The Members Group, a card processing CUSO affiliated with the Iowa Credit Union League, has reminded credit unions of the opportunities presented by prepaid cards and small business members.
The CUSO offers a variety of prepaid card products.
Prepaid cards could be a win-win for both the CU and small business members, TMG explained in a recent white paper on the topic, as their transactions are not subject to interchange regulation and business owners seek ways to streamline their operations and lower costs.
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"By issuing reloadable cards for an employer, FIs become an indispensable partner to the business," TMG wrote. "Not only do they ease some of the administrative time and hard-cost issues inherent to payroll management, they give the business a way to endear itself to its employees. Reloadable cards save employees' time and give them the features of a traditional Visa debit card without the risks of overspending."
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