FAQ - Prepaid Mastercards

Frequently asked questions about Prepaid Mastercards

Noah Reid avatar
Written by Noah Reid
Updated over a week ago

Are you a gift recipient wanting to redeem your Guusto gift for a Prepaid Mastercard or having trouble doing so? Please click here for a step-by-step guide "How do I redeem a Guusto gift for a Prepaid Mastercard®?"

Prepaid Mastercard isn't available on our merchant list, but we noticed it is available on the Guusto site. Is that something we can add?

To add Prepaid Mastercard as a merchant option your company must complete a Know Your Business (KYB) assessment (see below).

Why do companies need to complete the Know Your Business forms?

Forms are required to help decrease financial crime risks associated with payments as well as assist our banking partners in staying in compliance

Mastercard processors may be required to restrict and, in some cases, suspend merchant options if they fail to meet this obligation.

How to Get Started?

To successfully add Mastercard to your Merchant list, the assessment forms below will need to be fully and accurately completed with the following in mind:

  1. Processing may take up to 8-12 business days. Failure to accurately complete the forms may result in an assessment failure or a longer processing time.

  2. Programs that are approved will require a budget of $1,000 or more and "predicted gift volume" will be requested.

  3. Enter your Guusto contact in the field “Who is your program/project sponsor”, as this will notify them of your submission. If you are unaware of your contact, please enter “Guusto”.

  4. For privately owned businesses, a Beneficial Ownership Certification (UBO) form must be completed separately.

  5. Start the assessment process by filling out the form below:

What are the Prepaid Mastercard Product options?

Guusto offer the choice of Virtual Mastercard or a Choice Mastercard.

  1. Virtual Mastercard’s are cards where the recipient instantly receives the card number, CVV and expiration date online through email, which can be used immediately.

  2. Choice Mastercard’s give the recipient a choice between picking a Physical or Virtual Mastercard. If a recipient chooses a Physical Card, the card will arrive in the mail within 10-12 business days.

What are the fees for Prepaid Mastercard’s?

Guusto does not charge any additional fees to send out Prepaid Mastercard gifts. Gift senders do not need to pay any additional fees to send Prepaid Mastercard gifts. Depending on the product selection, the recipients may have to pay the below fee:

  1. Fees associated with Virtual Mastercard (digital version only):

    • $0 fee for gift values of $50-$1000

2. Fees associated with Choice Mastercard (includes the choice of picking Virtual or Physical card):

  • $5 fee for Gift Value of $50-$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. Using this example, if you send a recipient a $100 Guusto Gift and they redeem it for a $100 Choice Mastercard, they will receive a Physical or Virtual $95 Prepaid Mastercard.

Can the Virtual card be online and in-store?

Virtual cards and Physical cards can both be used online. All that is needed is the 16-digit card number, the expiration date, and the security code. Some stores may be willing to type in Virtual card information but allowing a card to be typed in is up to the store’s policy, so we can’t guarantee it.

Can these cards be added to a mobile wallet?

Yes. Cards can be added to Apple Pay®, Samsung Pay® or Google Wallet.™.

Is there a way to print off the Virtual Card to be used physically at a merchant of choice?

The decision depends on each store's regulations, but it is generally not advised since most stores require a Physical card. Virtual cards 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! Virtual Cards and Physical cards can both be used online, over the phone and for mail-in payments. They can even be added to the favourite retailer, service, or fast-food mobile apps as a payment method. Physical cards can be used in stores and restaurants, like the way you would use your plastic debit or credit card.

Is there a way to cancel a Prepaid Mastercard if I would 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.

Who do I reach out to with questions about Guusto's Mastercard program?

If you are a current Guusto client, please contact your dedicated Customer Success Manager with any questions. Otherwise, please reach out to [email protected].

Related Articles

Did this answer your question?