Biometric check cashing leader BioPay Paycheck Secure today announced that it has established partnerships that provide retailers with new, valuable product offerings, including walk-in bill payment and prepaid debit, to better serve underbanked consumers. This market constitutes more than 106 million individuals, who prefer to transact at alternate financial service centers, like grocery and convenience stores, rather than traditional banks.
The prepaid card program allows retailers to provide their check cashing customers with an alternative to cash. Now retailers can cash customer checks without stocking their stores with large sums of cash, instead loading the proceeds of a check cashing transaction directly onto a prepaid card. The consumer may then use the value stored on the card at ATMs, online or at millions of retail and restaurant establishments. The card offers the consumer a safe means of building "savings"; providing protection should the card be lost or stolen and gives the consumer the convenience and prestige associated with mainstream card usage.
Both walk-in bill payment and prepaid cards markets are experiencing 30% plus growth rate, which offers grocery stores, convenience stores and other retailers the opportunity to increase their revenue, drive in-store traffic and increase their overall merchandise sales. Using Paycheck Secure, retailers may now provide this valuable service to the estimated 1 in 5 consumers who prefer to pay their bills in person.
"Providing our merchant customers with new tools to grow their business and meet the needs of the increasing alternate financial services market is our goal," said Jon Dorsey, CEO, BioPay Paycheck Secure. "The Paycheck Secure service positively enhances the transaction experience for underbanked consumers; and provides merchants with critical data to manage their businesses."
Signing up to use bill pay and prepaid debit services or to cash checks using Paycheck Secure is quick and easy. The system's robust feature set and ease-of-use has facilitated over 53 million transactions worth $23 billion dollars for merchants and consumers nationwide.