Louisville, KY – November 17, 2009 – Travelex has announced its 100th global corporate prepaid program with its partnership with passports, an educational travel tour provider, that will allow passports to use the Travelex Cash Passport prepaid MasterCard ® for business expenses to provide their traveling employees with funds for expenses incurred during conferences and business trips. In the future, passports will use the cards to provide their contracted tour guides (those who host traveling students overseas) with funds for tour expenses. The use of Cash Passport gives passports greater flexibility and control over funds than was previously available and it is the first business expense program from Travelex to launch in the United States.
“Companies in the United States are looking for alternatives to open credit limits as well as methods to better control funds for business expenses and Cash Passport provides those tools,” said Becky Phipps, Vice President of Sales for Travelex. “passports is just one example of the many diverse uses the card can have for businesses. In this case, they can provide funds to their employees or contracted tour guides with greater security and control to those participating.”
passports provides educational tours for high school teachers and their students, as well as college professors and other adults. They have used Cash Passport in the past, and welcome the opportunity to use the cards again.
“The services offered by the Cash Passport met our needs perfectly,” said Kathy Mueller, Vice President, passports. “We had used Travelex’s Cash Passport cards ourselves in the past, for employees, tours guides, and the consumer cards for our travelers. We are delighted that Travelex has introduced a corporate prepaid card which is a better option for our business expenses. It’s easy for us to load the cards from our desktop via a secure web-based application; the funds are available immediately, plus the MasterCard brand allows the card to be used at ATMs and merchants all over the world.”
The Travelex Cash Passport gives individuals and companies the ability to manage foreign exchange expenses, to secure the best exchange rates and control spend on overseas currency. Offering secure, online management with reporting, it can be used in tandem with a corporate credit card program or as a stand-alone product as an excellent alternative to corporate credit when providing funds for temporary or contract workers since it won’t affect a company’s credit line. The Cash Passport card also provides companies with an alternative to cash, travelers checks and vouchers because it offers more control, can be issued instantly and provides greater card management. Finally, with a Cash Passport all unused funds can be easily returned to the business’s bank account after the employee travel has been completed.
Travelex is the world’s foreign exchange, business payments specialist and leading provider of travel insurance, operating through subsidiaries and branches in: the Americas, United Kingdom; Europe, Asia Pacific; and Middle East and Africa. As one of the world’s leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid currency card to more than three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and Web-based ordering. For more information about Travelex or Cash Passport visit www.cashpassport.com and/or www.travelex.com/outsourcing.