An prepaid card targeting professionals buying job-site goods at Lowe’s locations throughout North America was announced today by FIS.
Lowe’s new payment solution, Lowe’s PreLoad, uses the FIS BizNOW prepaid solution to provide contractors, construction professionals and other businesses the ability to purchase job-site equipment and other necessities without the need for personal or corporate cards. The new payment system, now available at Lowe’s stores nationwide and on LowesForPros.com, allows professionals to automate the full range of purchasing activities, from budgeting and allocation of funds to real-time tracking and visibility of expenditures. Lowe’s PreLoad also offers pros 5% off purchases every day.
This solution, powered by Karmic, allows contractors and other businesses to have a more controlled means of giving purchasing capabilities to their employees without have to use cash, extending credit or using employees’ personal cards. It also gives the bookkeepers and accounts full visibility and control over these expense.
“Many professional contractors are too small to have the resources to maintain credit cards for every employee who may have to make a work purchase,” said Bruce Lowthers, head of FIS Payments. “Lowe’s use of FIS’ BizNOW solution will give those companies complete control over their expenses, adding simplicity and flexibility to how they pay for their work-site essentials.”
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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