The Forma Card is one of three spending methods employees can use to access their account funds. You can enable it for all accounts or restrict its use to specific ones. For example, you might enable the Forma Card for a Work From Home account while disabling it for a Lifestyle account.
Employees can use their card to purchase eligible products and services anywhere Visa is accepted. Generally, card transactions will be automatically approved or rejected based on the eligibility criteria defined under a given account.
The Forma card is only available to US employees at this time.
Benefits of the Forma Card:
- Offering the capability to shop anywhere Visa is accepted, giving employees maximum flexibility and choice.
- Automated transaction approval and streamlined receipt requests built on top of state-of-the-art modern payments infrastructure with security, privacy, and fraud prevention.
- All employer-sponsored spending accounts combined into a single card with merchant code controls.
- The Forma card is compatible with Apple Pay and Google Wallet.
- A physical card can be requested by the employee right from their Forma account.
Setup
A 10% pre-fund of the total covered benefits budget for the year (as outlined in your contract) is required to support the Forma Card. This ensures sufficient funds are available when employees use the card for eligible purchases.
The pre-fund amount is calculated once your program design is finalized and must be invoiced and paid before launch. After that, monthly invoices will be issued for the previous month’s card spending to maintain the 10% minimum threshold. These top-up invoices are due upon receipt, unlike the Net 30 payment schedule for platform subscription fees.
Types of Cards
Forma offers two types of cards: virtual and physical.
Virtual Card
Employees can add the virtual Forma Card as soon as they register their Forma account. This can be done from their profile page within their account. The virtual card can be used for online purchases or in-store by adding it to a mobile wallet.
Physical Card
Employees can also request a physical Forma card directly from their Forma account to be mailed to their home address in 2-4 weeks. Please note that the employer-sponsored physical Forma card will not automatically be sent to you, you must request it. Once received it is ready for use, no additional activation needed.