- How does a Bank Freedom Business Expense Card differ from a credit card?
- What expense parameters do I have control over?
- How long will it take to get business expense cards?
- Does Bank Freedom customize expense card programs?
- Are their limits to the Bank Freedom Business Expense cards?
- What are the costs of the cards?
- How do we get started?
- What if I need to terminate one of my employees who have a Bank Freedom Business Expense card?
- How do I get the funds from a terminate employee card?
- Are there any NSF or overdraft fees?
- What if my employee needs money now?
1. How does a Bank Freedom Business Expense Card differ from a credit card?
Bank Freedom Business Expense MasterCard cards are guaranteed approved* and have no interest charges. They are prepaid cards that your company funds through bank ACH transfer and manage through an employer web site. You set up employee card accounts through a customized, Web portal and fund the Bank Freedom Business Expense Cards. Your company’s credit history is not considered and all employees are approved with validate identification.
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2. What expense parameters do I have control over?
Bank Freedom Business Expense cards allow you to manage many aspects of your employees spending. These include:
- Spending limits per day, week and per month.
- Cancel or block access to cards.
- Restrict or block spending for certain merchants.
- Real time alerts when balances are low or to spending limits are exceeded.
- Track all transactions and export details to your favorite expense management tool.
A knowledgeable Bank Freedom account manager will work with you to establish the parameters and set up your cards.
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3. How long will it take to get business expense cards?
Typically you can be up and running is less than two weeks for card orders of 250 or less. For programs with 250 or more employees, may require slightly more time as we work with your team to roll out your program.
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4. Does Bank Freedom customize expense card programs?
Absolutely! From custom card artwork to specific integration and functions, Bank Freedom Business Expense cards fit every company’s requirements.
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5. Are their limits to the Bank Freedom Business Expense cards?
Yes. All cards have a $20,000 maximum card balance at one time. You can pull down the balance and fund more at any time, however the balance cannot exceed $20,000.
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6. What are the costs of the cards?
There is a $35 card annual fee. There are no monthly maintenance fees and no charges for signature purchase transactions.
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7. How do we get started?
You will need to complete a simple business enrollment and card order form. Once complete, temporary expense cards will be shipped to your location. Once you receive the cards, you will enroll your employees and fund their cards.
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8. What if I need to terminate one of my employees who have a Bank Freedom Business Expense card?
You can close card accounts directly. Cardholder card accounts can be closed as a result of employee termination, or card fraud or abuse. An employee cardholder can opt out of the program due to job resignation or other voluntary reason.
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9. How do I get the funds from a terminate employee card?
You can retrieve unused funds from an expense card by accessing the Business Expense web site and pulling the funds back to your funding account. This takes less than a minute.
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10. Are there any NSF or overdraft fees?
No. There are never any NSF or overdraft fees. Unlike typical banks, we do not set up a system that creates problems for your company. When the money is depleted from an employee’s Business Expense card account, the card declines the transactions.
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11. What if my employee needs money now?
As manager of the Business Expense card program, you have access to all card accounts via web site and 800 customer service. For example, if an employee needs an additional $500 on a Saturday afternoon for an emergency flight, you can call our 24 hour 800 number and move money to his card (for FREE) instantly. Within minutes your employee now has the funds they need. Now that’s convenience.
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TO GET STARTED NOW OR FOR ADDITIONAL INFORMATION ABOUT BANK FREEDOM BUSINESS SOLUTIONS PLEASE CALL 1-877-696-4518 OR CLICK HERE TO EMAIL US. |
