With cashless transactions, life has become much more simplified—no need to worry about not having enough cash. You can use a card to carry out all your transactions. And the benefits of debit cards are not just limited to ease of transaction. Debit cards also make budgeting easier. Debit cards help you stay within a budget and curb impulse purchases as they hold you responsible for your spending. If you issue a paper check, it can take days or weeks to be cashed. If you don’t complete a daily account reconciliation, you risk spending more money than you have in the meantime. It is easy to see how much money you have remaining thanks to the quicker and, in some cases, immediate payments linked to debit cards. Due to the ability to view your current amount and account activity in plain black and white, debit cards integrate nicely with online and mobile banking and budget management software and websites.
And with a Bank of America debit card, you can enjoy similar benefits. It makes transactions faster, as you can tap and go. There is no need to repeatedly sign in and enter your pin code to make purchases. It is also an easy and contactless way of carrying out transactions. It is also a safe alternative as the Bank of America sets proper security protocols in place.
Additionally, with a Bank of America debit card, you can enjoy cashback deals on online and mobile banking. These awards automatically get transferred to your bank account. Not just that, the debit card can be accessed via mobile and linked to a plethora of apps to make transactions simplified.
Bank of America has recently launched their new digital debit card. This feature has been included in their award-winning Bank of America mobile application. With over 37 million digital clients, including over 27 million active mobile users, Bank of America’s digital banking platform is a growing source of enhanced client engagement and pleasure. It was the first to achieve J.D. Power’s certification for “An Outstanding Customer Experience” with its award-winning mobile app and internet banking. Clients accessed mobile 1.5 billion times in the first three months of 2019, and 34 million checks were placed on mobile devices.
What is an employee debit card?
An employee debit card is a debit card issued by an enterprise for its employees to carry out any business-related transactions. When handling business operations, business owners tend to hand out cheques or cash to their employees to carry out business-related transactions. However, these kinds of payment methods are more susceptible to fraud. Hence, handing out employee debit cards is a safer option and helps businesses keep track of their budgeting and expenses.
In addition to providing debit card facilities to individuals, Bank of America also has options for small business owners. Employee business debit cards are linked to a business bank account. The Bank of America provides all-in-one business checking account options as well. The Business Advantage Fundamentals banking account provides businesses with all the necessary financial tools to help the enterprise grow. Another option available for Bank of America clients is the Business advantage Relationship Banking. This kind of account setting comes with features such as – easy integration with payroll software, no fees for incoming wires, stop payments and more and a customisable account access per employee.
Difference between business and employee debit cards
When it comes to debit cards handed out by enterprises, there are two types of cards- Employee debit cards and business debit cards.
This kind of card is issued to employees of business checking account holders. The transactions with these debit cards need to be authorized or requested from a particular signer incharge of the same. The name of the employee and the business is embossed on the card. The card is only linked to one account. The card can be used at ATMs, and there is a certain limit to the amount that can be withdrawn. These cards make it easy for employees to deposit or withdraw amounts for the business at any designated ATM.
Business debit cards
A business debit card can transfer funds from the business checking account. Withdrawals and deposits can occur daily, and there is no set limit on expenses.
Both the employee and business debit cards are an asset for the monetary transactions of any business. It replaces the use of petty cash for purchases and makes the entire process much more secure. Visa and Mastercard debit cards are accepted almost anywhere. Transactions on the card can be monitored, reducing the chances of fraud. For Bank of America clients, a digital version of the card can be issued at the earliest in case of theft or damage to the card. Thereby securing the methods of the transaction and reducing any interruptions to the business.