PIN-based ATM card accessible globally in over 140 countries at millions of locations.
Benefits
There is no qualifying process for the card, as the money available on the card belongs to the cardholder.
There are no credit checks or applications required to acquire the card.
It manages expenditures effectively, as only the amount loaded on the card is available for purchases or cash withdrawals. Thus, no credit fees, overdraft charges, late fees, or interest charges are ever added. The cardholder has access to only the amount of money (or the remaining portion after transactions) stored on the card.
It's today's safe, convenient, and flexible way to manage spending.
Payroll and Sales Markets
The principal market for card products and services has been to customers that needed payment solutions for payroll or sales compensation.
The card provides the company's customers with the benefits of lower cost employee payroll and 1099 representative compensation, expense advance and reimbursement functionality, and increased company branding, thus creating a powerful synergy between cardholders and businesses.
Businesses that are adopting the ATM card for payment are those where the number of recipients is large, wide spread or even international. It is the most secure method to pay representatives, both for the recipient and the company.
Transfer Funds by Phone or Internet
A principal feature of the card is the ability to transfer funds in real time from any card to any other card using a touch tone telephone or from the Internet.
An individual can place funds on a card and transfer them to another card in the hands of another individual or family member in another part of the country or world. The funds can then be withdrawn at a local ATM machine. This feature provides a cost effective and expedient way to securely send money to friends and family anywhere. The card also allows cardholders to transfer funds from their card to a bank account.
No Need to Wait
The card can be distributed by number only.
This allows customers to issue a card immediately without waiting through a fulfillment cycle, simply by having a supply of cards on hand ready to load. This is especially appealing to direct sales businesses where rapid sales representative recruitment takes place.
Consumer Benefits
* All the convenience of a bankcard for persons currently having no banking relationships
* Accepted at gas stations, supermarkets, department stores, restaurants and places of entertainment
* Benefits of not carrying cash with the convenience associated with bank account holders
* Facilitation of instant transfer of funds to another card holder at a much lower cost than that of current options
* Security of a PIN
* Balance recovery by cardholder in case of lost card
* Convenience . easy to use and easier to carry than cash
* Immediate anytime access to account information via the Virtual Money Inc.® web site or telephone.
Merchant Benefits
* Real-time attachment of funds
* No charge-backs
* Lower rates than other forms of payments
* Increased market share
* Zero risk
