Today we’re looking at Co-branded PayCard’s, a product from Tutuka & Standard Bank which allows for the reselling of branded debit cards. These cards allow for a cardholder to withdraw cash from ATMs and pay for purchases at merchants.
The card takes away the risk of managing and carrying large amounts of cash. These cards only expire after 3 years.
To become a reseller, Tutuka will take you through a process to register with Standard Bank, open a trust account at Standard Bank, create a card design, get the design approved by MasterCard, get the card manufactured and delivered to you.
What does a Co-branded PayCard do?
- Creates your own branded prepaid debit card product
- Issue employees with prepaid debit card without having to take them into a branch
- Your employees can use the card at any store and at any ATM. All transactions are protected by a PIN code for their protection
- You can reload cards and the funds are available immediately
- Eliminates the risk of carrying or holding cash
Uses of PayCard’s
- Construction companies pay their bricklayers, tilers, welders and plasterers with PayCard’s
- Micro lenders use the PayCard’s to payout their loans to clients
- Teachers are given the cards by schools to use on school trips
- NGO’s use it to pay their staff
- Farmers use it to pay their farm laborers
- Employers who are concerned about the safety of funds and who feel their personal security may be threatened, use the PayCard to pay their workers instead of cash
- Companies give it to staff members who don’t have a bank account
- Loan management companies use it for paying out bursaries and student funding to students, so that they can track the spend