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Microlenders Use of White Label Prepaid Cards on Upswing, Says Axiom Prepaid Holdings

“Prepaid cards are proving to be a great method for microlenders to provide funds to their clients even faster. The cards are accepted by most vendors globally, can be used at ATMs for cash withdrawals, can be used to pay bills, and have fraud protection in case their card is lost or stolen.”

BUCHAREST, Romania (PRWEB) January 28, 2020
Microloans have come a long way since their introduction in Bangladesh back in 1974. Yet, the basic concept remains the same – and that is, to provide modest loans to individuals in need or to business start-ups. Microlenders’ methods of granting those are changing however. According to experts at Axiom Prepaid Holdings, white label prepaid cards are now frequently being used as a means of lending funds.
Axiom is a global provider of end-to-end payment solutions that include Mastercard® and Visa® prepaid cards. Last year, the company launched a White Label Program. The program allows businesses to provide innovative financial solutions to their own customers while also promoting their brands via a prepaid card with their names and logos. Microlenders were one of the niches that immediately took interest in their program.
Microloans have been a popular means of getting instant access to funds at a low interest rate by those who have a low credit score, have no established credit history or need an infusion of cash for a new business. In these instances, banks and credit lines are not usually viable options, which is where microlenders enter the equation.
“Prepaid cards are proving to be a great method for microlenders to provide funds to their clients even faster. The cards are accepted by most vendors globally, can be used at ATMs for cash withdrawals, can be used to pay bills and have fraud protection in case their card is lost or stolen,” explained Steven Foster, CEO, Axiom Prepaid Holdings. “And since the cards are branded with the lender’s name and logo, they are building customer loyalty and brand visibility each time the card is swiped.”
Foster says that prepaid cards are an ideal complement to microlenders whose services include coaching and training in financial literacy and business development for its loan recipients. He says prepaid cards not only help users establish credit scores but allow them to easily track spending, review statements, make card-to-card payments and even earn rewards.
“The white label prepaid card programs that many microlenders are adopting are a great means of supporting money management skills development for their customers,” he added.
Axiom has single and multi-currency card white label programs that can be used via app or physical card worldwide. The cards include features like card-to-card payments, ATM access, a rewards program, generated statements, around-the-clock service, fraud protection and SMS/email alerts.
Axiom’s operations team handles set-up and administration of white label card programs for microlenders and other clients. Its advanced tech systems provide secure infrastructure for processing, reporting tools and integration of cardholder services to microlenders’ existing applications and websites along with built-in compliance safeguards. Axiom is also able to get its clients’ white label prepaid card programs up and running in as little as three months.“Microloans have been invaluable in helping people get back on their feet who have experienced a layoff or other unfortunate circumstance and have been key to countless entrepreneurs being able to launch and grow their small business. We take great pride in helping microlenders to expand the tools they offer to clients while giving them a means of promoting their own brands,” added Steven Urry, Chairman, Axiom Prepaid Holdings.——————————————-
About Axiom Prepaid Holdings:Axiom Prepaid Holdings was born of the desire of two entrepreneurial-minded banking industry veterans to turn the prepaid card model upside down. To make banking simple. To give consumers and businesses around the globe access to innovative, easy-to-use, digitally driven, fun, flexible and secure products and services. Today, Axiom has 9 offices and conducts business in 20 countries. Every day, the Axiom team strives to create 100% turnkey solutions to help cardholders gain economic freedoms and help businesses achieve growth and success. To learn more about Axiom Prepaid Holdings, please visit: http://www.axiompph.com

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New Edcor white paper connects student loan repayment assistance to the potential for increased career advancement for women and minorities

Cost is the primary reason students do not continue or complete their education. Education benefits that help employees complete and increase their levels of education also make it possible for businesses to develop a diverse and inclusive workforce from within their company.

TROY, Mich. (PRWEB) January 28, 2020
Edcor, a national provider of education benefits administration solutions that processed more than $238M in tuition assistance payments and supported more than 1.7M employees in 2018, announces the publication of its new white paper, Student Loan Repayment Assistance Raises Diversity and Inclusion, focused on how student loan repayment assistance programs can boost diversity and inclusion outcomes in the workplace. The announcement was made by Edcor owner and CEO Adrienne Way, a veteran of the employee tuition assistance industry and a keen observer of education-related workplace trends.
“Employer-sponsored education benefits are driven not only by the education and training needs required to successfully conduct their core business, but also by cultural change,” Way said. “The workplace reflects society and employers see first-hand the impact of societal change, in this case when it comes to student debt. With a $1.52 trillion U.S. student debt load and ensuing stressors that college graduates are bringing to the workplace because of it, repayment assistance has become an issue employers can’t ignore.”
Among other analyses, the Edcor white paper considers student debt in the context of how it disproportionately impacts blacks and other minorities, who have lower rates of education completion. As noted in the white paper, the current levels of educational attainment for the total U.S. population are not high enough to create a diverse and inclusive workforce.
Way says the student loan repayment discussion among employers has been bubbling for several years, but the more recent release of statistics reflecting the impact on minorities and women, who are also adversely impacted by student loan debt because, like minorities, they have average lower salaries than men, is amping up the conversation.
“We first started discussing the possibility of a student loan assistance product about three years ago as the student debt numbers skyrocketed and became part of everyday conversations – and concerns – by students, parents and employers,” Way said. “The follow-up to the conversation is how student debt is adversely impacting career opportunities for women and minorities; that’s what’s steering the conversation to diversity and inclusion activities by employers.”
Way believes that education benefits, which have been offered in the workplace for nearly four decades and now encompass student loan re-payment programs like Edcor’s Freedom Student Loan Assistance Program, will increasingly be used by forward-thinking businesses to help close the education gap.
“Cost is the primary reason students do not continue or complete their education. Education benefits that help employees complete and increase their levels of education also make it possible for businesses to develop a diverse and inclusive workforce from within their company,” Way said.
Currently, just under 10 percent of employers are offering student loan assistance, often starting the programs by using monies from underutilized benefits like a 401K to provide the funding. Because employer-sponsored tuition assistance programs and student loan repayment programs are not ERISA benefits, there are few laws defining their use. Currently, student loan assistance is a taxable benefit to employees, but there is lobbying for student loan repayment dollars to be included under Section 127 of the federal tax code, allowing employers to give their employees education assistance dollars up to $5,250 per year tax-free.
To obtain a copy of Edcor’s white paper, Student Loan Repayment Assistance Raises Diversity and Inclusion, visit the Edcor website.
About EdcorEdcor, a certified woman-owned business, is the benchmark in education benefits administration. For more than 38 years, our customized service and software solutions have allowed clients to use education benefits programs, including tuition assistance and student loan assistance, for employee recruiting, retention and development. Additional information can be found at https://www.edcor.com/.

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