Prepaid cards are increasingly popular as an alternative to traditional banking services. They are more convenient, cost effective and efficient than traditional current and savings accounts. Prepaid card programs are ideal for businesses that want to provide innovative payment and financial solutions to customers and employees. CloudWell creates customized solutions for all stored value card programs.

Prepaid cards are pre-funded and/or reloadable cards that allow the cardholders access to the full amount deposited on their card. There are numerous advantages to using prepaid cards, such as no overdraft or interest fees, free direct deposit, no credit checks and near universal approval.

Prepaid card programs are designed to meet a broad range of needs and come in many different types and forms. The primary distinction is whether the card is consumer funded or corporate funded. Today, cards can be physical or virtual, and almost any program can be issued in either or both forms.

Consumer Funded Cards:

General Purpose Reloadable (GPR)

Travel
Private Label

Corporate Funded Cards:

Corporate Incentive
Payroll
Government Benefits
Gift
Travel
Private Label
Corporate Expense

Key Benefits:

Reloadable Prepaid Cards allow your customers to conveniently load and reload funds onto one, unique prepaid card. They provide a great opportunity to :

+ Strengthen existing consumer or corporate relationships

+ Reach out to new market segments
+ Provide safe and secure payment solutions
+ Improve brand recognition through major branding opportunities
+ Increase customer loyalty
+ Increase the potential to attract additional consumer or corporate relationships
+ Reduce disbursement-related costs by replacing paper-based payments with electronic, prepaid payment cards
+ Increase cardholders’ satisfaction by providing fast, convenient access to their funds Give your cardholders value – and options – when it comes to prepaid debit.

 

Technology:

+  Designed to support 24 x 7 operation 

    -  Designed for large transaction volume,
    -  Real-time processing of card activation, reloads
    -  Highly scalable
    -  Fault-tolerant
    -  Automated Chargeback processing

+  ISO8583 data architecture

+  Java based platform
    -  UNIX, Windows platforms
    -  ORACLE, SQL*Server support
    -  Highly scalable
    -  Fault-tolerant architecture

Implementation:

+  Designed for rapid deployment
+  Standard interfaces to card and bank systems
+  Configurable for bank business rules
+  Typical implementation in 8 to 12 weeks
+  Low initial cost – transaction based fees