We are one of the fastest growing economies in the world; India is also one of the important participants in the global digital market growth making it amongst the 20 largest countries that prefer digital payments which include 6000 consumers and 2000 businesses worldwide. In addition, MSMEs make up 30% of India’s GDP and generate almost 11.10 Crore jobs.
Even after influencing the GDP of the country, MSMEs face difficulties in managing their finances. They are mostly caught as a victim of overspending, budget management, credit burdens, and heavy documentation for bank accounts. Prepaid cards came as an aid for MSMEs to all these problems.
Cut the threat of overspending
Often companies provide expenses to their employees for business purchases and payments which they overuse or spend carelessly. It is then hard to monitor the expenditure manually. It is even more difficult to track expenses on small purchases like stationery and damage repairs, etc. Employees also lose track of their spending and get trapped in long billing reports.
Expense cards offered by fintech companies can be filled as per the employer's request and can be put on a limit while receiving real-time expense reporting. It helps employees to track their spending and frees them from submitting long billing reports.
Helps in saving taxes
Companies provide their employees with meals and housing allowances so they can save on tax. Salaried employees receive a meal card from their employer with a calculated amount in it. As a result, salaried accounts are separated from meal allowances, so tax payments can be deducted. With just one card, you can digitize your employees' tax benefit programs and give your employees a convenient technique of saving from tax.
Complete cost cut-off on disbursement and storage
With the rise in technology prepaid cards can be acquired virtually while providing services in the same manner as before.
A business can effortlessly disburse the money on its employee’s card even if the employee is sitting miles away without wasting costs on posts or distribution.
Safer than other means of payment.
Unlike credit cards and debit cards, prepaid cards have a definite amount of money which makes them more secure in case of losing possession. Prepaid cards are connected to an account with a limited amount of money hence it is not possible to withdraw more than the preloaded amount which makes it safer to use without worrying about overspending.
Easy to use and load
The benefits of using a prepaid card in India are that it does not require a commitment to set up a bank account which takes a lot of documentation instead, a payment account is used to load money.
For MSMEs prepaid cards can be issued instantly to multiple employees that secure the time and energy that can be used in core work.
Expense tracking and reports
With the multiple issuances of cards, the expenditure monitoring and disbursement reports can turn out to be a headache if done manually.
Prepaid cards automatically generate a list of expenditures and save a lot of time for the company.
The listing of disbursements is to track while an employee can regularly check the spending online.
BankIT MSME customer benefits
With an easy KYC process, you can order virtual or physical cards for various employees.
Personalize the card according to the need and policies of the company.
Design your own card with our BYOCP (Build your own car program) service, which helps our customers in selecting the color, schemes, and themes.
With BankIT’s services, a company can transmit any kind of business information to the entire staff.
A constant assistant to manage accounts and sales support is given with a permanent customer care service for our all-end users and corporate in case of any query or theft & loss.
We provide our customers with a card that is accepted everywhere, POS machines, and E-COMs.