Prepaid card instead of petty cash

[eteb3]

A charity I'm trustee of finds it needs a debit card more and more. We want to limit risk, so we don't want to issue a debit card on the main account.

We're thinking about running a prepaid card on the imprest system.

Does that seem sensible?

The only thing against it that I can see is that petty cash in the the traditional cashbox is presumably held on trust for the association, whereas the card will have to be in the name of an individual, so we may be sending money to them personally by accident.

Thanks.

 

[StevensOnln1]

Have you looked for prepaid card issuers that offer accounts to charities? The account could then be held by the charity with one or more cards issued to named cardholders.

 

[eteb3]

Good shout - didn't even think those might exist.

I just had a look and they mostly seem to have relatively high fees (for a small charity). Given the personal prepaid card can be almost free, that might still be our preference.

 

[jlyden]

My name is Josh. I work for Equals Money - a prepaid expense card provider.
- https://equalsmoney.com/expense-management

We cater to the Charity sector by waiving the annual fee for the online expense management platform. Please feel free to give me a call to run through your requirements.

My direct dial is 0207 778 9316 - [email protected]