5 Benefits of Using Small Business Debit Cards and How to Get One
An Ideal Financial Tool That Benefits Every Business Owner
Small business owners make a lot of purchases. A business debit card can provide you with a handy and quick method of purchasing for your small business. Some of the benefits of using a small business debit card include saving, payment safety, convenience, purchasing delegation, and acceptance worldwide.
Debits cards require no fee or a lower fee for processing compared to checks or credit cards. By using debit cards, a small business can reduce transaction costs. The amount that is deducted from the account is the exact cost of the item being bought.
A credit card can give you extra purchasing power, but it causes your business to rely on future income to make payments. A debit card allows you to keep spending within your budget by only letting you spend what you have available.
Some card providers offer savings on debit card purchases at a wide variety of vendors, further reducing expenditures with a business debit card.
Safe Method of Payment
A debit card can provide comprehensive coverage of damages or theft of the items purchased. Most debit cards provide coverage of up to 90 days from the day of purchase.
More Convenient Than Checks
Checks are bulky and time-consuming to fill out. You have to wait for the checks to be processed to show a debit in your account, leading to extra difficulty balancing the account.
Debit cards reduce the amount of time you spend balancing your accounts. You are able to view your transactions on the day they occurred, receiving real-time balance information.
Debit cards can also be used to withdraw cash, if needed, when making a purchase. You can also use an ATM to deposit cash into your account.
You can have your bank issue a business debit card to your authorized employees, allowing them to make business purchases for you, freeing up time for you to run your business.
Visa and MasterCard are the commonly accepted modes of payment worldwide. You can make purchases internationally through the use of debit cards, increasing your supply chain reach.
Obtain Your Business Debit Card
Many business accounts come with the option of debit cards. When you open your business account, you'll be given the option of having a debit card issued. If you need more than one card for your business, be sure to inquire about additional debit cards for you and your employees.