Prepaid cards are one of the newest tools to pay employees. They offer a safe, cost-effective and convenient way to pay employees and often get paid faster than checks sent in the mail.
Examples of uses:
They are used in the health care industry for Medicare payments and by insurance companies for a wide range of benefit payments.
They are also well designed for irregular and infrequent payments to providers that provide services on a regular basis. For example, airlines are beginning to issue them to customers in compensation for delayed or canceled flights and lost luggage. Other companies are mitigating losses from misuse of T&E card programs. By issuing infrequent traveler cards (with a preset balance), companies reduce the risk of internal and external fraud and associated losses.
They also provide corporate staff with convenient access to department and project budgets. For example, a company can issue these cards to consultants to control project expenses, eliminate the need for reimbursement, and track expenses.
Prepaid cards are beginning to assume an important place in the payment manager’s toolkit and adoption is likely to increase among large and mid-market businesses as the card’s flexibility to meet a wide range of business needs increases. and the ability to reduce risks and costs while increasing control is better understood.
There is a link below to some of the best prepaid cards available. The cards are guaranteed fast approval and the money is available directly to employees without them even needing a bank account of their own.
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