4 benefits of using a Business Check Card for your business

July 25th, 2014 Renee Smith-LaBarge
checking card

When it comes to selecting banking cards for a business, many entrepreneurs tend to gravitate towards checks or credit cards. When used wisely, credit cards and checks can be convenient uses of payment for businesses. However, business Check Cards – also known as debit cards – offer many advantages to  business owners.

Check Cards, like MidWestOne’s Business Visa® Check Card, works like a check, but is simple to use like a credit card. A check card  allows you direct access to your business checking account and easily tracks your expenses. Plus, you can use your check card to get cash and perform other Automated Teller Machine (ATM) transactions.

Additional advantages for using a business check card include:

No fees

Most financial institutions, including MidWestOne, offer a check card free with any business checking account. In addition, there is no interest applied to your account, transaction fee, surcharge, or checkout fee. When you use a credit card for business expenses and you aren’t able to immediately pay off that charge in total, you will incur interest fees. Interest fees can build up over time. With a check card, your transactions will be authorized against your current available funds and automatically debited, so there is no monthly billing.

More security

Business check cards have built in security features that help prevent fraud and identity theft. MidWestOne’s Business Visa® Check Card has a security framework that monitors card activity by tracking card usage history. Additionally, Visa automatically provides “Zero Liability” protection on business check cards.

Set employee allowances, limits, and restrictions

A business check card allows you to define and control access to your business checking account. You may have one employee who has less purchasing responsibilities than others, and as a result, needs to have a lower limit on his or her card. With a business check card, you can set individual limits and restrictions per individual card.

Account management

From an accounting standpoint, business check card make account management easier. You are able to see business check card transactions along with your other account transaction history. This gives you more control over your account and also reduces the amount of bookkeeping that needs to be done.

When choosing a card for your business, consider the Business Visa Check Card. It is a secure way to pay your operating expenses worldwide (wherever Visa debit and credit cards are accepted). Such expenses may include: client events, business travel, office supplies, online purchases, bills and more – right from your MidWestOne business checking account.

Renee Smith-LaBarge

About the author

Renee Smith-LaBarge is Vice President of Business Services at MidWestOne Bank.

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