Prepaid Business Cards UK: Overview of Providers

Controlling spend is a necessity for UK businesses, especially in the current economic scenario. This control includes monitoring employee spending while still allowing essential expenditure.

Prepaid business cards let businesses do this easily, and if you want to use this tool it’s essential to choose the best provider. Keep reading to discover the top prepaid business card providers in the UK and find out what they have to offer.

What are prepaid business cards?

You can use prepaid business cards to control spending in your company. You simply load money into the card in advance and your employees can then use the card to make purchases and withdraw cash from an ATM.

This system means you’re always in control. For example, you top a card up with £100 and your employee uses the card to buy train tickets to attend a sales meeting. The process is simple and means employees can’t overspend.

Prepaid business cards vs Credit Cards or Debit Cards

There are three types of business cards you can use for employee spending. Your options are a business debit card, business credit card, and prepaid business cards. In simple terms, using a corporate credit card involves a credit agreement, debit card payments come from your business bank balance, and prepaid card payments come from the balance on the card.

Take a look at the table below for a comparison between the three types of cards.

How do prepaid cards work?

If you’re wondering how do prepaid cards work, the good news is that the process is simple. You apply for the account online, or using an app, and you’ll need to provide id. You don’t normally need to pass a credit check.

Once you’ve applied, approval normally takes a few minutes and physical prepaid corporate cards arrive in a few days. Most providers give you virtual card details to use straight away so your employees can make online purchases.

Payment processors like Visa or Mastercard power your cards and your employees can use them like they would a credit or debit card. They can buy goods or services online or at a shop, and they can withdraw cash from an ATM.

You top each card up by a certain amount and purchase amounts come off the balance. If the balance is not sufficient, your employee can’t make the purchase.

You can see the balance available on the card by using connected software. If you want to top the balance up, you use the methods allowed by the provider. These methods can include:

• online transfer from your business bank account
• using the provider’s app or website
• depositing cash at a post office or shop that uses a PayPoint service
• Receiving deposits from someone else

Pros and cons of using prepaid cards for business

If you’re thinking of using corporate prepaid cards, have a look at these pros and cons.

Alternative to prepaid business cards - Wise Employee Expense Cards

If you are not sure prepaid business cards are the right option for your company, using Wise Employee Expense Cards can be an effective alternative.

With Wise Business Cards you can effortlessly manage employee expenses. You don’t need to worry about subscriptions or foreign transaction fees. Simply pay £3 for each business debit card and set a limit before giving them to your employees. You can then track spending on each card by linking your Wise Account to your accounting software.

These cards are easy to use and control, even when you’re dealing with foreign currencies. Plus, there are no foreign currency fees attached. You also get the benefit of a mid-market exchange rate, the same conversion rate you find on Google.

So, you get an easy to manage employee spending solution without worrying about fees. This applies whether you’re dealing with GBP or other currencies.

Best business prepaid cards uk

When you’re finding the right prepaid card solution for your business, it helps to have all the information you need. The following top UK business prepaid card providers give good value across various areas including:

• issuing fees,
• top-up fees,
• ATM withdrawal fees,
• currency exchange rates, and
• cashback or rewards.

These best business prepaid cards uk all have aspects that are more positive. Looking at these different aspects will help you decide which one is the best choice for your business.

Soldo

The Soldo spend management platform gives you an automated way to manage your business finances. You get control over spending, approvals, and accounting integrations.

The platform currently has 1,410 reviews on Trustpilot with 74% of reviewers giving the highest 5-star rating and 13% of reviewers giving the lowest 1-star rating.¹

Pleo

The Pleo system is simple to use and helps you control the expenses for your business. You issue prepaid cards to your employees and every time they spend they capture the receipt, so you see every pound spent on behalf of the business.

It’s as simple as that. This provider currently has 431 reviews on Trustpilot with 88% of reviewers giving the highest 5-star rating and 4% of reviewers giving the lowest 1-star rating.⁴

Equals Money

Taking back control of your business expenses is easy with Equals Money. You get prepaid cards that you can top up quickly and give to your employees. Once you’ve issued the cards, you can track spending and produce reports using integrated accounting tools.

Employees can use cards across the world with excellent rates and low fees. Equals Money currently has 150 reviews on Trustpilot with 91% of reviewers giving the highest 5-star rating and 1% of reviewers giving the lowest 1-star rating.⁷

Card One Money

Using Card One Money allows you to stay on top of incoming and outgoing payments by using company cards. You can do this using one simple account so you have more time to deal with other aspects of your business.

This provider currently has 529 reviews on Trustpilot with 86% of reviewers giving the highest 5-star rating and 8% of reviewers giving the lowest 1-star rating.¹¹

Manage expenses with Wise Business

Managing expenses is simple and transparent using a Wise Business Account. You can easily manage your daily business expenses and those of your employees.

You also get 0,5% cashback when you use Wise Business Cards to make payments. Having such a straightforward expense solution in place means you can spend more time concentrating on the performance and growth of your business.

Get started with Wise Business

Managing expenses for your business is an essential task. Using a prepaid business card provider like those in this article, or a Wise Business Account makes your job easier and gives you more time to concentrate on other areas of your business.

Taking a look at the aspects of each provider allows you to choose the best one for your organisation. You can then apply for a prepaid card account or a Wise Business Account and start the simplified process of managing your daily business expenses.

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Sources last checked January 16, 2023