How to Obtian a Prepaid Card

Effective Date:

March28, 2019


Accounts Payable


Megan Moran

Basis for Procedure

New payment type in Oracle Accounts Payable which will offer great flexibility for campuses when issuing payments.

Procedure Summary

This document describes how to make payments via a prepaid card, describes appropriate uses for the prepaid card, and describes how to obtain a prepaid card.


When to Use the Prepaid Card Method

The prepaid card payment method should be used when the receipient will not accept a non-payroll-related payment from the Research Foundation (RF) via check or direct deposit. Prepaid cards should only be used when paying human subjects, researchers in the field, or other individuals that will be receiving recurring payments.

What is a Prepaid Card?

A prepaid card is a like a debit card loaded with funds and that can be reloaded in the event of a need for recurring or future payments. The prepaid cards will be maintained by RF Finance Office and campuses interested in this payment method may contact the Finance Office.

Length of Time for Payment to Reach Recipient

It typically takes 1-2 business days from the time the payment is processed for it to be loaded to a recipient’s card.


The costs associated with each card is $2.25 and will be paid for by RF Central Office. There are no monthly cardholder fees or fees for reloading the cards but cardholders will be charged a fee for inactivity after six months. Additionally, cardholders must be notified of Key Bank disclosures prior to payment (see Forms below).

Review and Approval

Payments made using the prepaid card payment method are subject to the same review and approval procedures required when using the standard vendor payment process. Refer to How to Review a Request for Goods, Services, or Payment for specific requirements.

Obtaining a Prepaid Card through the Finance Office

The Finance Office will process the requests for prepaid cards within 2 business days after receipt of the RF Prepaid Card Request Form. Requests must be made well enough in advance to ensure the card(s) arrive on time to then be sent to receipants and meet any payment timing obligations.

Procedure Steps

The following table outlines the steps campuses must take to obtain prepaid cards through the Finance Office:


Role or Responsibility

References or Tips

Create a supplier record for the individual who is going to receive the prepaid card.

Campus – AP/Purchasing

Be sure to include the invidiual’s TIN.

Complete the RF Prepaid Card Request Form and email it to

Campus – AP/Purchasing


Notify the campus that the banking information is complete and mail card(s) to campus via UPS overnight delivery.

Central Office – AP


Input and validate the invoice.

Campus – AP

Important: For the Payment Method, select Electronic; for the Remit-To Bank Account Name, select Key Bank - Prepaid Card.

Disseminates card(s) to recipient(s).

Campus – AP


For security purposes, recipients of the card are responsible for activating their card by calling 1-866-295-2955 and for also establishing the 4-digit PIN. Campuses will not have access to this information.





Related Information

How to Review a Request for Goods, Services, or Payment for specific requirements.


RF Prepaid Card Form

Key2Prepaid Fees – Short Form Disclosure

Key2Prepaid Fees – Long Form Disclosure

Change History


Summary of Change

March 28, 2019

Updated with additional Key Bank disclosure forms.

February 5, 2016

New document.



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