Prepaid card is a type of payment cards that has an already fixed monetary value, and not attached or linked to any external bank accounts. They are different form debit cards, where the money is deposited and debited directly from the bank during a transaction. They are also unlike credit cards, where there are no credit limits from the card or the bank.
Prepaid cards are also referred to as Stored-value cards. They are usually not issued in the name of any individual and most times with anonymity just like with utility prepaid cards.
Prepaid cards work exactly like the cards used for utility bills, when the fixed monetary value finishes, it could be disposed off or recharged with any other amount and reused. Issuing companies have them monitored with computers. The card's chops are engraved with some numbers, which are unique to the cards, this numbers are used to monitor them.
Prepaid cards are mostly used for low cost payments like train tickets, pay phone fees, for purchases of beverages etc. Prepaid cards are a good substitute for credit cards
Prepaid cards are used for payments of transactions of little monetary value like paying for coffee, use of vending machines, to pay for phone calls at booths etc.
Closed system prepaid card, this type of cards are issued by a merchant and is used strictly to pay for services rendered by the brand or items purchased and no other. These closed prepaid cards are usually not of huge value, and can be compared to gift cards.
The co-branded prepaid cards are issued by a card issuing company in partnership with one or more businesses to be used only for transactions with the businesses.
Benefits One of the most beneficial advantages of the prepaid card is Security. Since there are no attachments to the cardholders or any bank accounts, when card gets lost or stolen, the loss won't be unbearable and the card can be replaced easily.
Even when lost, the cardholder only get to worry about the stored-value which is usually not so much unlike in credit cards and debit cards where if lost, it is a major crises.
Prepaid cards can also function like debit cards, they can be used to withdraw money from ATMs as long as the card holder has enough value on the card. Prepaid cards are also used to pay utility bills. It should be noted that a cardholder can get prepaid card as much as he or she needs.
The use of prepaid cards is preferred to credit cards because the merchant does not have to wait for the verification of the user before the card can be used unlike with the use of credit cards. Prepaid cards also help to reduce spending. Prepaid cards are also used at Automated teller machines, they can be used to withdraw cash, but only of the monetary value of the card is greater than or equal to amount that is to be withdrawn. There are quite a number of prepaid card programs available across the world. So research and choose the most suitable co-branded prepaid cards for your brand and enjoy all the amazing benefits.
Prepaid cards are also referred to as Stored-value cards. They are usually not issued in the name of any individual and most times with anonymity just like with utility prepaid cards.
Prepaid cards work exactly like the cards used for utility bills, when the fixed monetary value finishes, it could be disposed off or recharged with any other amount and reused. Issuing companies have them monitored with computers. The card's chops are engraved with some numbers, which are unique to the cards, this numbers are used to monitor them.
Prepaid cards are mostly used for low cost payments like train tickets, pay phone fees, for purchases of beverages etc. Prepaid cards are a good substitute for credit cards
Prepaid cards are used for payments of transactions of little monetary value like paying for coffee, use of vending machines, to pay for phone calls at booths etc.
Closed system prepaid card, this type of cards are issued by a merchant and is used strictly to pay for services rendered by the brand or items purchased and no other. These closed prepaid cards are usually not of huge value, and can be compared to gift cards.
The co-branded prepaid cards are issued by a card issuing company in partnership with one or more businesses to be used only for transactions with the businesses.
Benefits One of the most beneficial advantages of the prepaid card is Security. Since there are no attachments to the cardholders or any bank accounts, when card gets lost or stolen, the loss won't be unbearable and the card can be replaced easily.
Even when lost, the cardholder only get to worry about the stored-value which is usually not so much unlike in credit cards and debit cards where if lost, it is a major crises.
Prepaid cards can also function like debit cards, they can be used to withdraw money from ATMs as long as the card holder has enough value on the card. Prepaid cards are also used to pay utility bills. It should be noted that a cardholder can get prepaid card as much as he or she needs.
The use of prepaid cards is preferred to credit cards because the merchant does not have to wait for the verification of the user before the card can be used unlike with the use of credit cards. Prepaid cards also help to reduce spending. Prepaid cards are also used at Automated teller machines, they can be used to withdraw cash, but only of the monetary value of the card is greater than or equal to amount that is to be withdrawn. There are quite a number of prepaid card programs available across the world. So research and choose the most suitable co-branded prepaid cards for your brand and enjoy all the amazing benefits.
About the Author:
There are several prepaid card programs to pick from today, pick the most suitable for your business. Deciding to get co-branded credit cards for your business is definitely a good choice.. Check here for free reprint license: Why You Should Get A Prepaid Card..
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