Managing finance is one of the most difficult things for small businesses. From paying the employees, doing the taxes, separating personal account and business account, entrepreneurs have so many thing on their plate. To help manage their finance, many business owners choose to use Netspend.
Netspend is actually a prepaid debit card. But it offers many features that small business find helpful. Here is some more information regarding Netspend small business.
Banking System for the Underbanked
Having a bank account is important for small business. Unfortunately, there are many reasons why it is not possible for some people. For example, because they live in area where banks are very rare, or they have poor credit score that they are not allowed to open a bank account. In this case, prepaid card like Netspend can be an answer.
With prepaid card, a person can use the money that he or she has loaded onto the card. But Netspend small business is better for entrepreneurs because unlike the other prepaid card, it offers more flexible services and features for its customers. Even if it is clearly not a banking institution, its additional services are pretty much similar with the most common services of traditional banking system.
Excellent Tools to Manage Business
Since it was found in 1999, this company has served more than 60 million underbanked customers. With over 130,000 reload locations, using its service is very easy. Besides the function of ordinary prepaid card, Netspend also comes with some remarkable tools to help small business owners manage their finance. Here are some of them.
· Multiple Payment Options
One of the best features of Netspend for small business is its multiple payment options. With this prepaid debit card, small business can even let their customers pay with check. Users can upload the info of the check simply by taking a snapshot of the check using Netspend’s mobile app. Furthermore, business owners also can take payment from various places including their website and mobile phone.
· Manage Account Conveniently
Business owners can download Netspend’s Small Business Mobile App to manage their business on the go. Users can check their balance, receive notifications of payment, transfer money and many others. Users who want to delegate their finance management to their employees also can create up to ten subaccounts.
· Do Your Tax More Easily
Filing tax will be much easier with the help of Netspend’s finance management system. This tool will keep all transaction in one place for more organized bookkeeping. When the users want to start dong their taxes, they simply have to export the transaction history to the accounting software of their choice.
Netspend is a really helpful alternative for traditional banking system. It also has plenty of tools that make running a small business and managing its finance easier. It still has some flaws, for example the fee is pretty high for a prepaid debit card and the customer service is not available 24/7. But overall, the features are great and Netspend small business can help opening more opportunities for aspiring entrepreneurs.