21 September 2006
Advanced Payment Solutions offers new payroll product
Specialist prepaid card company Advanced Payment Solutions (APS) is entering the payroll market with a reloadable prepaid MasterCard® card it expects will serve both the needs of corporates looking for a more streamlined way to disperse expense payments and firms needing to pay workers without bank accounts.
The product is a personalised and embossed Chip and PIN card which is accepted globally at over 24 million locations worldwide and is issued on behalf of APS by Broadcastle Bank Ltd.
Employees are issued with an account that employers can load funds into - either wages or expense allowances. The employee cardholders can then withdraw money from any ATM or make purchase transactions in store, by phone or online. Employers are initially given instant use Cirrus ATM cards with the personalised prepaid MasterCard card in the cardholder's name being received seven - 10 days after application.
The company has been trialling its existing cashplus prepaid MasterCard as an expense card with newsgroup Reuters and as a payroll card with two recruitment firms serving migrant workers without bank accounts. The positive trial results led to the development of a bespoke payroll product.
APS Chief Executive Rich Wagner says the move into the payroll market has been driven by demand from firms who are frustrated with cash handling costs, including time, from existing methods.
"Procurement is increasingly being done online and employees have a greater ability than ever to save time and money by booking travel and accommodation in advance on internet portals. A payment card suitable for this business medium is an essential tool for executives wanting to maintain accountability and keep control over business costs and risks."
Chris Reddish, Head of Prepaid, MasterCard Europe, added "Today's announcement emphasises the value of prepaid cards as a tool for businesses seeking to improve their bottom line financial performance.
"Besides reducing the administrative burdens and costs associated with cash, companies can ensure employees do not need to carry large amounts of cash on their person, whilst ensuring their payroll function is equipped to meet the changing human resource needs of the business."
APS has appointed a Head of Business Development, David Carr, to head up payroll business development within the business.
Ends
For further information, please contact:
Sanjay Mistry
@ Public Relations
Tel: 0870 011 4716
Mob: 07810 368 772
Email: info@prlimited.co.uk
About Advanced Payment Solutions
Advanced Payment Solutions was established in early 2004 to become the pre-eminent leader of general purpose prepaid cards and payment solutions in the United Kingdom. Its senior management team and board of directors have unparalleled experience in the prepaid and payment industry. The company aims to lead UK prepay market growth to emulate the success of prepaid payment cards in the US.
APS' first prepaid payment card, the cashplus prepaid MasterCard, launched in September 2005, is the UK's first general purpose prepaid chip and PIN payment card. Cardholders can reload their MasterCard at over 14,000 Post Office® branches and some 450 retailers throughout the UK.
Alongside developing its cashplus product portfolio, APS provides a suite of services for businesses wanting to offer branded prepaid products to their customers.
About Broadcastle Bank Ltd
Broadcastle Bank Ltd is authorised and regulated by the Financial Services Authority. Their registered office is Sefton Park, Bells Hill, Stoke Poges, Bucks, SL2 4JS, Company Number 0542018.
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