A Stored Value Solution for Every Reason
Personal Use Cards
Similar to a checking account, personal use cards are an excellent alternative to credit cards, helping cardholders control over-budget spending. These prepaid cards are ideal for students, “unbanked” or “underbanked” consumers who desire the convenience of a Debit MasterCard® or Visa® Debit card, or anyone looking to take control of their budget.
Payroll cards are the fastest growing segment of the stored value market. Your corporate clients will appreciate the ability to streamline their payroll operations with prepaid cards. Payroll dollars can be automatically value-loaded, providing the simplicity of transferring funds to employees’ cards. The recipient can access funds, pay bills and make purchases multiple ways. According to Banking Strategies, corporations that shift from checks to plastic cards can reduce their total check costs by 70%.
Another option for business customers is Transportation Management Account (TMA) cards. TMA cards are ideal for businesses that need to fund the travel of employees who have occasional on-the-road needs, without the hassle of going through a time-consuming and manual expense reimbursement process.
Incentive cards simplify reward programs while providing outstanding employees or customers the freedom to choose their own rewards. After a card is distributed and loaded, an employee or customer can “cash in” their reward by taking advantage of the worldwide acceptance of Debit MasterCard® or Visa® Debit Networks.
Annually, over $30 billion is purchased in traveler’s checks. Travel cards offer an exciting alternative with many of the same features and securities as traveler’s checks. Travel cards can be used to make purchases at retail merchants and to withdraw funds at ATMs. These cards provide automatic calculation of currency exchange rates and provide a larger network of merchant acceptance.
Retail gift cards are a $38 billion business, making them the most popular prepaid product to date. Gift cards can be issued in any dollar amount. BankFirst Stored Value Solutions can offer a variety of turnkey options including instant issue gift cards, bulk gift card ordering and consumer gift card programs.
Perfect for rebates, giveaways, awards, specialty advertising and trade shows, these prepaid cards deliver real value to both recipients and marketers. Each card works as a mini-billboard, building brand awareness and increasing customer loyalty every time it is used.
Pre-Tax Benefit Cards
Pre-tax benefit cards can streamline paper-based claims and the reimbursement process for both individuals and insurance providers. Linked to a Health Savings Account (HSA), Flexible Spending Account (FSA) or Healthcare Reimbursement Account (HRA), funds can be used to pay for current or future medical expenses. Over the next five years, benefit cards are projected to generate $11 billion in spending.
Cross-Border Remittance Cards
A stored value solution is a perfect application for sharing funds with family and friends abroad. Simply load the value here in the United States and the funds can be used by a secondary cardholder anywhere Debit MasterCard® or Visa Debit® are accepted.