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  The prepaid market is dynamic and rapidly growing. CoreCard's prepaid solutions provide flexibility to keep up with the latest programs.
   
   
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Meeting the Challenges of Today's Prepaid Market 

   
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Prepaid Cards
 

CORECARD PROVIDES SUPPORT FOR ALL PREPAID CARD SEGMENTS AND TYPES

CoreCard Software recognizes that there are many ways to issue and account for money credited to a prepaid card. Our prepaid payment solutions are designed to support the types of cards prepaid issuers need to offer their customers.  

 

Recognized Prepaid Card Segments

Employee to

Employer

Government to

Consumer

Consumer to

Business

Business to

Consumer

Payroll Social Security Gift Rebates
Benefits Food Stamps Reloadable Store Insurance
HSA/FSA Unemployment Teen Store Refunds
Travel/Expense Transit Travel Incentives
Fleet Medicare/Medicaid Phone Rewards
Incentives Disaster Relief Fuel Loyalty

With flexible parameters and controls, CoreCard CoreISSUE supports all the necessary account and product types, fees, account balance structures, and reporting via the bankcard control records. Controls at both the product and account level identify if cash transactions are allowed, and if they are, how little or how much is allowed to be transacted at any one time or over a period of time.

This approach is in keeping with industry best practices as Gartner reports that this is the way for companies to reduce system costs. In a recent report, Gartner discusses at length that the development of a Payment Services Hub (PSH) would eventually lead to the elimination of much of the systems overlap found in processing centers. Gartner announced that in future evaluations of software providers they would appraise the providers’ strategy to develop and support these new PSHs.
 

Basic Prepaid Card Types

Closed

vs.
Open Loop

Closed-loop cards are single payee cards. They can be used only at a specific location or at the locations of a given payee — most gift cards fall into this category. Open-loop or open "branded" cards are general-use prepaid cards, normally branded with a card scheme logo such as MasterCard or Visa, which can be used like credit or debit cards at most POS terminals. However, open-loop cards can be restricted and become more closed at the behest of the issuer — by restricting the type of merchant that the card may be used at either by business category or by store brand. Such restricted cards are of use to service providers such as healthcare providers and insurers that may want to use the cards to facilitate payout of funds, while ensuring that those funds are spent in the appropriate manner at an appropriate location.

Reloadable

vs.

Non-Reloadable 

Typical gift card programs tend to be single-load (or non reloadable) cards — once the money is depleted, the card is no longer usable or reloadable. Reloadable cards may have new funds added at a physical POS terminal or via the Web or phone. One example of a successful reloadable prepaid card is the Starbucks card.

  Single

vs.
  Multi-Application

This card type merges prepaid functionality with a multi application card. For instance, the Starbucks Duetto card is a fully functioning Visa-branded credit card, as well as a prepaid card. Cardholders can use it as a Visa credit card anywhere that Visa is accepted, or as a reloadable Starbucks prepaid card at most Starbucks locations.

  Business Funded Card

This type of card is issued to an employee for business expenses and is funded, monitored and controlled by his/her employer. These cards can be used to proactively prevent wasteful spending, eliminate cash disbursement and save time by eliminating the cumbersome claim submission, approval and reimburesement process. The controls on the card ensure that only the designated amount is spent each day at the merchants allowed by the business. Such cards can be used for Travel expenses, fuel, per diem expenses, procurement and other miscellaneous transactions which employees need to carry out on behalf of the business.

  Multi-Payment

This card type involves an underlying prepaid account that is supported by more than the prepaid card. For instance, with Obopay in the U.S. and with Smart Communications in the Philippines, the underlying prepaid account can be accessed by a mobile-phone payment system, as well as a MasterCard-branded prepaid card.

Card Not Present

Some prepaid cards can be used only in a card-present environment, while others support CNP purchases -  but usually they have restrictions, especially for open-loop prepaid. For instance, the Italian post office's Postepay card can be used to make purchases at Web sites that accept Visa cards, provided those Web sites support online authorization.
 
