Customers Can Now Load Paper Checks to Prepaid Card Accounts
SAN RAMON, Calif., June 25, 2014 (GLOBE NEWSWIRE) -- AccountNow, Inc. CEO, Jim Jones, today announced that AccountNow® Visa® Prepaid Card customers can now load checks to their reloadable prepaid card using their mobile device.
"AccountNow Visa Prepaid Card cardholders can now have immediate access to funds by simply using a smart phone app to snap a photo of a paper check, eliminating check-cashing trips or waiting in line at a bank," said Jim Jones. The new service has been extensively tested and proven among thousands of AccountNow customers and will now be available to the general public, according to Mr. Jones.
Remote deposit capture is a time saving technology when loading funds. According to Visa research, nearly 35 million consumers receive wages and government disbursements via paper check. In a 2012 study*, 34 percent of participants revealed that direct deposit to a prepaid card was not an option available through their employer, while 65 percent were uninterested in direct deposit due to temporary employment or a general reluctance to stop using paper checks.
"Consumers are choosing reloadable prepaid cards at an increasing rate, and for many of the same reasons that mainstream consumers embrace other electronic payment options - security, convenience and reliability," said Jim Jones. Expansion of account funding capabilities is critical to this growth, and mobile capabilities that provide instant funds access will become increasingly important with exponential growth in smartphone ownership among low income consumers.
For more information on Mobile Deposit Capture go to www.accountnow.com/services/mobile-check-deposit.aspx.
About AccountNow, Inc.
AccountNow, Inc. (www.accountnow.com), headquartered in San Ramon, California, is a leading provider of financial solutions for consumers who choose not to have traditional banking relationships. AccountNow's innovative prepaid cards give consumers an alternative to traditional checking accounts, access to the financial and payments systems and FDIC insured deposits through the issuing bank. The Bancorp Bank and MetaBank®, Members FDIC.
*Source: Visa Prepaid Underserved Consumer Tracking Study, February 2012
AccountNow Visa Prepaid Cards are issued by The Bancorp Bank or MetaBank® pursuant to a license from Visa U.S.A. Inc. and can be used everywhere Visa debit cards are accepted. The Bancorp Bank is a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK).
CONTACT: Media Contact: Gary Douglas (949) 464-9301
Source: AccountNow, Inc.