Global Payout,
already firmly established as a leading B2B e-payment solutions provider
through offerings like their proprietary, fully-scalable, and web-based
MoneyTrac™ Consolidated Payments Gateway (CPG) architecture, as well as a
variety of domestic/international prepaid card (including MasterCard, Visa and
Discover) and merchant processing solutions, recently determined to bring the
power of their CPG eWallet technology to the sizeable ERO market (Electronic
Return Originators) – just in time for tax season.
Leveraging the
capabilities of the real-time CPG platform, which is tied into a vast global
support network via tightly-woven bank, card association, and payment processor
relationships, GOHE has devised a simple way for tax preparers to do instant
issue debit cards linked to IRS/US Treasury direct deposits. This ingeniously
simple solution, developed alongside up-and-coming payment systems developer
and specialist in the ERO/tax refund space, New Payment Solutions, takes
advantage of the CPG platform’s instant secure payment network to deliver
electronically direct-deposited refunds straight to a prepaid debit card.
Given that New
Payment Solutions already has a healthy crop of some 1k licensed EROs and that
roughly 120M people filed electronically last year, this benefit-saturated
collaboration should see some serious traction. In addition to the rapidity,
ease of use, and security upsides, there are a few other distinct benefits to
this new tax refund platform:
• Filer tax preparation service fee
deferred until reception of IRS refund
• Prepaid card comes with access to
free financial education and a pre-negotiated healthcare plan featuring as much
as 65% off on prescriptions and 80% off on surgeries
• Simplified fee payment to the ERO
with the option to use the CPG’s built-in ACH services (Automated Clearing
House) to deposit to an account of choice
This last point is
actually quite key to tax filer client growth/retention for the EROs and
represents a huge opportunity for opening an untapped new marketing channel, as
some 106M people, nearly a third of the U.S. population, remain under-banked or
outrightly unbanked today. Needless to say, this is a target-rich environment
and the ease of use of this tax refund implementation will be a huge draw for
taxpayers. Meanwhile, the inherent cost-effectiveness for the EROs is just
icing on the client acquisition verticals.
GOHE’s full suite of
offerings addresses an approximately $3T global market when you include aspects
like the CPG’s integrated foreign currency exchange services via FOREX, and
this latest evolution seems like a natural progression for the platform,
exhibiting the same competitive cost advantages realized in the company’s other
platform-enabled solutions. Rapid electronic processing to and from accounts,
cards or remittance locations worldwide via a single, simplified engine, likely
is enough on its own to draw investors to GOHE, but this new state-of-the-art
tax refund platform adds considerably to that already attractive position and
should amplify interest considerably as tax season heats up.
The CPG’s integrated
global money transfer capabilities that allow funds to be sent to an account,
credit card, or debit card represent a level of flexibility that will allow
this one-stop-shop platform to continue growing and thriving in an increasingly
hectic/wired world. Last month’s expansion by GOHE of the MoneyTrac
Consolidated Payments Gateway’s geographic reach and overall functionality was
vital to this latest evolution and should be a further clear indicator to
markets as to the pace of advancement the company is keeping.
For more
information, visit: www.globalpayout.com
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