   

CORECARD PROVIDES THE RIGHT APPLICATIONS  DESIGNED TO MAKE OPERATIONS MORE EFFICIENT

Establishing a prepaid card program only requires configuration of the various applications, supplied by CoreCard,  to meet the requirements of the programs and prepaid products to be offered.

 

The CoreCard products are built to sit on top of our CoreENGINE platform, so that the power of the shared components embedded in this platform is leveraged across all of our products. With the CoreENGINE platform providing instant fault-tolerance, scalability, and ease of use, the CoreISSUE for Prepaid solution is a solid tool allowing control of any card portfolio. CoreENGINE interfaces with industry standard third party programs.
     
 

Applications for Prepaid Cards
CoreISSUE CoreSALES CoreCOLLECT
CoreAPPLICATION   CoreDISPUTE
CoreMONEY CoreDASHBOARD CoreSELFSERVICE

CoreENGINE Platform

 

Transaction Processing Engine

 

 

Shared Components

 

User Security - GUI - Posting - Business Rules - Workflow - Data Access

 
 
     

REVENUE GENERATION

CoreISSUE’s flexible fee catalog enables you to define a number of fees for prepaid cards, including;

  • Account set-up fees,

  • ATM fees (for both approved and declined transactions),

  • Balance inquiry fees,

  • Overdraft fees,

  • Late fees,

  • Interest,

  • Transaction fees,

  • Shipping and handling fees,

  • Replacement card fees,

  • Inactive card fees,

  • Paper statement fees, and

  • Statement reprint fees. 

CORECARD CoreISSUE For Prepaid

The CoreCard CoreISSUE for Prepaid provides issuers and processors with the most advanced and feature rich solution for issuing and management of prepaid cards.

  • Account & Product Setup and Management

  • Transaction Processing

  • Clearing and Settlement

  • Exception Management

  • Reports

  • Customer Service

  • Web Self-Service

  • Multi-currency, Multi-language

CORECARD CoreMONEY DESIGNED EXCLUSIVELY FOR CoreISSUE FOR PREPAID

CoreISSUE for Prepaid can be deployed with CoreMONEY to provide an easy and secure way for processors to open CoreISSUE for Prepaid functionality to their clients, without giving their clients direct access to the CoreISSUE for Prepaid processing system. With CoreMONEY, processors can:

  • Quickly create a custom portal for each client

  • Delegate appropriate administrative tasks to their clients

  • Audit activities in real-time

CoreMONEY makes it easier for Retail, Payday Loan, Check Cashing, Professional Employer Organizations (PEO) and Employers who issue prepaid debit cards to manage and control the cards they issue.

 

With CoreMONEY, processor’s clients can:

  • Easily set-up and issue a variety of prepaid cards

  • Establish and run payroll and benefit debit card programs

  • Upload required supporting documents and attach them to the card record

  • Keep notes on existing cards

  • View recent card transaction history

  • Request replacement cards

  • Track card shipment status

CoreMONEY speeds the creation of new card requests and updates of existing cards via a bulk upload feature. Information can be imported into CoreMONEY and passed into CoreISSUE for Prepaid via .XLS and .CSV files.

 

For more information on how CoreMONEY is helping Prepaid companies click here: CoreMONEY.

 

THE CORECARD SUITE OF PRODUCTS PROVIDES ADDITIONAL FUNCTIONALITY

CoreCard can provide an expanded prepaid solution if needed by adding one or more of our other products that support dispute management, collections and sales. All CoreCard products are built to leverage the power of the shared components found in CoreENGINE.
 

CoreDISPUTE

  • Disputes and Chargebacks

  • Predefined and User-defined Queues

CoreCOLLECT

  • Champion/Challenger Recovery Strategies

  • Case Management (automatic case presentment and case search facility)

  • Collections Automation (letters, optional dialer interface, third party collectors)

CoreSALES

  • Commission Calculations for CSRs, Collectors and Merchant Sales Representatives

The CoreCard solutions feature easy to use parameter-driven controls and provide the ability to set up any amount or type of programs to manage your transactions and accounts.  The Prepaid solution can help issuers and processors realize fast and measurable ROI, react rapidly to evolving market dynamics and product offerings, and attract and retain lucrative programs.