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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