Multi-currency prepaid business cards

What type of cards can you issue?

We can issue Mastercard Commercial Debit Card and soon launching Discover Corporate Debit Card, and Discover Commercial Travel Card. All the cards on the Fyorin platform can be operated as prepaid cards, offering ease of use, cost-effectiveness, and control over employee spending, or as debit (limit set on card, but depends on the balance of the linked account).

Can I issue both physical and virtual cards?

Yes, both can be requested from the Fyorin platform.

How many cards can I issue?

With Fyorin, there are no limits on the number of cards you can issue as long as it makes business sense. We recommend API integrations for businesses with a high volume of transactions to seamlessly integrate into your business’s workflow.

Note that only one physical card can be requested for each designated card user. Company credit cards offer additional benefits such as real-time spending notifications and the ease of managing multiple cardholders, enhancing financial oversight for businesses.

Can I issue a virtual card in a specific currency?

The card can be loaded with a specific currency based on the accounts that you have opened with us. For example, if you have GBP or EUR accounts with Fyorin you can issue cards in those currencies.

Is there a charge to create or use virtual cards?

There is no charge to issue or use virtual cards.

What are the typical card usage and transaction limits?

The limits vary based on the product and are shown on each card on the Fyorin platform. Default limits start from €5,000 but can increase to higher limits more than €250,000. Higher limits would require tighter controls set on the usage of the card. These controls can be easily set dynamically on the Fyorin platform. Physical cards inherit the limits assigned to the linked virtual card. Additionally, administrators can set default ATM limits, and further modify them for each physical card.

Do the cards expire?

Virtual cards expire after 3 years, whilst physical cards expire after 5 years. However, the validity period can be shorter, depending on the balance limit applied to the card; the higher the limit, the shorter the validity period. In the case of subscriptions, you will simply need to update your subscription details with the new card details. Also, if any balance is available in the card once it expires, the funds will be reverted to the originating account automatically.

Can I issue employee expense cards?

Yes, you can issue a virtual card and assign it to an employee or team to manage team expenses. Prepaid business expense cards are a modern solution for managing company spending, allowing businesses to allocate funds to employees without the need for credit. Note that you can enable a virtual card to be used via the physical card. The employee can then decide which virtual card is active on the physical card for point-of-sale use.

Is there a charge to create or use physical cards?

Yes, these are outlined on the platform, but generally there is a creation fee, a delivery charge and a maintenance fee per month. Note that we do offer some free cards as part of some of our packages.

Are there any usage restrictions?

While there are no restrictions for virtual cards, albeit general restricted merchant types as per terms of use, physical cards can only be used at point-of sale terminals. For e-commerce and online transactions, users can use the linked virtual card, as each and every physical card must be linked to a virtual card.

How does Fyorin simplify prepaid business cards for managing expenses?

Fyorin's prepaid business expense card enables businesses to streamline spending, offering control and flexibility over company money.

What advantages do Fyorin's prepaid business expense cards provide?

Fyorin offers money-prepaid expense cards that help businesses manage costs efficiently while reducing foreign exchange fees.

How does Fyorin optimise the use of company money internationally?

Fyorin's prepaid business cards lower foreign exchange fees by offering multi-currency capabilities for seamless global transactions.

What is a multi-currency prepaid business card?

A multi-currency prepaid business card is a payment card that allows businesses to load funds in multiple currencies, enabling them to make purchases and withdrawals without incurring foreign transaction fees. These cards are prepaid, meaning they must be loaded with funds before use.

How can a business benefit from using a prepaid business card?

Businesses can benefit from prepaid business cards by managing expenses more effectively, setting spending limits for employees, and eliminating the risk of debt since these cards do not require credit checks or affect a credit score.

Can I use a prepaid card for business expenses like a credit card?

Yes, a prepaid card for business can be used similarly to a credit or debit card for making purchases and managing business expenses, but it requires funds to be loaded onto the card beforehand.

What do I need to issue a prepaid business expense card?

To issue a prepaid business expense card, you typically need to have a registered business account, provide details about your company, and, in some cases, undergo a verification process. Additionally, you must be onboarded with Fyorin and have an account with us in the currency you want the card to be issued in.

Are there any spending limits on prepaid business expense cards?

Yes, Fyorin’s prepaid business expense cards come with customisable spending limits. Default limits start at €5,000 but can go beyond €250,000 with stricter usage controls, which can be easily managed on the Fyorin platform. Physical cards automatically inherit the limits of the linked virtual card, while administrators can also set and adjust ATM limits for each physical card.