKash** product, is a licensed online payment aggregator authorized by the RBI

Olympus™, an EnKash** product, is a licensed online payment aggregator authorized by the RBI

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Prepaid Cards

Prepaid Cards – A Guide to Growth

Prepaid Cards

The growth of a business depends on various factors, one of which is the way a company makes payments. With the country rapidly moving towards digitization in different industries, digital payments in India have become the crux of thriving businesses.

Modes of digital payments like corporate credit cards and prepaid cards enable companies to make payments with ease and security to increase the overall performance marketing of growing businesses with its extensive prepaid company credit card features. Virtual cards are also a part of the same category of digital payments.

What Are Prepaid Cards?

A prepaid card, also known as a stored value card, is similar to a debit card with money preloaded on the card beforehand by the card issuer. Pre-loaded cards can be either physical or virtual, depending on the issuer’s choice.

Today, many digital payment companies in India encourage growing corporates to include prepaid company credit cards in their business for the card’s exclusivity and extensive custom features. Moreover, a prepaid credit card is one of the most reliable modes of digital payments that facilitate the financial growth of a company.

Significance of Prepaid Credit Card India

Prepaid cards are not linked to any bank accounts; the issuer can connect the card to a digital wallet which sources the money transfer. For example, businesses can quickly issue a prepaid company credit card associated with a digital wallet to their employees to undertake authorized business expenses on behalf of the company.

With the help of pre-loaded cards, the company can also undertake the process of disbursements faster. In addition, it also allows the company to provide incentives to well-performing employees by offering prepaid cards as gift cards with monetary incentives loaded into the card.

A prepaid company credit card enables the business to preload the cards with a specified budget issued to the employees as employee benefit, giving the company complete control over the business funds. Furthermore, as the employees have a tight budget to adhere to, they naturally become more responsible while making spending decisions.

A company in its growth stage may have funding requirements; for that, any lender or financial institution will evaluate the potential creditworthiness of the business. In such cases, the business can use a prepaid credit card to improve credit scores. As these cards are not directly linked to the business bank account, the transaction details do not show in the accounting records of the bank statements.

Prepaid Card Digital Payment: Advantages and Disadvantages

Electronically generated prepaid cards have significantly impacted the advancement of scaling businesses. As such cards are a prominent mode of digital payments in India, companies are gradually transitioning to prepaid company credit cards as it is easy to use and cost-effective.

Listed below are some of the imminent digital payment advantages and disadvantages of using a prepaid credit card in India.

Advantages

Prepaid cards are a great alternative to standard debit or credit cards. With companies transitioning to the digitization of their entire business process, prepaid company credit cards constitute a dynamic financial tool to make payments faster and easier.

Cards like these offer the business centralized authority over the company funds, as every transaction detail gets recorded accurately with the date and payment specifications in the company’s digital accounting records.

Cards that are prepaid not linked directly to the business bank account; thus, it has no impact on the company’s credit score. However, for a growing business with multiple creditors, maintaining good creditworthiness is essential for funding requirements which is possible through prepaid credit cards to improve credit scores as the transactions do not get recorded in the bank statements.

Businesses can easily set withdrawal limits on the prepaid company credit cards to ensure optimal use of the business funds, as these cards are preloaded with a specific amount the issuer sets.

Having a set amount on the card encourages the employees to use the card responsibly and make informed spending decisions to avoid exhausting the set budget before time.

Disadvantages

Many digital payment companies in India offer prepaid card facilities to growing companies but with hidden fees like transaction fees, monthly maintenance fees or overdraft fees. Therefore, companies must choose a reliable card service like cards from the pool of digital payment companies in India.

As the transactions made through cards that are pre-loaded not recorded in any financial bureau, it does not account for boosting credit scores. As a result, the company cannot achieve better credit scores even with the most cognizant use of pre-loaded cards.

Pre-loaded company credit cards do not accrue any interest, so the amount stored in the card remains the same with or without withdrawal. This means that the amount on that particular card is as good as having physical cash in hand.

Benefits of Reloadable Prepaid Cards in India

Prepaid Cards Benefits
Prepaid Cards Benefits

Prepaid Cards Benefits

Prepaid cards are preloaded by the issuer/company with a set withdrawal limit. Therefore, prepaid company credit cards give the company complete control over the business funds as the employees cannot go overboard and spend extra cash.

Cards like these are reloadable, which allows the company to deposit money into the cards as and when required.

The company can decide whether it wants to reload the pre-loaded company credit cards monthly, quarterly, daily, or yearly based on the use of the card explicitly issued to each employee. This ensures that the company can curb the risk of financial leaks by allocating business funds rationally.

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Prepaid Cards – A Guide to Growth

Prepaid Cards

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