PreCash Payments Reach $1 Billion in 2003

Friday 9 January 2004 00:16 CET | News

PreCash payments on its nationwide network totaled $1 billion in 2003.

PreCash reached this milestone through its exclusive offering of a simple and elegant alternative to customers who pay cash for subscription-based services such as cellular, Internet, cable/satellite television, etc. Before PreCash, customers without access to credit cards or bank accounts, relied on disposable PIN-based or money transfer services whose manual process tends to be time-consuming and inaccurate. Unlike traditional cash payment methods, with the PreCash patented process, customers carry a reusable card that is permanently linked to their service account. The customer hands the PreCash card along with any amount of payment to a PreCash retailer, who swipes the card at a terminal and applies the payment transaction to the consumers account within seconds. The PreCash network collects funds daily from more than 22,000 retailers and seamlessly posts customer payments through a real-time interface to the service providers billing system or prepaid platform. By offering this smarter way to pay, retailers and service providers alike have the ability to generate more revenue from cash customers.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce