Virtual Prepaid Card as a Transfer Method
As of 2020, there are roughly 7.8 billion people in the world. And what do over a quarter of them¹ — 26.28% — have in common? They’re online shoppers. As more people are shopping online, it seems that fewer payment methods are as streamlined in “2020” as the virtual prepaid card.
Designed for electronic distribution, Virtual Prepaid Cards offer payees a fast and accessible tool to collect their payments and then quickly use their funds to shop online. This allows organizations to give their sellers, distributors, freelancers, or payment recipients immediate access to funds, while also promoting their brand. That’s a hard deal to pass up.
Virtual Prepaid Cards have many of the benefits and functionality of physical cards, but with one big difference: they’re instantly delivered via email, enabling payees to use their funds online immediately at millions of online retail locations, wherever Visa and Mastercard are accepted.
Offer Virtual Prepaid Incentive and Expense Cards to Payees
As with Hyperwallet’s physical prepaid card offering, virtual cards can be configured as either incentive cards or expense cards. Virtual Prepaid Cards are offered as an optional transfer method on Hyperwallet’s Pay Portal Payout Experience.
Virtual Prepaid Incentive Cards
Incentive cards can be loaded from funds in the Hyperwallet system, or pushed directly to the card and are great for rewards, incentives, rebates, awards, promotions, and commissions. Incentive cards are more cost effective, convenient, and flexible than traditional incentives like cash, checks, travel, or merchandise. In this case, the payee/cardholder is the owner of funds, while your organization is the source of funds.
Virtual Prepaid Expense Cards
Expense cards are perfect for business expenditures. They allow organizations to keep tabs on an employee’s business expenses with transaction monitoring, and can be reloadable by your organization. Expense cards eliminate the need for cash management or issuing expense checks, and also help to reduce chances of security and fraud risks. In this case, your organization is the owner of funds. As such, the organization has the ability to reclaim funds from the card at any time.
Get Up and Running with Virtual Prepaid Card as a Transfer Method
Virtual Prepaid Card availability varies by client and payee location within the Pay Portal Payout Experience, and organizations can contact their Account Manager to enable this transfer method in the portal environment. Card details and transaction history are accessible in the Pay Portal or via API, and programs can be configured to offer payees a virtual-to-physical card upgrade path. Check out the explainer video below for more details.
Please note, Virtual Prepaid Cards are currently not supported as a transfer method in an Embedded Payout Experience. API calls exist to List, Create, Replace and Retrieve Virtual Prepaid Card endpoints. Visit our developer documentation to view API docs for these calls.
Reach out to a Solutions Expert today to learn more about enabling Virtual Prepaid Cards for your payees.