Use Program Management as a Service to Capitalize on the Booming Prepaid Card Market

With the global prepaid card market expected to grow from its 2019 value of $1.73 trillion to $6.87 by 2030, it’s no wonder that banks and other organizations are keen to capitalize on its potential. It’s important to avoid making mistakes, missing milestones, or overspending. So, where’s a good place to start? There are still potential risks of trying to initiate and run prepaid programs without the right experience.  

Program Management as a Service, or PMaaS, means partnering with specialists to elevate your services to your clients or employees. While the idea of managing prepaid offerings yourself might be attractive, the lift and barriers to startup can be daunting.  Choosing the right prepaid payments partner can get you to market faster and help you gain valuable insights, all in an infinitely more manageable way.

What is Program Management as a Service?

You’ll undoubtedly be familiar with software as a service (SaaS) and how the model has transformed the execution of software management for businesses. PMaaS gives you a complete suite of configurable products, in this case, prepaid payments solutions, to let you solve your client’s most pressing payments challenges and improve ROI.  

Perhaps it’s a bank interested in launching a paycard or reward card program for their clients, as, after all, helping their clients’ businesses likewise helps the bank in the long term. Or maybe a business that wants to start managing  their existing promotional or disbursement programs more effectively, or find out what other products are out there for them. PMaaS from Prepaid Technologies is capable of offering a full suite of turnkey solutions that can be configured and deployed in both an efficient and compliant manner. .

“A successful energy company approached Prepaid Technologies after realizing they could offboard Program Managing their own incentive/promotional card products with a better net return than doing it themselves. They were coming from a place of, “we make and market power, we’re not in the payments business”, which was wise! So we gave them an easier and a better way of doing it—one that we could manage for them.”

Driving Business Growth

If your organization is looking to grow as swiftly and as successfully as possible, it can be tempting to think it can be done in-house. This is where the old ‘build vs buy’ debate comes into it. Why spend money that could be better directed elsewhere, when you may be able to do it on your own?

But it’s not that simple. There are complexities around the financial and the technological aspects of prepaid payments, there are compliance requirements, and strategic necessities that organizations might miss without enough experience in the prepaid space.

If you’re looking to go down the prepaid solutions track, and you aren’t sure if you should ‘build’ in-house or lean on the expertise of an experienced Prepaid Program Manager, you should ask yourself a few critical questions. Do you have the in-house/institutional knowledge around prepaid products? How familiar are you with the competitive landscape and have you defined your GTM strategy? Are the upfront costs for processing and BIN/Issuing costs factored into your Program Management pro-forma? Is your organization geared to support the compliance requirements associated with different product types?   Are you prepared for the time-ramp to solution profitability?

Why Choose PMaaS Over DIY?

PMaaS, delivered through the right provider, gives you a whole suite of potential products (and revenue generators) that you might not have even known about. And you’ll be able to get started ASAP; not in six, twelve, or even eighteen months down the line like you would if you did it yourself.

Working with professionals – You’re guaranteed to be working with prepaid payments experts. They’ll give you invaluable counsel, guidance, and insight into what you need, why you need it, and how to go about achieving it.  

Product continuity – Everything will be managed by the same team, so you know you’ll get the same superior levels of service, and each individual product will be of the highest quality. Plus, everything can be white-labeled and configured to your organization’s specific needs, fitting seamlessly into your existing products, platforms, and processes.

Added value – Not only will you save time by utilizing PMaaS, your profits will look healthier as well. You won’t be burdened with the infrastructure and expertise costs that you would if it was being managed in-house. And it’s not just the product and industry expertise, your PMaaS team understands the nuances of bringing the products to market in the most successful way.

 “A fintech company was investigating how to best manage access to earned wages. We showed them that rather than building their own card, they could work with Prepaid Technologies to eliminate infrastructure cost and expertise gaps, and gain more value from the program.”

Focus on Advancing in the Marketplace, Let us Focus on Payments

Prepaid PMaaS helps organizations concentrate on what their expertise lies in rather than trying to understand payments. And for organizations already in the payments ecosystem, we offer a broad spectrum of knowledge that goes way above the basics. That means that we can teach you how to best manage payments in services and products.

You may have ideas, plans, and a critical-mass of clients and revenue to Program Manage a single or multiple prepaid solutions, which is fantastic. In the meantime, we can offer you the chance to get started immediately, and learn your way towards that objective. 

By offering PMaaS we can structure our entire suite of products (Payroll, Expense, Rewards, and Disbursement) to make achieving your business goals easier. Interested in finding out more? Let’s start the conversation!