HAMMERSMITH-BASED prepaid card specialist CorporatePay has launched a prepaid MasterCard - backed by the Newcastle Building Society - aimed at corporate travellers who do not qualify for a company credit card
The card looks, feels and is recognised like a standard credit or debit card, and is accepted by any merchant or cash machine that takes 'normal' MasterCards - the difference is that it is pre-loaded by the issuing company. This means corporates can reduce foreign currency costs and avoid commissions, and cut the management costs associated with issuing cash advances. Management information is provided in the same way as credit and charge cards.
CorporatePay chief executive Myles Stephenson says: "Corporate charge and credit cards are usually used a by a minority of expense claimants, leaving a large number of employees not eligible and therefore requiring cash advances or having to use their own payment methods. The CorporatePay ExpenseCard can replace the need for cash advances and petty cash, and offers a very effective way of purchasing foreign currency."
CorporatePay's card portal allows employers to add and remove funds available on individual cards, and access all transaction data.