STRATEGIC PARTNERS
May 4, 2003
DALLAS -- CashWorks, Inc., a provider of technology solutions for the non-bank financial services industry, has launched a prepaid debit card that allows the proceeds from a cashed payroll or government check to be loaded directly onto the card.
According to a news release, the card expands the existing transaction funding options available to customers of grocery and convenience stores that participate in the CashWorks check cashing network.
In addition to using store cash or CashWorks' patent-pending direct linkage to the existing store ATM, merchants will now have the option to fund check cashing transactions with the CashWorks Platinum Card.
Initial deployments of the new "Check to Card" product will take place in several Town & Country stores, according to the release.
The card, which is provided through a partnership with FSV Payment Systems Ltd., a processor of stored value cards, can be branded as the "CashWorks Platinum Cash Card" or can be co-branded with the merchant.
It gives check-cashing consumers the ability to access their funds at most ATMs and to make purchases at retail locations that accept on-line debit cards for payment. Cardholders have the ability to convert all or a portion of the funds from their check immediately to cash at an ATM and then store the balance safely on their CashWorks card account for later use.
The CashWorks card is offered free to those who enroll in the CashWorks check-cashing program at a participating merchant location, according to the release.
It uses the same patent-pending PayPort and check cashing technology created by CashWorks, which is currently used at more than 400 retail locations across the United States.
