Bank of Nova Scotia has collaborated with Berkeley Payment Solutions to launch one of Canada’s first suite of corporate prepaid Visa cards.

Hugely popular in the United States, prepaid Visa card payment solutions benefit companies seeking proven cost-effective payment solutions that extend their company’s brand and resonate with employees, customers, and partners.

This new suite of payment solutions feature branded, re-loadable prepaid Visa cards that provide the ease-of-use of a credit card with the universal appeal of cash and the satisfaction of a personal reward. Cardholders can redeem their reward anyway and anywhere they want.

“Given the market for prepaid Visa cards is experiencing significant growth across North America, Scotiabank’s collaboration with industry-leader Berkeley Payment Solutions gives us the ability to offer a new suite of innovative corporate payment solutions to the under-serviced Canadian marketplace,” explains Rubina Havlin, vp, credit cards, Scotiabank.

Using an innovative prepaid Visa platform (featuring all the security and flexibility associated with the Visa brand) and providing timely, useful and accurate reporting metrics to measure the success of each payment program, Scotiabank and Berkeley’s prepaid Visa cards both increase program participation and motivate participants to exceed program goals. Other important results include increased marketing return on investment, significant lifts in sales, enhanced employee motivation and enhanced employee retention.

“Not only are prepaid Visa cards less costly to issue than cheques and merchandise, companies are discovering its significant value as a marketing tool,” explains David Eason, CEO, Berkeley Payment Solutions. “Showcasing a company or product’s name or logo on each prepaid Visa card allows it to establish a positive association with the brand each time a cardholder uses it to make a purchase.”