1. Description of Co-Branding Card
Co-Branding Card of Phongsavanh Bank is the card used to make a payment of goods and services of company in partnership of Phongsavanh Bank via EDC/POS machine of Phongsavanh Bank. It is convenient because the card holder does not have to carry a large amount of cash and will get the credit limit depending on the payment amount required make to the member of Phongsavanh Bank’s business partners.
2. Benefits of Co-Branding Card
- The customer of partners of Phongsavanh Bank will receive special credit to make the payment for their goods and services to the company
- Co-Branding Card will have logos of company in partnership and Phongsavanh Bank
- The company in partnership will receive EDC/POS machine to process the payment
- The card holder does not have to carry a large amount of cash or cheque for clearing at the bank, so it can save time on making the payment via the cheque
- The payment process is faster when the money is transferred into the account immediately
- Ensure on the accuracy, easy to register in the accounting and the management when comparing it to the cash payment.
- Prevent the risk on cash counting, cash delivery and cash keeping and other potential fraud
- Increase more opportunities on business operations
- Promote the reduction on the use of cash
3. Benefits for the business partners
- Will get the credit limit depending on the payment amount required make to the member of Phongsavanh Bank’s business partners
- Do not have to prepare cash, advise the bank to deduct the balance in the account or prepare the cheque to make a payment
- Branches of Phongsavanh Bank provide a service to collect cash from members of partnership to deposit in the account
- Increase more opportunities to access to various product choices of Phongsavanh Bank
- By the end of each month, the bank will send the statement of account to the card holder in which the grace period of the interest is 20-49 days.