Expense Cards are reloadable prepaid debit cards that are designed for and distributed by corporations with multiple employees, that wish to have a simple, cost efficient and flexible payment system than corporate credit cards or reimbursement cheques.

Prepaid Expense Cards allow corporations, as employers, to advance expense dollars to their employees by loading money onto the card on a periodic ad-hoc basis. This becomes a cost effective alternative to issuing, printing and mailing paper expense cheques, and consequently, employers avoid fraud costs associated with loss and theft of such checks.

Employees can then use the card for purchases at any retail location. They can also access their expense funds at ATM or EFTPOS terminals.

Below, we've answered general questions that detail how the Prepaid Expense Card program works, and how it can benefit your organization.

General Questions

Q: How does a Prepaid Expense Card Program differ from a typical expense application?

A: Prepaid Expense Cards are similar to regular credit and debit cards. The difference: Employers fund the card with an employee's advanced expense dollars. Specifically, the employer sets up employee accounts through a customized, Web portal and funds Prepaid Expense Cards individually or through a batch process via file or Electronic Funds Transfer (EFT). Due to the nature of the program (individual credit histories are not considered), all employees are pre-approved. The production, distribution and reconciliation of paper cheques are eliminated, reducing the overall expense processing costs. Most importantly, little or no changes are required to the existing expense process. Reporting is in real time at the time of the transaction.

Q: Can I brand my Expense cards with my company logo

A: Yes, cards can be branded with your company logo.

Q: Where and when can an employee use their Prepaid Expense Card?

A: Anywhere in Australia where the EFTPOS logo is displayed. There are no overdraft capabilities on these cards, nor cheque writing capabilities. The Prepaid Expense Card eliminates the process of cashing a paper cheque or carrying large amounts of cash. Most importantly, employers replenish the same card, on a periodic ad-hoc basis. Employees can access a user-friendly online Portal to view account balance, transaction history, or change an account passcode, among other functions. They can also print their expense activity to submit to their employer as an expense report backup document.

Q: Can the Prepaid Expense Card ever have a negative balance?

A: Technically, no. Any authorization request that is greater than the card's available balance will be declined. However, sometimes, a merchant allows a purchase without prior authorization or forces a transaction through the system (with a floor limit). If this happens and the cardholder exceeds their card's limit, they will be billed for the excess amount. It is important that your employees remember to keep track of their account balance in order to avoid this issue. You will be able to track any negative balance activity through both the Portal and program reports.

Q: What if the Prepaid Expense Card is lost or stolen?

A: Employees must immediately report a lost or stolen card. They can use the Portal or call Customer Service.  A replacement card will be sent, minus a reissue fee that will be deducted from the card balance. As long as the lost or stolen card is reported immediately, the cardholder will not be responsible for any unauthorized charges. Also, for additional information, cardholders should review the terms and conditions statement that was included with their card.

Q: What happens if an employee needs to return an item they purchased?

A: Each merchant location has its own return policies and will handle the returns in the same manner as any other card transaction. They may credit the Prepaid Expense Card, provide a cash refund or issue a store credit.

Q: Can Prepaid Expense Card be used for online purchases?

A: No, Prepaid Expense Cards are PIN enabled providing a valuable protection against fraud.

Q: Is a 4-digit PIN number needed to use a Prepaid Expense Card at a merchant?

A: Yes, a PIN number is required. When the employee makes a purchase, Prepaid Expense Cards are handled like any cheque/savings cards: The retailer simply runs the card through the machine to capture the necessary account information.

Q: Can Prepaid Expense Cards be used at ATM's or POS terminals?

A: Yes, they can. The card recipient is issued a pin with the card. The maximum daily cash withdrawal is set by the employer.

Q: How can an employee check their Prepaid Expense Card details?

The employee can log onto the Web Account Portal, click on "Card Balance ,". To obtain their transaction history they would remain in the Portal, click on "Transaction History," button reveals their transaction information. The employee can print their expense activity and use it as a backup document for expense reporting to their employer. 

Contact Todd Atkins for further information today.