The ReliaCard is a MasterCard or Visa prepaid debit card offered by U.S. bank. Its functions include making purchases with credit or debit cards online, in a store, over the telephone or through ATM machines. With this card you have instant access to your funds without having to swipe your cards. In fact, all you need is your internet access.
As a merchant, you will find the ReliaCard an ideal credit card for your business because of the wide variety of features it offers you. As you shop at a retailer and use the card, your transactions are reported to the credit card company. Your transactions are also reported to the merchant processor. This is how the credit card companies to determine the credit limit, the maximum limit and the grace period in which you may charge purchases. The transactions are also deducted from your merchant account on a monthly basis.
When you have the card, you can immediately deposit your funds into your account. You can use your money right away to make purchases at the store or pay bills. And because you are using your own card, you never have to pay the merchant processing fees. In addition to this feature, you also have the opportunity to save money by offering discounts to your clients, employees and vendors. For example, if you run a business, you may choose to reward your customers for their loyalty by giving them a discount. And if you offer products and services at a lower price, you may attract more clients.
Unlike regular credit cards, prepaid debit cards do not require you to enter any PIN code when you make a purchase. When you use this card, you will only need to provide the card's PIN number to the merchant or processor. In some cases, the card will also need to be swiped to the reader at a specific terminal. But other times, the transaction is completed without any input of details. When you swipe your card, your transaction is automatically debited from your merchant account and credited to the card on your Prepaid Debit Card Account.
Merchants usually accept the card. You may also apply for a Prepaid Debit Card Account with your favorite merchant, however you should check first if they accept the cards. This is not a necessary step. The company you choose may also offer a no fee merchant account that allows you to accept their cards.
If you accept the card, it means that you do not have to worry about your credit or debit card balance, since your funds are automatically withdrawn every time you make a transaction. This account is good if you have a busy schedule and cannot always be physically at the store. This card also allows you to purchase items online, even if you are traveling. Since the account is linked to a merchant account, you will not have to carry around cash so you won't have to worry about lost or stolen credit card funds. With the convenience of this card, you don't have to wait until the end of the month when you run out of funds before you pay your bills.