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ACE Cash Express to install 1,600 Mag-Tek PIN pads
CARSON, Calif. -- Mag-Tek Inc. , a check reader and card reader manufacturer since 1972, has secured a contract with Irving, Texas-based ACE Cash Express Inc., the largest owner, operator and franchiser of check-cashing stores in the U.S., for the integration of 1,600 IntelliPIN PIN pad units in all company-owned locations. ACE Cash Express has 885 company-owned retail locations and 159 franchised stores in 32 states. ACE is also one of the largest agents of MoneyGram wire transfer transactions, and provides money orders, small consumer loans, bill payment services and prepaid local and long-distance telecommunication services. ACE will utilize the Mag-Tek IntelliPIN, a combination PIN pad and triple-track magnetic stripe card reader, to provide immediate and secure PIN selection and validation. The technology will serve as a platform for providing an array of electronic financial transactions for ACE customers. The magnetic stripe of driver's licenses can also be read with the IntelliPIN's triple-track card reader. The IntelliPIN can also be used for PIN validation at POS locations. Account information can be automatically retrieved for viewing, and transactions can be processed with the IntelliPIN. For customer identification and verification, ACE also issues an ACE Plus Gold card. For this application, ACE is presently utilizing two models of Mag-Tek's MICR check reader with card reader for identifying customers by swiping the ACE Plus Gold card through the card reader and verifying checks with the MICR check reader. Earlier this year, ACE Cash Express installed an automatic check cashing machine manufactured by Diebold. Using technology developed by ACE, the ATM identifies typed and computer printed checks. ACE's proprietary system then records the check details and sends the information to ACE's network information system. When the verification process is complete, the customer's cash is dispensed. ACE intends to install more Diebold terminals at other stores in the Dallas/Fort Worth metropolitan area. After testing is complete, ACE plans to install the self-service machines within its network of stores and at other retail locations.
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