Now There is a New Way for Home Improvement Pros to do Business

by PaymentsJournal 0

Karmic powers Lowe’s PreLoad®, a customized prepaid payment and expense management technology that is now available to pro customers for use online and at more than 1,700 Lowe’s locations around the country.

Lowe’s PreLoad provides a much-needed expense management solution for pro customers. Using a Karmic-designed custom mobile app coupled with Discover® prepaid cards, users can easily add, send and spend money, and instantly issue cards to employees or subcontractors. This solution allows for real-time alerts and spending controls; flexible funding by check, credit, debit and ACH; ability to set spending limits and suspend cards instantly; and zero liability for unauthorized purchases so that business owners can confidently manage their money.

Prepaid expense management technology helps customers manage their money in real time

“I’m running multiple jobs at once and need to know where my money is at all times. Cutting checks and waiting for details and receipts to come in puts a strain on my time and productivity. Lowe’s PreLoad gives me the ability to see who has what, and move money to and from my subcontractors as I need to,” explains Christian Hern, owner of Hern Construction.

With Lowe’s PreLoad, a business owner can set their team up with prepaid cards and be instantly notified when someone needs funds, or choose to set them up with an allowance. Team members can add a category or PO number, along with details and a photo receipt to each transaction from their app. That transaction shows up in the administrator’s app in real time, allowing complete transparency into cash flow. Transaction reports can be exported and used with your accounting software at any time.

Karmic provides technology solutions for large companies, financial institutions, payment networks and processors to support their small- and medium-sized business (SMB) customers.

“SMBs are often left out of the time- and cost-saving solutions that are available to larger enterprises, particularly in the payments and expense management space,” said Mario Furgiuele, Karmic’s CEO. “Karmic is helping large enterprises, such as Lowe’s, provide these state-of-the-art solutions to their customers and easily tap into the $377 billion purchasing card market, with an easy-to-use and deploy mobile solution.”

Karmic designs breakthrough technology and state-of-the-art products, like Lowe’s PreLoad, that put businesses in control of their money. Visit our website to learn more about our customized card programs.

The Lowe’s PreLoad Discover® prepaid card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Discover Financial Services. Discover® and the Discover acceptance mark are service marks used by Sunrise Banks N.A. under license from Discover Financial Services. Use of this card constitutes acceptance of the terms and conditions stated in the Cardholder Agreement.

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