Prepaid Expense Cards are Maestro, MasterCard or Visa-branded cards and are similar to regular credit and debit cards. The main difference is that employers fund these cards .
Specifically, the employer sets up the employee Prepaid Expense account using the prepaid expense Card individually or through a batch process.
Due to the nature of the program (individual credit histories are not considered), and hence all employees are pre-approved.
Benefits of Prepaid Expense Cards
- All Employees can be pre-approved
- The production, distribution and reconciliation of paper checks are eliminated, reducing the overall expense processing costs.
- Most importantly, little or no changes are required to the existing expense process.
- Tracking is automatic and statements are available online
- No need to run a cumbersome paper trail
If you wish to launch a prepaid Expense card scheme for your employees or customers, contact a prepaid card provider from our list of prepaid card providers.