When starting a franchise, owners have a strong need to control expenses and limit as many risks as possible. Because of this, many new franchise owners are wary about having employees or contractors use a company credit card. Before, especially for businesses that had employees on the road or traveling, it was difficult to manage expenses and the reimbursement process tied up too many precious resources.
Now, franchise owners have a new option and that is using prepaid expense cards. These prepaid debit cards offer a convenient solution that gives franchise owners real-time control to company spending. For employees and contractors, it is a simple way to charge necessary items without having to worry about keeping receipts and filing reimbursement claims. With a prepaid expense card, employees or contractors never have direct access to the company’s credit line - only the amount of funds which have been preapproved and loaded onto their card. In addition to owners not having to worry about overspending or being charged costly late fees, here are some other benefits:
Limits Employee Spending
Perfect for fuel cards, prepaid expense cards help franchise owners limit individual employee or contractor spending. Spending can be limited to fuel only and if additional funds are required, the employee must submit a purchase request to be approved and have the additional funds loaded onto the card. With the Emburse system, expenses are categorized by merchant category and budget group to track expenses down to the penny.
Versatile and Flexible
From small items such as office supplies to large purchases, such as a software system or appliances for an employee lounge, prepaid cards are perfect and do not tie up the business’s credit line. The prepaid expense cards can be used anywhere that Mastercard is accepted as well as online, making them an optimal choice for remote contractors or employees.
If you are a franchise owner looking for a solution to control your business expenses, contact a member of the Emburse team today. We will be happy to show you a live demo of how our system can help your bottom line.