Corporate Payment Solutions
Prepaid Financial Services (PFS) offer corporate entities prepaid solutions in areas such as payroll and employee expenses. With innovative benefits for both employee and employer, corporate disbursements via prepaid cards have flourished over the past few years.
For the employer, the cards provide an opportunity to cut costs on payment processing. This is especially true in those industries where significant numbers of cheques are produced and distributed, or where wages are paid by cash. By using a prepaid card, the employer can load the employee's wages within seconds, efficiently and cost effectively.
Prepaid card programmes can provide businesses with a transparent and manageable audit trail for employee expenses.
Payroll cards are used as an alternative to cash or cheques. The system works by issuing employees with a payroll card linked to an account into which the employer deposits the employee salary. Employees then use the prepaid card as they would a standard bank debit or credit card.
Cards can be used where employers have a large number of part time staff, for example:
- Payroll processors and temp agencies
- Incentive companies
- Multi Level Marketing companies
- Online Affiliate companies
- Hotel and Leisure companies
Control Mechanism for Corporate Expenses
Card programmes can also be used for staff expenses and commercial spend. The cards enable employers to closely monitor business expense payments through a realtime online interface. The business owner can monitor all cardholder purchases, eliminating the possibility of fraud. A prepaid card programme can also significantly reduce the amount of time spent by accounts staff checking the accuracy of expense claims (as this is done at source) and expense claim enquiries. Employers may also find they can negotiate better deals with suppliers using the accurate aggregated information they can capture.
Prepaid fuel cards can be used at forecourts, for fuel and associated travel expenses, without the need to enrol in costly and cumbersome private label fuel card programs. Spend on our cards can be restricted to fuel only. The PFS solution for corporates allows employers to block or unblock merchant spend on a card to card basis. The employer can also load the cards in real-time, on a scheduled or ad hoc basis, allowing better control of costs. Any company can provide fuel cards to their staff without the cost of setting up a program from scratch.
Virtual Cards and Purchasing Cards
During the course of business, corporate clients will inevitably find themselves in the situation where a payment needs to be made online or over the phone. The corporate client may already have a corporate credit card but perhaps the card is not to hand. The PFS virtual card and purchasing cards can be created by the company in real-time to facilitate such a transaction. The virtual card can be a one time use only card, or a permanent card, depending on the client requirement. This offers the employer security where the card number can become redundant after each transaction and further eliminates any unwanted surprises should a card number be 'compromised'. This solution fits corporate clients of all sizes and provides a mechanism to make payments on behalf of the company without encumbering employees to pay with their own card and seek reimbursement later.
- Cost savings
- Reduce cheque and cash handling costs
- Reduce bank fees
- Reduce security risks involved with cash and cheque fraud
- Reduce lost cheque replacement costs
- Payments to employees in real-time
- Cheaper than sending international SWIFT or CHAPS payments
- Audit trail on spend
- Revenue generating
- No need to wait in queues to cash cheques and incur associated cost
- Access to Internet purchases
- Employees have immediate access to funds
- Saves time and money
- Employees can get account balance and transaction history via Internet, SMS or telephone IVR
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