Netspend is a global payments company and financial service provider that offers prepaid debit cards to its users. These debit cards can be used on all locations that accept traditional Mastercard and Visa debit cards.
Netspend also offers small business prepaid Mastercard prepaid cards to allow companies to accept online and mobile payments.
These Netspend small business Mastercard debit cards also provide small business owners with better control over their finances.
- What is Netspend Small Business Prepaid Card?
- Netspend Small Business Prepaid Cards: Eligibility Criteria
- How to Apply for the Netspend Small Business Prepaid Mastercard?
- Netspend Small Business: Verification Process
- Netspend Small Business Mastercard: Fee Structure
- Netspend Small Business Mastercard: Features
- Netspend Small Business Mastercard: Pros
- Netspend Small Business Mastercard: Cons
What is Netspend Small Business Prepaid Card?
Netspend is a registered agent of MetaBank, and its small business prepaid Mastercard is issued by MetaBank National Association, a member of FDIC and Republic Bank. These prepaid cards are also licensed by Mastercard International Incorporated.
A Netspend small business prepaid card allows small business owners to manage their employee spending and accept payments on the go in a streamlined manner. In addition, the small business Mastercard offers an efficient way to manage personal and business finances separately.
Netspend Small Business Prepaid Card is Best For:
People who want to load money on their cards easily and manage their electronic payments conveniently.
- People who want to earn rebates on their business expenses.
- Professionals who want to separate business from personal expenses.
- The Netspend small business account offers a card reader that business owners can use to accept payments online, in person, and over the phone.
It’s also possible to open subaccounts that can be used for employees. The monthly maintenance fee of the primary small business account is $9.95 and $1.95 for each sub-account. However, these charges don’t include fees for foreign transactions, cash deposits, and ATM withdrawals.
It’s important to note that using a Netspend small business Mastercard card account is subject to transaction fees, funds availability, ID verification, and activation according to the cardholder agreement.
Netspend Small Business Prepaid Cards: Eligibility Criteria
To apply for the Netspend small business prepaid card, you need to meet the following requirements:
- US resident or citizen
- Government-issued ID card with photo
- US residential address
- Should own a small business
The following are some examples of business types that Netspend small business card supports:
- S corporation
- Limited Liability company
- Sole proprietor
How to Apply for the Netspend Small Business Prepaid Mastercard?
You can use the following steps to apply for a Netspend small business card account:
- Go to the Netspend Small Business website and click on “Sign Up Now”
- Enter your personal information and double-check the relevant information.
- Click on the “Get my Card” button.
You’ll need to enter the following information while requesting your Netspend Small business card account.
- Government ID number
- Date of birth
Netspend Small Business: Verification Process
You’ll receive your Netspend small business debit card within ten days. After receiving your card, you’ll need to perform the following:
- Activation: Call 877-973-1223 to verify your identity and activate your card.
- Set Up Sub Accounts: If you also have employees, you can set up separate sub-accounts for them.
- Order your Card Reader: If you plan to receive credit or debit card payments over the phone or in person, you can also order a ProPay JAK card reader.
Activating your card also means that your funds, as well as debit card, are FDIC insured. Performing the business verification step is optional if you are a sole proprietor, but it comes with several benefits. You’ll need to verify your small business within 30 days of your card activation.
The business verification allows you to open up ten different sub-accounts. You’ll also be able to maintain the maximum balance of $25,000 in your account, and your card will also have the name of your business.
Unverified business cards can only have the maximum balance of $15,000 with two subaccounts. You’ll need to provide Netspend with the following information to verify your small business:
- EIN (Employer ID Number)
- Business website link
- Business phone number
- Business physical address
It’s important to note that the small business cards by Netspend don’t specify a daily direct deposit requirement or minimum balance limit, and it also doesn’t require any credit check. Netspend also uses security measures and bank-grade encryption to protect your personal information.
Netspend Small Business Mastercard: Fee Structure
- Primary account monthly fees: $9.95
- Sub Account monthly fees: $1.95
- International fee on an ATM withdrawal: $4.95
- Domestic fee on an ATM withdrawal: $2.50
- Balance inquiry fee on phone or ATM: $0.50
- Card replacement fee: $3.95
- Foreign transaction fee: 3.5 percent
Netspend Small Business Mastercard: Features
Netspend small business accounts offer an online account connected to Mastercard, enabling users to use the mobile app to manage card transactions online. As a result, business owners don’t need to worry about overdraft fees or credit impact with finance management convenience.
In terms of payment collections, Netspend small business cards offer a lot of flexibility; business owners can use the mobile check load option of the Netspend mobile app to deposit checks to their Netspend accounts seamlessly by simply capturing photos.
It’s important to note that there is a 3.5 percent plus $0.15 fee for keyed transactions and a 2.7 percent fee for swiped transactions. The mobile app also allows you to track how much money your account received to keep your business and personal expenses separate.
Additional features include a transaction history downloading option for accurate bookkeeping, rebates on different business services or products, and customized email and text alerts.
Netspend Small Business Mastercard: Pros
- The Netspend small business prepaid card has no activation fee and doesn’t require any credit check.
- It allows you to accept credit and debit card payments over the phone or in person.
- It can manage employee spending, and you don’t need to give your employees full access to your primary business account.
- Provides access to rebates on different services and products, including gas stations, restaurants, and hotels, through Mastercard Easy Savings.
Netspend Small Business Mastercard: Cons
- Unavoidable steep monthly maintenance fee.
- Residents of Vermont can’t use Netspend small business prepaid cards.
- On top of your monthly maintenance fee, miscellaneous fees can add up, including foreign transaction fees, ProPay transaction fees, and fees for sub-accounts.