Prepaid Ventures: Transforming the Payments Landscape with Inventive Solutions


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During the last few decades, digitalization has been leveraged by almost every industry. The sudden pandemic has drastically affected industries around the world. One of the most impacted industries, due to this outbreak was payment and card industry. Regardless of the business, organizations were forced to accept the new norms and impositions of social distancing and remote working. These norms also affected individuals to shift their payment methods from cash to digital payment via online and card payment. This trend is anticipated to stay in the coming future. Along with major retailers, small businesses are also experiencing these changes. Thus, there is a massive opportunity for companies to increase their brand loyalty by providing customers the essential support and tools during these unprecedented times.

Prepaid Ventures is looking to provide tools and support for their clients and users by developing more financial solutions and enhancing features of existing products to remain competitive in the cloud-based payment environment. The company leverages cutting-edge technology and blends it with its decades of financial experience to provide an array of inventive payment solutions. It aims to help merchants who strive to give their customers excellent debit card services and unrivaled customer support.

Prepaid Ventures: Suite of Electronic Payment Solutions

Since its inception, Prepaid Ventures has been providing a suite of electronic payment options across multiple payment products and distribution channels. The company provides wide-range of card services including,

NexsCard: NexsCard is one of the initial solutions provided by the company. It offered check cashing customers to load cash onto a network-branded prepaid card at their local check cashier, or obtain direct deposits, and to use the card anywhere with Visa brands approved. It is backed by powerful and secure technology to help protect the customers.

Avid: It is a dual-payment plan Prepaid Visa® Debit Card that follows a digital acquisition model and consumers can effortlessly open an account using the cardholder site or mobile app. Backed by Prepaid Ventures’ Call Center and proprietary technology, customers have all the support and tools necessary to manage their accounts without needing a retail environment.

Payentry: Payentry is an integrated Prepaid Visa® Debit Card program. It avails the employers to help mediate direct deposit and offer a low-cost alternative banking solution.

NexsCard For Business: NexsCard For Business is a commercial prepaid card program designed for business owners to disburse funds to team members or pay expenses, all with the convenience to move money in real time. By using NexsCard’s proprietary Remote Deposit Capture solution mobileteller, business owners can remotely deposit checks up to $50,000 anywhere, anytime. Funds will be loaded to the NexsCard For Business Prepaid Card account to spend or easily transfer to their team.

Along with these services, Prepaid Ventures emphasizes providing exceptional security to the customers’ information. The company monitors its systems, implements the regulatory changes swiftly, and relies on strict risk management activities to ensure security. Account shield, biometrics, EMV Chip Technology, Real-time alerts, etc. are some of the ways through which Prepaid Ventures attains the highest security standard. Moreover, it employs security tools on a program, product, and portfolio level. It also undergoes an annual PCI audit and has achieved Level 1 PCI, the industry’s highest standard.

Empowering the Customers and Employees

Alongside security, Prepaid Ventures has always kept the customers’ concerns and needs at the forefront of its operations. Especially during these uncertain times, the company is prioritizing customer satisfaction. It recognized that there were increased direct deposits to cardholder accounts due to the stimulus packages. Anticipating the cardholders’ benefits from the stimulus deposits, the company accommodated its systems and communications to help them.

Furthermore, the pandemic has severely impacted the workplace environments as well. Working from home was a shift for the team members as they had to go through new channels of communication. “Throughout this entire process and now, Prepaid Ventures has turned to different resources and strategies that are helping us with our business operations,” said Andrew Siden, the Founder and CEO of Prepaid Ventures.

Highly Motivated and Driven Team

Andrew has been taking the company forward with his 30 years of financial services and electronic payment processing experience. Building a strong team is essential for any business to combat the challenges. At Prepaid ventures, Andrew feels fortunate to have banked on his friends as the board members. The board members often come up with advice and guidance to help the company stay ahead of the competition. Their advices have motivated Andrew to improve as a CEO. Consequently, oftentimes, he credits his performance and achievements to his board’s advice and encouragement.

In addition to the board, other team members of the company are also highly perseverant and motivated. Andrew seeks for specific characteristics such as drive, willingness to learn, and intellect, in his team members that reflect the entrepreneurial. These are the fundamental skills the company looks for in the team and thus form a highly goal-oriented and efficient team.

A Swift Transition to Cashless Payments

Alongside with the efficient team of Prepaid Ventures, Andrew is highly hopeful about the upcoming endeavors. In sync with the current challenges, the team is striving to adapt to the new normal. The company is continuing to innovate and help bring modern and convenient technology to the unbanked and underbanked people. It has planned to launch several products such as payroll card program and companion card program in the near future. Likewise, the company strives to provide industry-standard features and technologies while bringing new features to the table. “Prepaid Ventures is working on bringing mobile payments to the consumer’s mobile devices to offer options and to also prepare for the movement within the payments industry,” concludes Andrew.

Read Full magazine: The Business APAC Inventive Payments and Cards Companies

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