Revealing what I believe to be ‘the best-kept secret in payments’ is one of the many things I am enjoying about my new position working in the prepaid space. When someone tells you about a frustrating problem they are experiencing with corporate expenses and ‘bang’ you deliver the magic bullet that is the answer. It’s a wonderful moment and hugely satisfying.
People like to think they know all about prepaid cards. They’re for birthdays and Christmas, right? It’s a real revelation when people find out that they are being used by corporates to solve big problems in business. It’s great to see the flash of realisation when someone finally understands that companies are no longer limited to choosing only banks to deliver financial solutions. I had the early opportunity to see a first-hand reaction to the unveiling of my ‘secret’ at the recent Accountex event in London.
Many delegates I spoke to were not aware that prepaid cards have quietly evolved into something new and very exciting. Take a look at our recent blog that explains how prepaid cards offer a wealth of options with more flexibility than the traditional financial solutions available from the banks. Other delegates knew about the use of prepaid cards for corporate expense management but were not aware of the degree of control, down to granular level that is possible.
One very memorable conversation was with a Finance Director of a prestigious college. He explained he was running a legacy expenditure management system covering over 60 employees. Each member of staff was issued with a different credit card with limits of up to £10,000, way larger than they actually needed for one-off annual expenditure. He assumed that an expense management solution with prepaid cards wasn’t an option for his business.
I was delighted to inform him that the opposite was true. This was the moment when I revealed the power of integrating prepaid card functionality into an expense management system - delivering massive benefits for both the company and the individual employees.
For the business they can allocate, view and control funds when they are needed at an individual card level. This provides a powerful reporting and management tool at your fingertips. With Mastercard prepaid cards at the heart of the solution, the individual employee can use their prepaid card globally. They are no longer out of pocket and don’t need to spend their time on laborious expenditure claim processes. Speed, efficiency and reduced payments friction - all around.
It is exciting to have the opportunity to raise awareness about the innovation that is taking place in this area of payments, and reveal the secret of how an integrated expenditure management system can change the business landscape for today’s corporates.