Prepaid cards make money mobile, controllable and accessible. A convenient way to access funds, make purchases, and complete payments via American Express®, Discover®, MasterCard® and Visa® cards, ATM’s and on line. Prepaid combines the convenience and acceptance of debit cards with the simplicity of cash.
For governments, cash can be hard to control. They may want to make sure it finds its way into the right hands and is used for the right purposes. Paying benefits or allowances onto a prepaid card gives back a measure of control and makes distribution simpler. Cards can be raised quickly for specific events – for instance in the U.S., prepaid cards were used to distribute money to those most affected by Hurricane Katrina.
Retailers are keen to remove cash from the equation too, especially in situations where cash is just as inconvenient such as fast food outlets or any high throughput outlet. Combine a prepaid card with contactless card technology which doesn’t require a PIN number or authorisation, and the transaction process becomes even quicker and less labour intensive.
FIS’ prepaid processing solution includes:
- Account set up and management
- Card production and personalisation
- Inventory management
- Customised distribution solutions
- Transaction processing
- Fraud detection and prevention
- Funds settlement
- Call centre and IVR/VRU customer service
- Dispute processing
- Detailed reporting
- Web hosting services
FIS solutions support multiple types of open-loop distribution models for financial institutions, resellers, commercial entities, retail and government. And because FIS prepaid cards are “open-loop,” they are accepted at millions of merchants worldwide – an important distinction from other providers offering closed-loop, single retailer prepaid solutions. Our programs are certified by Visa, MasterCard, Discover and China Union Pay. And, by virtue of our wholly-owned NYCE Payment Network, your prepaid program can include fund access and PIN payments at hundreds of thousands of ATMs and millions of point-of-sale locations worldwide.