No two businesses have the same financial needs. Whether you’re paying five employees or 50, keeping tabs on finances is easy with pre-paid card systems developed by a payment card industry (PCI) leader. That’s the thing about company finances: Everything from payroll and tips to expense cards and incentives typically needs to be doled out by your HR department. That’s a lot of cash to keep track of, especially if it’s being distributed via paper checks, direct deposits, physical currency or a reloadable pre-paid card. To Andrew Phillips of Cardflex, the answer is to all of the conflicts above is a pre-paid card and working with a boutique processor is the way to get it all done.
The roots of the PCI industry can be traced back to the early 1980s when Mr. Phillips was just entering the payment-processing industry. At that time, manual processing of checks and credit card transactions was the norm – and the norm took a little bit too much time. With the help of skilled developers, Cardflex’s Andrew Phillips would develop a tech-backed program that utilized electronic authorizations on the spot. So revolutionary was his new automated clearing house (ACH) process that it would eventually be adopted by supermarkets across the southern region of the U.S.
According to a recent Consumer Reports article on the pre-paid card industry, companies looking to invest in this technology for their employees will be getting on board with an effort that saw $244 billion spent in 2015. “Prepaid cards, more formally known as ‘general purpose reloadable cards,’ have rapidly gained a place in Americans’ wallets and have gotten better in recent years,” the Consumer Reports article states. “They work similarly to bank debit cards except that there is no checking account associated with the card. Instead, money needs to be ‘loaded’ or added onto the card before it can be used.”
The fact that these cards are so similar to bank-issued ones is one more reason why working with Andrew Phillips and Cardflex is a good idea for smaller companies. You will be able to work with the provider of your pre-paid cards to develop a system that works best for you. Are you looking to issue bonuses to workers or offer paychecks to employees who don’t have a bank account? PCI leaders like Cardflex, now Cliq, will work with you to determine that and so much more. “Whether it’s a customer’s credit card or ACH transaction or an employee waiting for payroll, or virtually any other type of electronic payment, processing happens instantly,” says Andrew Phillips. “But it doesn’t happen by itself.”