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!
Gift senders do not need to pay any additional fees to send out Prepaid Mastercard gifts through Guusto.
For gift recipients, if they choose to redeem for a Choice Mastercard instead of the Virtual option, a small fee will be deducted from the card balance.
Fees associated with Virtual Mastercard (digital version only):
$0 fee for gift values of $10-$1000
Fees associated with Choice Mastercard (includes the choice of picking digital or physical card):
$5 fee for Gift Value of $25-$105
$10 fee for Gift Value of $106-$260
$15 fee for Gift Value of $261-$515
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?
Both USD and CAD Virtual Mastercards are intended to be used online. However, if the user has a smart phone, they can load the card into their mobile wallet and pay by "tap" in store.
Is there a way to print off the Virtual card to be used physically at a merchant of choice?
This largely depends on each store's regulations, but it is not recommended because most stores will require a physical card.
Virtual are intended to be used for online shopping or loaded into a mobile wallet to pay with tap. If you would like a physical card to use in-store, we recommend selecting the Choice Mastercard instead.
Does the Virtual card have to be used at one of Guusto’s selection of merchants?
Nope! It can be used at any merchant that accepts Mastercard online, or any merchant that accepts Mastercard Tap payments (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, like any other merchant gift card offered on Guusto, the merchant's processor does not offer refunds. Once Mastercard or any other merchant is selected, the merchant selection cannot be reversed.
Does the Prepaid Mastercard expire?
The digital token you receive by email used to access the Mastercard expires after 3 months, but a new token can be issued to access the card if needed.
Both the Virtual or Physical Mastercard with the balance expires after 6 months after they are accessed.
If the accessed card expires after 6 months and the balance is unused, Mastercard's team can re-issue the card with a fee of $12.95 deducted from the card balance.
Cards with a partially used balance that expires cannot be re-issued.