prepaid

cards

what is a prepaid card?

Prepaid cards are cards loaded with funds in advance for use in later purchases. For a small set or per-transaction fee, prepaid cards are a great way to access your money wherever and whenever you need it. Although there are non-reloadable cards, most businesses use reloadable prepaid cards that can have funds added over and over as needed.

Why Go Prepaid?

Like cash, prepaid cards use funds you already have on hand, meaning they are not borrowed and do not count as debt. Like credit cards, prepaid cards can be used for online purchases and are a safer and more convenient than carrying around a wad of bills. That’s not all for this perfect pairing, though. Below are four other great reasons businesses use prepaid cards:

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  • With the ability to order multiple cards, each employee can be issued his or her own for business expenses

  • Mobile apps available with some prepaid cards make it easy to load cards on the go, monitor account changes and download reports for filing

  • Prepaid card dashboards/reports easily account for spending come tax time

  • Prepaid accounts help keep personal and business funds separate

prepaid card fast facts

The prepaid card industry, particularly for businesses, is on its way to bigger and better things. As people become more interested in alternate payment forms, prepaid cards are sure to lead the way as a top option for individual and businesses alike. Whether you’re a prepaid provider or a prepaid user, here are 7 fast facts you should know about this growth industry.

#1

The US prepaid card industry is set to exceed $500 billion in 2019

#5

One out of every three Americans ages 19-36 have used prepaid cards

#2

The value of prepaid transactions made is projected to reach nearly $400 billion by 2022

#6

Prepaid card users cite convenience and security as top benefits to prepaid cards

#3

Millennials are have historically been the biggest prepaid card users

#7

E-commerce, increased awareness and a need for cash alternatives are the top factors driving growth in the prepaid card industry

#4

Prepaid market entrants like Venmo and Apple are expected to shake up the competitive landscape, offering new options for prepaid users

interested in prepaid cards?

Try the CONEXT® Visa® Prepaid Card. Since the card is registered to the tax ID number of your business, you have one place to do all of your commercial spending. You can even add up to four secondary cardholders, and transfer up to 50k to other cardholders across the country. The best part? You can hold up to a 50k balance on your card in one day. 

 

Want more info? Call us at 1-855-674-7787 to learn how CONEXT® is the right business solution for you. 

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