Lowe’s rolls out FIS BizNow prepaid solution for SMEs
Home improvement chain Lowe’s has a new tool in its toolbox to help small businesses, contractors and construction professionals.
The retailer is offering Lowe’s PreLoad, which uses FIS BizNOW prepaid expense technology to give small businesses more control over their expenses without resorting to using personal credit cards to pay for business expenses.
The new payment system, now available at 1,700 Lowe’s stores nationwide and on LowesForPros.com, enables professionals to automate purchasing activities, from budgeting and allocation of funds to different employees to real-time tracking and visibility of expenditures. Lowe’s PreLoad, which includes a Discover-branded prepaid card issued by Sunrise Banks, also offers 5 percent off Lowe’s purchases every day.
“Many professional contractors are too small to have the resources to maintain credit cards for every employee who may have to make a work purchase,” said Bruce Lowthers, head of FIS Payments. The solution “will give those companies complete control over their expenses, adding simplicity and flexibility to how they pay for their work-site essentials.”
The companies are working with Karmic Labs, which received a 2016 Pay Award as a Rising Star for its business expense technology, prepaid card and mobile app.
Business expense prepaid cards are a growing vertical with several providers, including many 2017 Pay Award winners, entering the space to cater to small businesses as well as large corporations that have employees who need access to expense cards without a credit line.
