CorporatePay

Pre-paid card specialist CorporatePay has launched an innovative CorporatePay prepaid MasterCard® which offers businesses a practical solution for foreign currency management and cash related expenses including: per diems, cash advances and petty cash.

The card is a fantastic alternative to corporate charge cards and credit cards particularly for those employees who are not eligible.

It looks, feels and is recognised like a standard credit or debit card and is accepted by global merchants and ATMs accepting MasterCard branded cards. By using expense cards companies can reduce foreign currency costs by avoiding high rates (e.g. airport purchases), by purchasing currency in bulk at market leading exchange rates and avoiding commissions. Greater transparency of costs is also achieved through single purchase rates rather than variable rates per transaction.

Companies can also save money by removing the overhead of managing cash for per diems and cash advances which are inconvenient to administer and costly for a company in terms of banking fees, security costs and operational overheads. Myles Stephenson, CEO of CorporatePay, said: “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.” “The cards can transform the way companies manage payments to employees as they provide an unprecedented level of cost control combined with a convenient method of payment. Also by giving cards loaded with Euro and US Dollars to employees regularly travelling abroad, businesses can significantly reduce foreign currency expense costs.”

CorporatePay’s card portal enables businesses to manage a portfolio of cards being used by their employees. This includes adding and removing funds to specific cards as well as access to all transaction data for each card. Individual cardholders only have access to their own card data which can be accessed via the web site. Cardholders can also manage their cards via an IVR and SMS service including obtaining their current balance and most recent transactions.”

Press release (PDF 52kb)