Prepaid cards are one of the newest tools to pay employees. Prepaid cards are a secure, cost-effective and convenient way to pay employees, and often gets their payments to them faster than by checks which are mailed.

Example uses:

• Prepaid cards are used in the healthcare industry for medicare payments, and by insurance companies for a broad range of benefit payments.

• Prepaid cards are well-designed for infrequent, irregular payments to pay vendors who provide service periodically. As an example, airlines are starting to issue prepaid cards to customers in compensation for delayed or canceled flights and lost luggage. Other companies are mitigating losses incurred due to the misuse of T&E card programs. By giving infrequent travelers prepaid cards (with a pre-set balance), companies reduce the risk of internal and external fraud, and the associated losses.

• Prepaid cards are also providing corporate staff with convenient access to department and project budgets. For example, a company can issue prepaid cards to consultants to control project expenses, eliminate the need for reimbursement, and track expenditures.

Prepaid cards are beginning to assume an important place in the payment manager's tool kit and adoption is likely to increase among both large and middle market companies as the card's flexibility in meeting a wide range of business needs, and ability to reduce risk and costs while increasing control are better understood.

Consumer pre-paid credit cards:
To apply for a pre-paid card, use our menu selection at the top of this page.