The WestStein prepaid Mastercard for business is an international payment card with an account abroad that is attached to a company’s e-wallet instead of its main bank account. Combining all the traditional functions of payment cards, this card is especially intended for small and medium-size companies to monitor their expenses, for instance, business travel or representation expenses, and other advance payments.
WestStein offers two types of solutions for efficient expenditure management: WestStein prepaid Mastercard expense cards and WestStein prepaid Mastercard salary cards.
Custom-designed to meet the needs of clients, these prepaid cards can also be used for loyalty programmes, bonuses and as gift cards. This way, you can issue them to your clients, partners or employees on behalf of your company. To learn more about how these cards can be custom-designed, please contact the WestStein Sales department by phone +(371) 63 794 115 or [email protected]
Here are some of the benefits a company can receive from using a WestStein prepaid Mastercard for expenses:
The issuer of WestStein prepaid Mastercard international payment cards is Prepaid Financial Services Ltd. (PFS). The services offered by a WestStein prepaid Mastercard international payment card are provided by using the PFS payment system when opening an e-wallet at Irish Allied Banks, p.l.c., registered in Ireland. This is a bank with 50 years of experience that provides a wide range of banking services in Great Britain and internationally.
Each card issued to a company is attached to a specific company e-wallet. This way, a company can monitor both the e-wallet balance and the balances and payments of all cards in a centralised manner. The e-wallet and, correspondingly, the company payment cards are fully independent of the company’s main account.
One clear example is the issuing of prepayment funds to a company’s employees for the purchase of gifts, flowers, payment for lunches with clients, etc.
Currently, to request a prepayment, an employee usually submits an application that is initialled by the company head, who, based on this document, gives an order to the accountant to issue the requested funds. These funds are usually issued in cash or transferred to the employee’s private account. It should be noted that companies cannot currently monitor the usage of these funds.
To report on the usage of the received funds, an employee must make a report and attach documents confirming each purchase. When payments are made by bank transfers, printouts from one’s private account must be submitted. An accountant must manually enter each document and calculate the balance or consumption.
When a company uses the WestStein prepaid Mastercard for business, everything is made simpler. Only a certain amount of preparation work must be carried out. A company must determine the order for making prepayments and for the usage of prepaid cards for this process. In addition, a number of individuals who are authorised to use these cards must be determined, and it needs to be established that the prepaid card account statement will serve as the prepayment report.
After that, employees are issued a WestStein prepaid Mastercard for business for prepayment expenses, and, after using it, employees must submit documents confirming payments to the company’s accountant. The accountant imports the card transaction data into their accounting programme as one entry, when required, prints each card’s account statement, and attaches the payment confirmation documents, but it is no longer required that each document be entered separately.
It is possible to determine from the card account statement how much has been spent, where payments were made and what they were made for. When required, the amount of withdrawals can be limited, as can locations where payments can be made.
Currently, the available currencies are EUR and PLN.
For a company to apply for a card, an application form must first be completed on WestStein’s website www.weststeincard.com. In the application, basic information about your company and the required number and form of cards must be provided.
A WestStein corporate client sales consultant will contact you, prepare an individual offer and send it to you for your consideration.
Having reached an agreement about the transaction terms and conditions, the corporate client sales manager will ask you to submit the necessary documents in conformity with the relevant laws and regulations, the procedure for the prevention of money laundering and the Know Your Business procedure.
Following verification and confirmation of these documents, the card issuer, PFS, will open an e-wallet for the company within 24 hours.
The requested payment cards will be delivered to the company within seven days. In addition, access to the corporate client portal will be provided, as will training for users of the client portal.
To open an e-wallet and receive payment cards for your company’s needs, the following information is required:
Following verification and approval of the documents submitted by a client, the cards are prepared within seven days.
A company can apply for an unlimited number of cards. Moreover, we are flexible in our pricing offer. The more cards you order, the lower the price for card.
Information about a payment card’s IBAN is available both on the corporate client portal and on the card’s user portal.
Each WestStein prepaid Mastercard payment card holder is free to use its funds within the framework of the determined limits. More information on the limits can be found in Pricing section.
A company transfers funds from its main bank account or a partner’s account to the company’s e-wallet. The required payment details are issued when cooperation gets under way.
Payments are made in SEPA and SWIFT payment systems.
A WestStein prepaid Mastercard business card account can be loaded in two ways:
With a WestStein prepaid Mastercard, you can pay at any point of sale where the Mastercard acceptance mark is displayed, and there are over 35 million such points in the world. You can withdraw cash from over 2 million ATMs worldwide where the Mastercard acceptance mark is displayed.
