Using a White Label Debit Card Program to Pay Pension Benefits
A white label debit card program can have many uses including sending out pension benefits. It is a different world today than it was even a generation ago. Many choose to live and do business away from their nation of origin. Many sell their homes and retire “offshore.” It is not uncommon for retirees to move from country to country, city to city, in parts of the world that are substantially less expensive than where they lived and worked for years. One of the issues that comes up for these people is how to receive pension benefits. Mailing a check does not work when a retiree is in Bangkok one month, on a boat crossing the Pacific the next month, and docked at Panama City, Panama the next.
What is a White Label Debit Card?
A white label debit card is simply a card that does not bear the name of credit card processing company. This kind of card can be purchased in bulk. A white label card then bears the name provided by the buyer. The buyer can use these cards to pay employee salary and expenses, use them as incentive bonuses, resell them, and use them for such purposes as disbursing payments for everything from Forex payouts to pension benefits.
What is a White Label Card Program?
This is simply the business solution that integrates card payments with the company accounting system and its bank as well as generating clear and transparent pension disbursal reports.
A White Label Card program will commonly be set up through an affiliate offshore bank and the company managing the program will have the appropriate offshore licensing for such an operation.
Where Can Pension Benefits be received?
The beauty of such a program is that the pensioner can take pension benefit money out of any ATM machine anywhere in the world. Although the card will be “white label” it will, in fact be ultimately processed through one of the major credit card companies whose cards are accepted for payment virtually everywhere on earth. Because the pensioner carries a card he or she need not carry cash along the way. When crossing to a different country he or she will not need to change currencies but simply choose the local currency option on the ATM machine. White Label Debit Cards are accepted in North and South American, Europe and the European Union, the Middle East, Africa, and Asia.
How Does a White Label Debit Card Program Work for Pension Disbursements?
The white label debit card program will come with computer software that will integrate with the pension program. When monies are to be paid in the pension program they will be credited to the individual’s white label debit card. Similarly withdrawals will be made from the correct bank account and all accounting updated. Meanwhile the pensioner has moved on to Cartagena with Buenos Aires as the next stop. After taking a distribution in dollars in Panama he or she takes a distribution in pesos in Colombia and then Argentinean pesos in Buenos Aires.
A white label debit card program can be set up as complete “turnkey” solution for a number of payment issues, commonly reducing paperwork and overhead.
About the Author
An offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions in several jurisdictions, including provision of government issued financial licenses.
Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC’s (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/forex, credit- debit- and prepaid card issuing.
We also offer co-ownership and shares in different investment programs such as real estate investment in profitable jurizdictions like Panama, Belize and Spain.
Certificate of Deposit/Term Deposit accounts available up to 9 % p.a.
Contact me on e-mail: geir.holstad@userbancorp.com
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