White Label

Using a White Label Debit Card Program to Reimburse Employees

A potential problem for an international business company (IBC) is paying employees who may work in many different nations distant from where the IBC does its banking or has its head quarters. Mailing a pay check, that will take weeks to clear, if a bank will accept it, is not a reasonable solution. Sending cash by wire transfer may also be unacceptable as it may put the employee in position of having to carry all of his or her cash around in a potentially hostile setting. In addition employees traveling from country to country would need to change their cash to the local currency for purchases with each crossing of a border.

The White Label Debit Card Solution

A ready solution to reimbursing employee expenses and paying salary is the use of a debit card program. Using a white label debit card program, an IBC, can integrate debit card payment systems with its payroll department using ready-made software and turnkey solutions. These systems are available for clients and their employees worldwide.

A white label program will use an offshore banking solution allied with a major credit card company. White label programs and their software are solutions that can be seamlessly integrated with a company’s existing accounting and payroll systems. The employee will carry an internationally recognized credit card bearing the name of the IBC or whatever identifying name the company chooses.

How Does a White Label Debt Card Work?

The IBC will order a sufficient number of cards for its purposes. These can be MasterCard or VISA, magnetic stripe and/or EMV, which is a chip card. The cards can be embossed or not, personalized or not, instant issue or bulk orders, reloadable or not and active or needing activation. Cards can be preloaded or be shipped to the client and employee with zero balance. If the IBC wishes to keep separate accounts for expenses and payroll it can easily furnish an employee with two separate debit cards.

The IBC will install the required turnkey software/payroll system to integrate with its current payroll system. These systems are intuitive and easy to use. The payment system will produce records consistent with virtually whatever accounting system the IBC uses.

The company will order cards and, when ready, will ship cards to employees. When the company needs to reimburse expenses or pay salary the card will be credited. When the employees needs to withdraw cash, make an online payment, or use for point of sale the card will be debited.

The integrated white label debit card and payroll system will track all aspects of payroll and distinguish between payroll and employee expense reimbursements. Such a system can be set up in conjunction with an offshore bank account having all appropriate licenses to operate in the jurisdiction. It will allow IBC payroll staff to track and audit all payments as well as bank account balances, debits, and credits.

A well integrated white label debit card system may be the answer to the needs of many an offshore company with employees in the far flung reaches of the world.

About the Author

An offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions in several jurisdictions, including provision of government issued financial licenses.

Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC’s (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/forex, credit- debit- and prepaid card issuing.

We also offer co-ownership and shares in different investment programs such as real estate investment in profitable jurizdictions like Panama, Belize and Spain.

Certificate of Deposit/Term Deposit accounts available up to 9 % p.a.

Contact me on e-mail: geir.holstad@userbancorp.com

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