When I go on the Guusto website, I see Prepaid Mastercard as a listed option. However, I don't see it in our merchant list. Is that something we can add?
Your company will need to add Prepaid Mastercard to their program (see below).
How do I add Prepaid Mastercard to our company's program?
To get Prepaid Mastercard added to your program as a merchant option, your company just needs to complete the KNOW YOUR BUSINESS (KYB) FORM for the processor. If you are a privately owned company you are also required to submit the Beneficial Ownership Certification (UBO) form.
A few tips when filling in the KYB form:
They will only approve programs that will spend more than $1000 and will ask for your projected gift volume. However, since you will likely allow your recipients choose their preferred merchant, you can enter your total estimated gift volume for this field.
The KYB form will ask “Who is your program/project sponsor”, please enter "Guusto" for this field.
Why do companies need to complete the Know Your Business forms?
The MasterCard processor requires this information in order to comply with Mastercard fraud security terms.
What are the fees for Prepaid Mastercards?
There are no fees to add Prepaid Mastercard to your program!!
Fees associated with Virtual Mastercard:
$0 fee for gift values of $10-$1000
Fees associated with Choice Mastercard (Choice of Virtual or Physical):
$5 fee for Gift Value of $25-$105
$10 fee for Gift Value of $106-$260
$15 fee for Gift Value of $261-$514
The fees are deducted from Gift Value and include any printing or shipping costs. If you sent a $100 Guusto Gift, and the recipient redeemed $100 for a Choice Mastercard, they would receive a $95 Physical or Virtual Prepaid Mastercard.
Can the Virtual card be online and in-store?
The Virtual Mastercard can be used for online shopping (USD and CAD), or loaded into a mobile wallet to pay with tap (USD only).
Is there a way to print off the Virtual card to be used physically at a merchant of choice?
No, the Virtual Mastercard cannot be printed to use in-stores. It can be used for online shopping (USD and CAD), or loaded into a mobile wallet to pay with tap (USD only). If you would like a Physical card, select the Choice Mastercard instead.
Does the Virtual card have to be used at one of Guusto’s selection of merchants?
No, it can be used at any merchant that accepts Mastercard online (USD or CAD), or any merchant that accepts Mastercard Tap payments (now available for both USD and CAD virtual Mastercards).
Is there a way to cancel a Prepaid Mastercard if I'd like to choose a different merchant?
Unfortunately, the processors do not offer refunds. Once a merchant or Mastercard is selected, it cannot be reversed.
Does the Prepaid Mastercard expire?
The digital token you receive by email expires after 3 months, but a new one can be issued if needed to access the card. The Virtual or Physical Mastercard with the balance expires after 6 months.