Visa and SHPS, Inc. Renew Relationship Bringing the Convenience of Visa Payments to Employee Benefit Participants
Visa Inc. (NYSE: V) and SHPS, Inc. today announced the renewal of a collaborative agreement which pairs the world’s largest electronic payments network with one of the nation’s largest providers of account-based, consumer-driven healthcare solutions. Under terms of the renewal, Visa remains the preferred payment brand for employee benefit card programs administered by SHPS, which serves large and mid-sized employers, health insurance carriers, and government agencies.
Visa and SHPS first partnered in 2005 to enable employee benefit participants to more easily access funds in health benefit accounts by using prepaid Visa Healthcare cards. Visa Healthcare cards provide employees a convenient way to pay for qualified healthcare expenses with funds in SHPS’ Carewise Health Spending accounts - including Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs). One card can be used to access multiple spending accounts and can accommodate new spending accounts as services are added.
“This relationship supports SHPS’ mission of empowering consumers to improve their overall health and optimize healthcare spending,” said Rishabh Mehrotra, President and CEO of SHPS. “Visa’s payments industry leadership will help us continue to offer clients card-based solutions that provide a much more convenient way to access needed funds in health benefit accounts, helping consumers and employers truly maximize these benefit programs and creating efficiencies for plan sponsors.”
When Visa Healthcare cards are used as the means for accessing a benefit account, employee benefit participants can pay for qualified healthcare expenses ranging from doctor visits and prescriptions to everyday healthcare items such as over-the-counter medicines, with a quick swipe at the check out counter, directly accessing spending account funds. Since introducing healthcare cards in 2003, Visa has introduced a number of enhancements to streamline the checkout experience, making these products even more convenient to use - such as the ability to automatically substantiate qualified purchases at the point of sale, eliminating the need file a claim and wait for reimbursement.
“The convenience and efficiencies offered by a Visa payment card play a valuable role in encouraging the adoption of consumer-driven healthcare programs.” said Stacy Pourfallah, senior business leader, healthcare products, Visa Inc. “By enhancing its benefit accounts with a Visa Healthcare card, SHPS helps create a better experience for employee benefit participants while helping to reduce costs and paperwork for employers and administrators.”
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