The new card will benefit organisations by removing the need for them to rely on traditional paper-based methods of making payments, which are becoming increasingly costly, complicated and time-consuming. In addition to speeding up the process of managing funds, the new card will provide extra accountability and control, with the ability to implement bespoke spending controls.
The product has been used successfully by a number of clients for some time. One who has already benefited from this product is:
Adecco UK & Ireland – part of the Adecco Group, the world’s leading provider of HR solutions, with over 31,000 employees and 5,500 offices, in more than 60 countries and territories around the world. The Office Angels branches within the Adecco UK & Ireland group were sending out cheques frequently for petty cash purposes to their local offices. They adopted Barclaycard Prepaid to increase their control over their funds and to enable a much simpler and more efficient reconciliation process, and are now rolling this product out to their other brands.
Simon Meyrick, Treasury Manager, Adecco UK and Ireland, said: “Barclaycard Prepaid has been invaluable in not only helping us to reduce our dependency on cheques, but also in enabling us to improve efficiencies and increase control over spend. Given our national footprint, the added ability to control and monitor this process centrally has proved incredibly beneficial and efficient.”
Dennis Bauer, Global Commercial Payments Director, Barclaycard said: “The Prepaid market holds many exciting opportunities for us and our customers and Barclaycard is committed to giving our customers the payment tools that meet their needs.” Bauer added “It’s great to be working with companies such as Adecco, and seeing the success and the benefits they have had from the product”.
A recent UK Payments Council article, The future of cheques in the UK, highlighted that Cheque use in the UK is falling at 12% per annum. This trend, coupled with the ever increasing pressure that all organisations are under to have greater cost efficiencies and be more accountable, further supports the future growth and benefits that Prepaid offers.
Barclaycard Prepaid is a new and innovative solution that can be administered very easily. It allows additional cards and funds to be allocated through a secure online site and provides a flexible, efficient and highly controllable new payment solution.
For more information please visit www.barclaycardprepaid.com
Barclaycard, part of Barclays Bank PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance.
The company is a pioneer of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. Barclaycard also partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.
Key facts published in February 2014:
- total number of Barclaycard customers: 35.5m
- total number of Barclaycard clients: 374,200
- total payments processed in 2013: £254bn