How To: Save Money and Time by Updating Corporate Payments Vehicles


BY Wavecrest|24th October 2014


Are you struggling to manage a paper cheque register for business expenses and looking to upgrade to an electronic and convenient process? You might be ready to set-up a corporate payments platform, but chances are, you don’t know where to start. Have you considered a prepaid card-based payment process to take care of all your payment needs?

To set-up a prepaid card based payments platform, small to midsize enterprises (SMEs) can simply select a vendor that is adept at creating such payment solutions for small to mid-size businesses.

Once the software platform is set up and enabled, a finance representative or other employee can make the decision to deliver a payment directly to an employee or vendor’s prepaid card. This happens instantly and the cardholder can immediately use his or her money.

Business use cases for a prepaid card-based payment process:

For Business Expenses

Limit expense exposure, by ensuring that expenses can’t be any more than the funds allocated to the debit card, putting businesses in charge of costs. Reporting is easy, quick and in real-time.

For Corporate Travel

A corporate payments program is a simple way to provide secure access to funds at ATMs and merchants worldwide via the Visa card network.

For Commissions

Reward employees, contractors and agents, and avoid the effort, time and trouble of running credit checks or requiring payees to have a bank account.

For Incentives

A prepaid card can be presented as a gift card, a travel voucher or even linked to an affiliate program. You control the amount and nature of the incentive.

For Global Transfers

Transfer funds to prepaid cards anywhere in the world securely within minutes. The end-to-end process is seamless and extremely cost effective compared to conventional banking processes, reducing operating expenses.