What are the requirements for getting a business debit card for your business?

2 years ago   •   .5 min read

.By Laine Redpath
.Table of contents

Maybe you have started your own business and are wondering about a business account and a business debit or credit card. Or, maybe your business and team are growing and you’d like the option of business cards for team members. Wherever you are in your business journey, having a business debit card (or cards) will be important to you. The requirement for getting a business debit card is to open a business account. So, what’s the best way to go about getting hold of a debit card online? And what are your card options?

The obvious first step is to open a personal account or business account with the bank or digital financial service provider you would like your cards with. Often the digital service providers that function like traditional counterparts but aren’t in the same class are faster and easier to open an account with (and just as safe!), in many cases this will be a good option, especially if you are just starting out, are frustrated with trying to open an account with a traditional option, or are worried about a credit check.

One way to go about making the choice for a traditional institution or alternative financial solution is to do some research into what they offer in terms of business debit and credit cards, and physical and virtual card options.

Some things to look for when thinking about how to get a debit card online:

What is the cost of cards?

Look for fees per card as well as shipping fees. Is there a charge if you lose your card and need a new one, what about if the expiration date is approaching – is the replacement card also free? What’s the charge for ATM withdrawals? Check ATM withdrawal charges depending on currency and travel. Is there a charge for creating a virtual debit card online with that service provider? Depending on the type of business you are running some of the fees may make a big impact on you while others won’t apply to your business at all.

How many cards can you have?

Do you want to empower your team by being able to issue them each their own physical or virtual debit cards? Are you a sole trader or a micro-business and don’t feel you need more than one card? Once again your choice of provider will depend on your business needs, but make sure to explore their options and terms fully and keep looking till you find what suits you. Some traditional entities and alternative financial solutions offer multiple cards – but the number you’re able to have and the cost of issuing the cards differs greatly from one provider to the next.

How secure are your business debit cards and account?

You should be able to freeze and unfreeze any card connected to your business account instantly from the app on your phone. For virtual debit cards, you should also have the option to delete the card completely whenever you choose. If the ability to create virtual debit cards online is part of what your business needs – then you can rest assured that your security levels are increased automatically. Virtual debit cards are more secure because no account or card details are shared when you spend with them.

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Types of debit card

While plastic (and other materials nowadays) physical cards are still the first choice for most businesses, virtual credit and debit cards are gaining popularity fast. Virtual debit cards (over credit) in particular because they have the added security of making it impossible to blow the budget: if the cash isn’t in the account, the card can’t be used. Further than that there are four basic types of debit cards that can be available to individuals and businesses, depending on the provider.

  1. Standard debit cards. The simple debit card as you know and love it. This is tied to your business account and can be used for spending online or in-person and to make cash withdrawals from ATMs or at a physical branch.
  2. ATM-only cards. While this will also be tied to your business account – it can only be used to make withdrawals from an ATM.
  3. Pre-paid debit cards. These cards are usually issued by service providers that are a part of fintech. They need to be ‘loaded’ or ‘topped up’  before you or a team member can use them to spend online or in-person or to make ATM withdrawals. Fees can vary widely with this kind of card so it’s worth checking.
  4. Virtual debit cards. Virtual debit cards are issued, used and deleted online. Virtual debit cards can be created instantly, loaded instantly and used instantly. For businesses they can be especially useful. As mentioned their enhanced security is also a big plus.

What documents are needed to register for a debit card?

We often get asked this question: what documents do I need to register for a debit card? Whether you’re after physical debit cards or online virtual debit cards for your business, the answer is the same. To order or issue cards for a business requires a business account. Any document requirements belong to the process of opening a business account (and this process can be very tiresome, or very easy, depending on your provider – you can get a wamo business account in 10 minutes… something to think about). Once you have a business account, you don’t need any further documents in order to get physical or virtual debit cards.

How to get a debit card online, easily

While any institution or service provider will offer physical debit cards and many now offer virtual debit cards too, the process of opening a business account in the first place can be a hurdle. wamo offers the opportunity for anyone with a legitimate business to have a business account. A wamo account can be opened in 10 minutes and up and running as soon as your business has been verified. Depending on your subscription plan, wamo physical cards can be free with delivery always being free regardless of subscription type. wamo’s virtual cards are always free.

With a wamo business account you are able to issue multiple Visa debit cards for you and your team and limitless online virtual debit cards too. Because it’s possible to create multiple sub-accounts from your wamo account, and to issue cards connected to each account, wamo makes it possible to manage and organise team and company spending and income streams in creative ways that suit your business needs. To get a debit card online, why not start with a wamo business account. You can download wamo app from Google Play or the App Store, today.


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