Maestro prepaid debit cards are accepted worldwide. They provide a reliable payment option that is safer than cash. It is therefore used by many businesses across different industries.
Prepaid Maestro cards are replacing petty cash in different sectors. They also provide an alternative to employee cash advances and company credit cards.
In this article, we will go over how you use Maestro cards. You will also see how Maestro cards form the solution to some of the payment challenges in different industries. They help to improve the workflow and give full control. The use of Maestro prepaid cards facilitates business spending and improves organizational efficiency in the following industries:
❯ Nursing homes;
❯ Media production;
What are prepaid Maestro cards?
A prepaid Maestro card is not a regular debit card. You cannot just withdraw with the card. First, you have to load it.
Normally debit refers to the fact that there is a balance. Which means there is no need for a credit. This is also the idea behind a prepaid debit card. It can only be used when there is a sum of money linked to it.
The prepaid debit card does not require a bank account to operate. Instead, you are spending money you placed in the prepaid card account. This makes sure you never overspend. As can happen with a credit card. You will only be allowed to spend the amount that you paid in advance.
Almost all Dutch debit cards use the Maestro logo. Maestro is a multinational debit card service that was founded in 1990. It is owned by Mastercard. The Maestro debit cards can be obtained from associate banks and other payment institutions. Maestro is accepted at about 15 million points of sale. These are usually indicated by the Maestro logo.
How do you pay with prepaid Maestro cards?
Maestro cards can be used both directly on the point of sale and to withdraw cash from any Maestro or Mastercard network ATM. In the Netherlands, Maestro is accepted at all ATMs and POS terminals.
You pay by presenting the card at the checkout. It is either inserted into the POS terminal or held against it. The payment is first authorized by the card issuer to ensure that the cardholder has sufficient funds on the card. You then confirm the payment by entering your 4-digit PIN code. For lower amounts a contactless payment may suffice.
A cash withdrawal works in a similar way. Except that at ATMs you will always be asked for your PIN code.
Contactless payment with Maestro is a convenient option. Especially when you want to make a quick purchase. You do not need to enter a PIN code to pay. All together the amounts must be below €50. After the fourth contactless transaction, you must enter your PIN.
How to integrate Maestro prepaid cards in your organization
The use of prepaid Maestro cards has many advantages for organizations. Just like normal debit cards you can pay contactless and withdraw cash at ATMs. A key benefit is that the cards are not directly connected to your company’s bank account. And you’ll never pay any overdraft fees.
With some Maestro cards, like the ones from SimpledCard, you can also facilitate online payments. This is thanks to the e-Maestro functionality. It works just like a credit card payment. When you choose this payment method, you enter the 16-digit card number of the Maestro card. You complete it with the expiry date and the CVC code on the back of the card. And it’s as easy as that.
This unique payment method is suitable for organizations across different industries. Connect the cards to an expense tracking system and you can manage your business spend process centrally. In the next chapters, we elaborate on the financial challenges around business expenses in three specific sectors.
Expense management can be a significant bottleneck in an organization. When not properly implemented, it can result in operational inefficiencies. This prevents the workforce from operating at its best level.
Most expense management software does not provide an integrated way to facilitate payments. On the other hand, most payment methods lead to unnecessary time spent during the claim and justification processes.
Having an expense management software provider that offers integrated prepaid Maestro cards allows you to optimize your expense management workflow. And empower your teams.
Business payment solutions like SimpledCard allow organizations to distribute re-loadable Maestro cards to their employees. You can easily set spending rules and limits for each employee, office location or department.
This allows you as a finance manager to have direct control and real-time insight into expenses across the organization.
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Nursing and residential care homes using Maestro prepaid cards
Healthcare workers face three main financial challenges. In nursing homes and elderly care these are related to small expenses across multiple daycare centres or residences.
Top challenges of nursing homes and residential care:
1. Petty cash for small expenses in each location. Cash registers require diligent administration via local cash books, which makes it cumbersome to keep track of ongoing expenses.Cash replenishment becomes a logistical duty which can feel adventurous at times. In case petty cash runs out, employees are made responsible for advancing their own money. Which does not turn a lot of smiles.Also, logging cash returns and expense claims take precious time away from the care staff. Which they would prefer to spend with their patients.
