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The prepaid option

As a cash alternative, e-wallets and prepaid cards are a growing financial option, especially for the unbanked. Learn how you can use them for your biz.
By Jennifer Gulle And Tania Bautista |
<>Unlike a savings or checking account, an e-wallet or prepaid card account requires no minimum maintaining balance, yet provides the same kind of electronic authority and identity that a credit card has, says Rhee. It allows users to load cash to its account (in MoneySwap’s case, up to P100,000 per month), withdraw cash (and inquire their card’s balance) from ATMs, transfer funds to another prepaid card or bank account, pay bills and shop online thanks to Visa’s network.

 

While certainly relevant to people who don’t want to be buried in credit card debt or don’t have a lot of cash in the bank to link to a debit card, prepaid cards also present a very fl exible accounting and payroll/ payout solution to entrepreneurs, especially those who own small to midsize enterprises (SMEs) with just a handful of employees.

 

Instead of using a bank’s payroll service (which may require clients to have a certain number of employees), small business ‘treps can just get each of their employees a prepaid card and deposit their salaries electronically each payday, says MoneySwap’s Rhee. “Also, for SMEs who still issue a lot of checks or for multilevel marketing fi rms that still give out checks for payouts, our prepaid card can be used instead,” he adds. That sure beats carrying a lot of bankrolls around.

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