Case Study: Corporate Cash Management

Client Description

A leader in the payday advance industry, with more than 1,200 centers nationwide, with several in remote locations. The client markets to employed consumers who need a convenient and high-quality payday advance service.

Challenge

Without a bank in close proximity, the client’s more remote locations incurred increased expenses and administrative hours spent performing daily retail cash management. Therefore, the client needed a cash management solution for those remote locations that eliminated the need for frequent trips to distant banks, and reduced the risk of transporting large quantities of cash over long distances.

Solutions

Prepaid Solutions USA created a corporate reloadable Visa® card program that allows each of the client’s remote locations to manage their cash more securely and efficiently.

Each morning, the client’s corporate office remotely funds each location’s reloadable Visa card to a predetermined level for each location via an electronic fund transfer. Using the card’s ATM cash access feature, the store manager then withdraws the needed currency from their in-store ATM, providing cash for the store’s daily cash-out transactions.

The program also includes a centralized database to help manage each store’s daily cash movement more efficiently. If cash demands exceed the predetermined levels, additional funding can be added to the reloadable Visa card from the client’s corporate office with the proper approvals. When cash-in transactions exceed the store’s predetermined on-hand cash limit, the store manager deposits the excess cash into the store’s ATM, providing simple and secure storage. At the close of each business day, the corporate office balances each store’s card, and removes funds as necessary.

Result

The system that Prepaid Solutions USA created has eliminated the need for frequent visits to a local financial institution to facilitate cash management, and reduced the client’s exposure to the risk of theft. As a result of the success of our solution, the client is now considering expanding the same system throughout more locations.

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