No, from the e-wallet, transfers can only be made to WestStein prepaid cards.
Yes, you can transfer money from one WestStein card to another, and you can also make SEPA payments in EUR within the borders of the European Economic Area (to the 28 EU member states, as well as to Iceland, Lichtenstein, Norway, Switzerland and Monaco).
A transfer from one WestStein prepaid Mastercard to another is performed within a couple of minutes. SEPA payments are made within two banking days.
Yes. You can make transfers in EUR in accordance with the daily spending limits of your WestStein payment cards and account. Payments are performed fast, without the use of intermediary banks. For SEPA transfers from one’s WestStein account to European Union countries, as well as Iceland, Lichtenstein, Norway, Switzerland and Monaco, when the payee’s IBAN account and the receiving bank’s BIC code are provided in the payment order, no receiving bank fee has to be paid – there is only one fixed fee for the transfer, which is EUR 0.55.
If you are verified client you can make online purchases. All online purchases are secured against fraud with Mastercard 3D secure system.
Booking is possible if payment is made immediately. If, however, a certain amount of funds is required to guarantee a reservation, then a credit card will be needed.
You can top up your card up to three times per day. This refers to vouchers as well as transactions from other accounts.
Loading vouchers for WestStein prepaid Mastercard can be acquired at any Narvesen point of sale in Latvia.
The available nominal values are: EUR 10, EUR 20, EUR 50, EUR 100 and EUR 150.
Please note that funds will be transferred to the WestStein card account when you go to the WestStein internet bank and register the code, which is provided on the voucher! Vouchers are valid for 90 days from the date of purchase.
In order to load WestStein account by voucher, please login into your online bank and find out section Load funds. Choose section Load funds by voucher and enter voucher code. WestStein account will be loaded automatically.
Vouchers are valid for 90 days from the date of purchase. This means that the voucher must be used to load your card’s account during this period.
By observing PFS’s internal regulations and procedures for the prevention of money laundering, one’s card account may be loaded with a maximum of three vouchers per day. Voucher loading amount depends on your status: verified or unverified.
The fee is 5.5% of the value of the voucher, which will be debited from your card’s account following the successful registration of the voucher. The minimum fee is EUR 1.
The e-wallet is managed through the client portal, which the company will be given access to as soon as an agreement on cooperation is reached. The portal provides access to all of the e-wallets that a company is using, as well as all the cards issued to the company, including their balances and transactions performed; when required, they can also be blocked or unblocked.
The individual card user can manage their own card (see the IBAN account number, PIN code, balance, make payments, etc.) on the individual client portal.
Reports can be downloaded in CSV format.
If access to your internet bank is blocked, please contact WestStein client service specialists on weekdays from 9:00 a.m. to 7:00 p.m. EET by telephone (+371) 6550 9995 or any time by e-mail [email protected]
Please contact our customer support team by calling +371 6550 9995 or sending an email to [email protected].
You can send your PIN code to your mobile phone via SMS. Please log into your online banking system here https://my.weststeincard.com/en/login, go to section My card and send your PIN to your phone number.
If access to your internet bank is blocked, please contact WestStein client service specialists on weekdays from 9:00 a.m. to 6:00 p.m. EET by telephone (+371) 6550 9995 or any time by e-mail [email protected].
You have to take two steps.
WestStein prepaid Mastercard cards are issued by Prepaid Financial Services Limited (PFS), which is licensed in England and Wales, and it handles the funds available on the card accounts. This is the institution you will sign a legal contract with. SIA WestStein is PFS’s representative in Latvia. It finds clients and distributes payment cards, but it does not handle clients’ funds. When loading your card, the funds immediately appear on the account under PFS management. In accordance with European Union regulations, PFS is obliged to keep the funds of its clients separate from its own funds and to ensure that, in the event of PFS’s insolvency, no claims on the part of creditors may be directed against these funds and that clients will be able to recover them in full.
There are two additional levels of security for the funds available in clients’ card accounts: a PIN code and the Mastercard 3D Secure system, which reduces the possibility of fraudulent online purchases to the maximum extent possible.
To activate your card in Mastercard 3D Secure system please press here: https://pfs.cardinalcommerce.com/cardservices/Default.aspx and register your card. If you need help in card registration, please contact our customer support team by calling to +371 6550 9995 or by writing an e-mail to [email protected].
You can send your PIN code on your mobile phone via SMS. In order to receive PIN please login into your online bank and go to the section my card. There you will find option to send PIN on your phone.