A pre-paid card with sort code and account number can be an effective way to facilitate spending and receiving funds, which is why they’re becoming increasingly popular.

Although pre-paid cards have been around for some time, many providers do not offer pre-paid cards that feature a sort code or account number. Instead, these cards are simply used for spending the funds that have been deposited on to the card.

By choosing a pre-paid card with sort code and account number, however, you can enhance the functionality of your pre-paid card and access more features. In this article, we take a closer look at what a pre-paid card with sort code and account number is, how these cards work and who can benefit from using them.

What Is a Pre-Paid Card with Sort Code and Account Number?

Before we examine what a pre-paid card with sort code and account number is, let’s define what a simple pre-paid card is. This is a card that can be ‘topped up’ with funds and used in-store or online to make payments. Pre-paid cards can be disposable, which means they can’t be topped up once the funds have run out, or they can be used repeatedly by adding funds to the card.

A pre-paid card with a sort code and account number works in the same way but has the added advantage of being able to set up Direct Debits and standing orders, as well as being able to receive funds. As you have access to an account number and sort code, you can share this information with people or companies that want to transfer funds to you, and you can then access the funds via your pre-paid card.

How Do Pre-Paid Cards Work?

Pre-paid cards are simple to use and easy to manage. Simply top the card up with the desired amount and you can then use the card wherever it’s accepted. Typically, this depends on what card network issues your pre-paid card. With a pre-paid PayAlly debit card on the Mastercard network, for example, you can make purchases in 37 million merchant locations across more than 210 countries and territories.

When the funds on the card are running low or have run out, you can simply add additional funds to the card and continue using it.

As well as being able to make in-store or online payments, many pre-paid cards allow you to make withdrawals via ATMs as well. This can be advantageous if you need to access cash or find yourself in a location that doesn’t accept card payments.

As you need to top up pre-paid cards before you can use them, it greatly reduces the risk of overspending and makes it easy to stay in control of your finances. Additionally, a pre-paid card with sort code and account number ensures you can receive funds and transfers swiftly and securely.

Who Can Benefit from a Pre-Paid Card with Sort Code and Account Number?

Pre-paid cards can be a great way to manage your own finances, particularly if you want to minimise the impact of a potential lost or stolen card, but they’re also a highly effective form of business expense management.

By issuing employees with pre-paid cards, for example, you can ensure that they are able to fund business expenses, but you stay in control of their spending and avoid giving multiple employees free access to your company’s funds.

When you choose pre-paid cards with sort code and account number, you can also use these cards to pay your employees, subcontractors or freelancers. Instead of making multiple bank transfers, for example, you can set up ad hoc or recurring payments that enable the appropriate funds to be sent directly to the individual’s pre-paid card. This can be particularly beneficial for employees who may not have access to their own personal bank account or who are working in a different location to their usual residency.

Advantages of Pre-Paid Cards with Sort Code and Account Number

A pre-paid card with sort code and account number offers a range of benefits, including:

Enhanced Functionality

Take a step up from standard pre-paid cards and opt for a card that includes a sort code and account number to gain access to extra functionality. From Direct Debits and standing orders to receiving funds, the addition of a sort code and account number enables cardholders to do more and manage their finances more effectively.

Avoid Overspending

As you have to top up a pre-paid card in order to use it to make purchases, the risk of overspending is significantly reduced. Ideal for employee expense management or simply managing your own expenditure, a pre-paid card can be an effective way to keep your finances in check.

Physical and Virtual Cards

A pre-paid card with sort code and account number can be issued as a physical or virtual card – or both! While a virtual card can be used to make online and in-store contactless payments, some people may prefer to hold a physical card as well. Whatever option you prefer, PayAlly’s pre-paid expense cards are available as both physical and virtual cards.

Multicurrency Functionality

With multicurrency functionality, cardholders can send and receive funds in a variety of different currencies. From ordering critical supplies from overseas vendors to paying for business travel expenses, multicurrency pre-paid cards simplify global financial management and enhance the functionality and flexibility of your financial infrastructure.

Monitor Transactions

Pre-paid cards give you the ability to monitor transactions in real-time via a user-friendly portal or app and also allow you to add card-specific controls and budgets. From keeping track of company expenditure to centralised reporting, being able to monitor transactions in real-time enhances your operations and simplifies your financial management processes.

How to Get a Pre-Paid Card with Sort Code and Account Number

As a Principal Member of the Mastercard network, PayAlly offers a wide variety of financial solutions, including pre-paid multicurrency expense cards. To find out more or to apply for pre-paid cards today, get in touch with our friendly team now on +44 (0)20 7489 6480 or +44 330 777 2244 or email us at info@payally.co.uk.