What is Prepaid?
Prepaid cards are payment cards similar to credit or debit cards. They offer a secure payment option and are widely accepted online, in stores, restaurants and cinemas; depending on the brand mark on the card, you can make a purchase wherever the MasterCard or Visa brand mark are displayed. The Prepaid card looks like a normal credit or debit card however unlike a credit or debit card, the card is preloaded with cash.
This means that:
The Advantages of Prepaid
- Users can only spend the amount that is loaded onto the card.
- There is no overdraft facility.
- There are no interest charges or APR.
- A Prepaid card does not need to be linked to a bank account or credit card.
A Prepaid card offers the cardholder outstanding value for money. A branded Prepaid card program can help a business drive sales, loyalty and brand awareness as well as streamline internal processes.
Enhance brand awareness and name recognition
An own-branded card will align your business with the reputable MasterCard or Visa brands.
Reward customer/staff loyalty
Enhance existing relationships, offer rewards, and create loyalty clubs.
Customer acquisition and retention
Tap into lucrative new market segments – online shoppers, those who are new in Europe and those who don’t hold a bank account. Prepaid can make your business more accessible.
Lucrative revenue source
A Prepaid card program can generate ongoing revenue through usage and transaction fees.
Payroll & expense management
Prepaid cards can eliminate much of the administration associated with internal processes.
Gain insight into your customers’ purchasing decisions and patterns. What they spend, when and where.