Travelex is debuting the Corporate Cash Passport which will allow companies to centralize and better manage their travel budgets while reducing administrative waste, providing auditing capabilities, increasing security and ultimately saving money.
The card is loadable with U.S. Dollars and has the MasterCard Brand Mark and bearing MasterCard protections such as Purchase Assurance Service and Lost Luggage Service while allowing the card to be used anywhere Debit MasterCard is accepted and at ATMs around the world to withdraw cash in local currency.
"According to our research at least a third of business travelers consider their employer's overseas business expenses are too high," said Christopher Russell, Travelex's executive vice president of outsourcing, Americas. "Travelex has provided a solution with the Corporate Cash Passport. Through the online management tools companies can carefully monitor business travel expenses overseas or anywhere their employees need to travel. In fact, the card is so easy to use that we can foresee companies using this for ad hoc payments to contractors, employee bonuses or incentive programs."
The Corporate Cash Passport easily transfers funds from the cards to company funds and back again any time during the 3-year life-span of the card. The card offers greater control by allowing managers to view exactly how much was spent on given days, watch over employee card funds and keep a check on total expenditure. Card accounts can even be set up with a specific hierarchical structure to better match company loading and management processes.
"Employees will likely notice the difference from previous methods of receiving travel funds right away," continued Mr. Russell. "They won't have to worry about carrying large amounts of cash or dealing with travelers cheques. Plus, they can check their funds and balances online from anywhere. Finally, our 24-hour Global Emergency Assistance can help them whenever they need it."
Global Emergency Assistance offers dedicated phone support and help if a card is lost or stolen. If an employee were to lose their Cash Passport while on a business trip, for example, a phone call can arrange for emergency cash through Western Union offices around the world.