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Prepaid cards are one of the newest tools to pay employees. They are a secure, cost-effective and convenient way to pay wages, and they often get payments to employees faster than by checks by mail.

Currently they are being used in the healthcare industry for medicare payments, and by insurance companies for a broad range of benefit payments. They are well-designed for infrequent, irregular payments to pay vendors who provide service periodically. As an example, airlines are starting to issue them to customers in compensation for delayed or cancelled flights and lost luggage. Other companies are mitigating losses incurred due to the misuse of T&E card programs. By giving infrequent travelers prepaid cards (with a pre-set balance), companies reduce the risk of internal and external fraud, and the associated losses.

They also providing corporate staff with convenient access to department and project budgets. For example, a company can issue prepaid cards to consultants to control project expenses, eliminate the need for reimbursement, and track expenditures.

These cards are beginning to assume an important place in the payment manager's tool kit and adoption is likely to increase among both large and middle market companies as the card's flexibility in meeting a wide range of business needs, and ability to reduce risk and costs while increasing control are better understood.

In addition to all of these uses there is the obvious personal advantage of having a prepaid card for yourself. You never have to worry about passing up the limit and recieving hidden charges on your bill. The card can also be used if you want to recieve a one time direct deposit without giving out your main checking account information. Some cards, such as the new Visa Ultra VX even allow you to build up your limit, as long as you pay back your charges, up to 30000 dollars. So this card even works as a credit builder if you need to restart your FICO score. Most prepaid companies report regularly making it easy to jump from a 500 to a 700 in no time. Plus the card can be loaded with a small balance in case you want to take a trip and travel with credit without risking the loss of a high limit unsecured card. In this instance the card could be loaded with such a small amount that you wouldnt even miss it. The only down side would be that it is kind of hard to report a lost or stolen prepaid card. So I would suggest to always keep a low balance. 50 to 100 dollars should be fine because they can be convienently reloaded at most gas stations over the counter.

There is a link below to the top pre-paid card available. This card has fast guaranteed approval and the money is available directly to employee's without them even needing a bank account of their own. There are also unsecured credit cards with low interest rates and no annual fee's available on the same site.

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