2. Teams in this sector are increasingly organized under the principles of self-managing teams. This demands each team to be fully self-reliable and responsible for its task planning and execution. Including its budget and spending limits.Having non-flexible payment systems and centralized expense processes blunts the teams’ agility to execute.
3. Resources wasted on administration. With petty cash registers and cash books, the process of administration is lengthy and cumbersome. Both for the workers who have to justify their expense. As for the administrators that need to dedicate their time to this task.
Nursing and residential care organizations have used Maestro cards to address these challenges:
1. Replacing petty cash registers with Maestro prepaid cards for self-managing teams. The administration gets real-time visibility of spend and can allocate extra funds whenever necessary. It eliminates the dependency on cash replenishment or advances by employees. The justification process is almost instant and requires much less time away from helping clients.
2. With a Maestro prepaid card and expense management system the finance manager can issue cards directly to new team members. Without any lengthy application process. This allows the team to fully embody the principle of self-management and be as flexible and agile as possible.
3. With an integrated system of prepaid cards and mobile expense management software, justifications and approvals are fully digitized. It takes only a few seconds. This frees up time and resources across the organization. This time can be reallocated to giving the best possible care to patients.
How media production companies use Maestro prepaid cards
Media production companies are responsible for the creation of films and tv productions. They do this both in-studio and on-site. Therefore they have a very diverse set of expenses.
Shootings take place in different locations and involve multiple third parties (including freelancers). Expenses can range from food, transport, lodging, to equipment rentals.
To support this complex operation, the financial controller in a media production company faces a number of challenges.
Top challenges of media production companies:
1. Diverse spending needs. Various types of expenses can be needed during a project. It is key that the payment method available to the project managers is both flexible and universally accepted.
2. Keeping projects within budget. Often it is difficult to have an accurate view of the ongoing spend. This keeps the producer from being able to take quick and efficient decisions while staying within budget.
3. Often budgets run out due to unexpected circumstances. Such as the need to rent extra equipment or dealing with delays in production days. With conventional bank cards or credit cards, the extra funds can be difficult to organize and transfers can take precious time.
Media production companies are managing on-site expenses with prepaid cards:
1. Media production companies provide Maestro prepaid cards to the producer and crew. This gives them the flexibility to complete payments for project expenses anywhere in the world.
2. With the integration of an expense management system, media productions get full control over project spending. Having real-time insight into expenses, eliminates uncertainty and improves budget decisions.
3. There are many reasons that can cause delays during projects on location. This means extending a production schedule and budget. Ideally the spend management system gives the finance manager real-time insight into the ongoing expenses. As this will allow for an instant allocation of extra budget when needed.
Prepaid Maestro cards for logistics and transportation
Logistics presents a unique set of challenges for a finance controller. Mostly due to the dispersion and mobility of its workforce.
Top 3 challenges of logistics & transportation:
1. Ensuring the safety of drivers.
2. Ensuring flexibility and ability to pay for large mobile workforces with diverse spending requirements (hotels, food, gas, equipment and so on).
3. Keeping real-time oversight of expenses and instantly stepping in in case of any emergency expense. Like sudden vehicle repairs. Or instantly blocking a card that has been misplaced or stolen.
What features of Maestro prepaid cards integrated with expense management systems are logistics and transportation companies using?
1. With the use of Maestro prepaid cards, logistics companies can support the safety of their employees. As drivers no longer have to travel with actual cash for their expense needs.
2. Maestro prepaid cards are part of the Maestro and Mastercard Network. They provide worldwide coverage allowing employees to pay for all their travel and business expenses. Anywhere in the world and with ease.
3. Real-time insight into expenses and the ability to instantly recharge cards. With the use of an expense management system integrated with Maestro prepaid cards, the financial team can recharge a card with extra funds in real time in case of need.
Explore the possibilities for your organization
Different industries have chosen the Maestro prepaid card from SimpledCard for its many benefits.
Whether you want to reduce petty cash or improve control over project costs,, Maestro cards will help you to address payment challenges of your teams.
Together with the unique combination of digital expense management from SimpledCard, you can offer greater agility to your business, while keeping control over the spend.
Do you want to learn more about the use of Maestro cards? Contact our team of experts. Start gaining control over your business expenses today.