Prepaid debit cards are issued by a bank and branded by major credit card companies, such as Visa, MasterCard, Discover or American Express. Money is loaded on to the prepaid card like it is for a gift card. The cards can then be used at any point of sale that accepts VISA and MasterCard, etc. just like any branded credit or debit card.
In companies pre-paid card solutions have an important role as a:
- faster, easier and more secure way to make disbursements—while giving recipients more convenient access to their funds at ATMs and merchants that accept debit cards
- method for paying incentives, rewards and rebates to employees and customers
- alternative method for paying payroll
- travel expenses card which can be preloaded with funds, and which cannot go overdrawn.
The issue with pre-paid cards, as with all payment cards, is how to make them easy to use and as secure as possible. The new Mobile Mobile App for Commercial Prepaid Cards from BofA Merrill is designed to do just this.
BofA Merrill launches Mobile App for Commercial Prepaid Card
Bank of America Merrill Lynch new mobile application for cardholders of prepaid cards, it aims to make the lives of companies and their cardholders easier by bringing new, digital capabilities to corporate and government clients. The app is designed for cardholders who receive a reloadable prepaid card from an employer, government agency or entity with whom they do business. The key features of the mobile app include:
- Viewing balances: Cardholders can check their balances while on the go.
- Viewing transactions: Users have instant access to pending and posted transactions.
- Finding an ATM: Users can access an interactive map that makes it easy to find a nearby ATM.
- Suspending or reactivating cards: Cardholders can use the app to place a lock on their card in the event that it is lost or stolen, and to unlock their card.
- Managing and receiving alerts: Users can set up email and text alerts to be notified when card balances are low, when deposits are received, and when their personal information changes.
- Biometrics: For biometric-enabled devices, users can take advantage of touch or facial recognition to authenticate their device, replacing the need to input a password.
The BofA Merrill Prepaid mobile app is free and available to download from the Apple iTunes® and Google Play™ stores.
CTMfile take: Pre-paid and virtual cards are much more useful than A/P, A/R and corporate treasury departments give them credit for.
Like this item? Get our Weekly Update newsletter. Subscribe today