Co-op Pay Cards (Virtual Cards)

Details

A prepaid Card Based Solution for management of cash and other related payments that include; Petty Cash Allocation, imprest, wages, salaries, dividends, bonuses, health related payments etc. These cards are created in the Card managements system and draw funds from a pool account with zero overdrawn positions as each card has a marked limit .The cards are Visa branded and are easy to open mainly targeting the corporate and not individuals. These cards are generated towards management of the following:
• Cash related security risks
• Reconciliation of the office accounts.
• A lot of paper task.
• Increase in workforce as this duty has to have a dedicated resource allocation to manage the cash office.

Features
• Zero opening and maintence balance.
• Withdrawal through any a co-op bank ATM or any Visa branded ATM, POS terminals etc.
• Credited through the Banks branches, ATM, Internet banking or EFT.
• Use at point Of Sale with ability to make utility and cash back payments.
• Institutionally managed

Benefits
• No issue of cheque or cash payments.
• Centralized online management on internet banking.
• Minimized cash handling within the corporate network.
• Ease of changing limits.
• Creation of a more accountable system, with minimal operational issues.
• Comprehensive transaction history statements for monitoring and comparisons.
• Ability to make cards that have unique payments ability e.g. healthcare only cards, hospitality only cards

Requirements

  • Duly filled and signed Coop Pay application form 
  • Duly filled and signed copy of terms and conditions of use 
  • Duly filled Coop Pay agreement form, executed under a company seal 
  • Corporate to open a funding account (can use already existing account if any) 
  • Provision of the following:- 
    • a list of all the prospective cardholders, their cell phone numbers, and certified ID copies on the company’s letter dully signed 
    • the company’s board resolution to acquire the cards, executed under the company seal 
    • certified copy of the organization’s KRA PIN certificate 
    • certified copy of the certificate of registration/ incorporation 
    • organization’s account number to be debited with initial card issuance charges 
    • the company’s memorandum and articles of association 
    • passport sized photos and certified copies of ID of account signatories (if non account holders)

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