Announcement:
The Payment Labs solution now supports prepaid debit cards as a customer payout method. Different individuals may prefer various payment methods to receive their funds and Payment Labs is pleased to offer another option to ensure fast payment processing.
Benefits of Prepaid Debit Cards:
- Prepaid debit cards are an easy payment method for those without bank accounts or who do not want to provide their personal bank details to a third party.
- Once a payee receives the claim code, they then get the prepaid debit card. It is instantly ready for use, and US payees can get 5% cash back on select merchants, such as Adidas, Athleta, Banana Republic, and Bath and Body Works.
- Prepaid debit cards arrive on the same day, typically arriving in their email account within 2 hours of having their payment submitted, while a bank transfer typically arrives within 48 hours.
- A payee can add their prepaid debit card to Google Pay, Apple Pay, Samsung Pay and other major digital card wallets or use it to make online purchases on any merchant website.
Which Industries Can Utilize Prepaid Debit Cards?
All your payees located in North America can now all utilize prepaid debit cards as a flexible and convenient payment option when receiving prize money or payments. Utilizing the compliant and automated Payment Labs solution, payees can select “Prepaid Debit Card” during their onboarding to receive this payment option. Having a positive payment experience and offering payment options that align with the preference of your payees, helps your brand build trust, avoid bad press on social media sites, and drive the results that you want for your business.
Ready to make timely, secure, and compliant payments with a wide range of payout options? Reach out to our team today and schedule a meeting to get started!