Highnote Product Spotlight: Issue Consumer Prepaid Cards with Highnote

Date
Sep 29, 2022
Author
Xian Huang
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The Basics

Consumer prepaid cards allow consumers to cover personal expenses, make in-person or online purchases, and access cash using an ATM. A prepaid card resembles a debit card, but it doesn’t have to be directly tied to a bank account.

Highnote Consumer Prepaid Product allows you to issue prepaid cards funded using your card product funding account. You can transfer funds into a card product funding account via direct wire or ACH. Once funds are available, the cards are ready for use by your account holders.

These prepaid cards may be virtual cards available on your app or website, tokenized cards in digital wallets such as Apple Pay, or physical cards mailed to your card’s account holder. With Highnote, you can create a physical card order for one individual or a group of different individuals with our Group Shipping feature.

Use Cases

A prepaid card can be funded without being linked to a bank account and a user can access the funds for a certain period of time. These properties make prepaid cards a great option for giftcards or reward cards.

However, prepaid cards apply to many other business scenarios as well. Highnote can support use cases including general-purpose reloadable prepaid cards with similar features to a debit card, payroll cards for employees by their employers, and many more. We will solution with you to design what best works for your business.

For example, we recently announced partnership with Chipper Cash, a cross-border payments app used by over five million people throughout Africa and its diaspora, to launch a consumer prepaid card program that enables their users to make digital transactions.

How Is Highnote’s Prepaid Product Different

Highnote is the only purpose-built all-in-one issuer processor and program manager that offers the level of customization, velocity and scalability you cannot find elsewhere.

  • Customize with the Most Advanced Technology Our GraphQL APIs give you maximum flexibility, control, and continuous innovation to keep you ahead of your competition. For example, you can set up different authorization controls and attach them to your prepaid cards to create specific user experiences to limit spend for a given period of time or to a specific store.
  • Ledger Built For Scale With Highnote you get the industry’s most advanced ledger so you don’t have to build it. Track real-time balances on every transaction entry across all of your accounts, including card balances, funds in transit, and available funds, significantly cutting down your reconciliation and operational challenges as you scale.
  • Partner For Deep Fintech and Payments Expertise Our team is made of leading payments and fintech industry experts from Paypal, VISA, Wex, JPMorgan Chase, Goldman Sachs and more who will solution with you, and help you build and scale the right product. Post-launch, our customer teams function like your business partner and work with you to grow your revenue.
  • Receive Collaborative Compliance Guidance Our expert compliance professionals will guide you through the regulatory requirements of operating a card product so that you can launch and scale securely and compliantly.
  • Best-in-Breed Program Management We offer full program management capabilities to help you innovate and grow rapidly. From bank sponsorship, card fulfillment, KYC/KYB workflow, and chargeback/dispute management, to network settlement & reconciliation and ACH fund transfers, we have you all covered.

Learn more about our Consumer Prepaid product here. If you have any questions, talk to us now.

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