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Debit & Credit Cards

Electronic payment cards are becoming more prevalent and vital in a successful benefit plan offering. Introducing an electronic payment card into a reimbursement account plan empowers employees and gives them an option to inconvenient out-of-pocket expenses.

The Power of a Choice

With Sorensen Flexible Benefits, you have a choice of offering either a debit OR a credit card that integrates with a variety of benefit plans … HSAs, FSAs, HRAs, Transit/Parking, and Dependent Care!

Our debit and credit card platforms were both created in-house, so you are guaranteed a seamless single-source solution. The key is to have Card Services, Custodial Account Management, and Bank Services for the cards – as well as Electronic Fund Transfers — all under one roof and developed by the same company. No other program can offer you this level of integration.

The Credit Solution

My Resource CardmyResourceCard© is a MasterCard© credit card that works seamlessly with your FSA, HSA, HRA, and DCAP plans.

Employees can use their card at millions of locations across the country — anywhere MasterCard© Credit Cards are accepted. The cards are issued based on an established line of credit as opposed to cash deposits held at a bank.

The Debit Solution

My Source CardmySourceCardTM is a MasterCard© debit card that automatically reimburses an employer’s employees for eligible pre-tax expenses.

Employees can use the card to pay for their health care and dependent care expenses at qualified locations that accept MasterCard©, including doctor and dentist offices, pharmacies, and vision care locations. Approved expenses are automatically deducted from their pre-tax accounts — without the hassle of claim forms or reimbursement checks.

View training videos for the mySourceCard

Which Option Should I Choose?

Each platform has particular strengths that can enhance your benefit plan according to your unique needs as an employer.

The debit card is traditionally the platform of choice for FSAs because the card is tied to Merchant Category Codes (MCC), which restrict the locations that the card can be used and facilitate the auto-adjudication of eligible claims.

On the other hand, because HSA account holders are entitled to access their funds for both medical and non-medical expenses, the non-MCC credit card may be a better choice for that program. In addition, the credit platform allows the HSA account holder to defer the use of HSA funds in order to build up the HSA balance. It is also a source of payment to a provider during the early years of the HSA when account balances may be low.

Our experts can help you evaluate your situation to decide which solution is right you. Contact us today!