Accounting
Barclays asks businesses to go Prepaid |
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| Accounting | |
| Written by Gary Howes | |
| Tuesday, 15 June 2010 | |
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Prepaid card should help accountability.
Barclays (LON:BARC) has today urged finance directors and senior finance decision makers to consider the use of prepaid cards in their business. "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," reads a note to the press. The Adecco Group already uses prepaid cards to manage internal expenses and finances. Adecco has 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 a prepaid system 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. 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. Barclays say their 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.
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