Prepaid2Cash, a San Francisco based internet Company, has announced the launch of its beta website www.prepaid2cash.com. The Company's web site allows users to exchange prepaid cards most commonly acquired through rebate programs, product promotions and holiday gifts for cash.
The launch marks the first for a service of its kind and is a game changer in the growing prepaid card industry.
Utilizing Prepaid2Cash's technology, consumers can safely and quickly redeem their open loop prepaid cards for cash. Users are able to select from two payment options to receive cash, automatic bank account transfer or mailed check. Once a transaction has been completed, consumers can expect fund settlement in 2-4 business days for a bank transfer and 4-6 business days for delivery of mailed check.
Peter Vogt, the Company's Co-Founder and CEO noted "There are billions of dollars locked away on prepaid cards that are accruing fees and have the risk of being lost, stolen or forgotten about. Prepaid2Cash provides customers with a quick, easy way to access their cash."
Prepaid2Cash has partnered with leading security companies such as VeriSign, Trust Guard, and TRUSTe to ensure all transactions are securely encrypted.
"With the increasing volume of prepaid cards in the rebate and gift industries, people will start having to manage more of these cards. Being able to conveniently transfer the balance to your own checking account allows you to spend your money how you want, when you want," added John Gushman, the Company's Co-Founder and CFO.
The company has been in the research and development phase since September 2010.