Lloyds TSB Commercial Finance introduces pre-paid programme with CredEcard

Source: CredEcard

CredEcard Ltd, a leading prepaid business solutions provider has delivered a prepaid card programme for Lloyds TSB Commercial Finance.

CredEcard specialises in creating 'white label' prepaid card programmes for a variety of diverse payment solution requirements. The recent development of a new payroll prepaid card application for Lloyds TSB Commercial Finance has enhanced their present portfolio of financial service products offering an efficient and cost effective payment solution onto a prepaid card. The Acorn prepaid MasterCard card was launched on 20 February 2009 to complement the current portfolio of products that Lloyds TSB provides via its recruitment finance division.

Lloyds TSB Commercial Finance supplies a comprehensive range of payroll solutions for agencies providing specialist financial advice and services to companies of all sizes, and in all sectors. The recruitment finance division services around 15% of recruitment companies in the UK, and offers a product portfolio consisting of invoice discounting and factoring, plus payroll finance from its Cash Friday operation.

The Acorn prepaid card enhances and extends the current features offered by the recruitment finance service. The card delivers a prepaid application supporting an efficient and cost effective method of payroll provision in combination with a prepaid card facility.

Lloyds TSB Commercial Finance has introduced the Acorn prepaid card to enable agencies to pay their temporary unbanked staff in the same way as banked staff. Employees receive instant access to their wages and gain the added flexibility of a card that can be used to pay in both real and virtual environments where MasterCard is accepted and withdraw cash from ATMs.

Matt Lanford, Head of Prepaid Europe at MasterCard, commented: "More companies are turning to prepaid cards as a safe and convenient alternative to inefficient and costly paper-based payments. Independent research from PSE Consulting suggests that this trend will continue in Europe, with payroll cards estimated to turn over €10.7 billion by 2015."

Acorn offers the cardholder a range of benefits including the ability to instantly accept payment of funds without the need for a bank account. CredEcard's MasterCard prepaid programmes allow funds to be loaded directly onto the Acorn prepaid card via the unique BACS sort code, facilitating the loading of funds directly onto each card account, allowing unbanked staff to be paid in exactly the same way as those with regular bank accounts.

In addition the cardholder can set up standing orders, load additional funds via any 19,000 PayPoint outlets and have access to a comprehensive range of online and SMS services. The versatile Acorn prepaid card can be used to access cash at ATMs, as well as make payments at merchants where MasterCard is accepted, shop on line or simply pay bills.

CredEcard MasterCard prepaid card schemes are an efficient means of providing prepaid branded solutions for businesses payment solutions.

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