Green Dot Corporation, operator of the Green Dot Network, announced an agreement with CardinalCommerce Corporation, a leading provider of authentication services and payment brands for banks, merchants, processors and financial service providers. The agreement will enable eCommerce merchants for the first time to receive online payments from a largely untapped consumer segment: the financially underserved community of more than 80 million “cash consumers” nationwide who do not have access to traditional bank accounts, credit cards or other financial tools.
Through the use of Green Dot’s cash payment product, MoneyPak, these underserved consumers will be able to purchase goods and services previously out of their reach. CardinalCommerce will implement this cash payment option through Cardinal Centinel(TM)*, its universal platform for eCommerce merchants.
Green Dot’s MoneyPak is available at tens of thousands of retailers nationwide and allows consumers to easily and conveniently convert cash into a digital form of payment. The MoneyPak is located in stores where other prepaid products are displayed. Consumers simply select the Green Dot MoneyPak, pay the $4.95 access fee at the register and have the cashier load their cash — from $20 to $500 — onto the MoneyPak. Consumers can then use the number on the MoneyPak to make online purchases wherever they see the MoneyPak payment logo.
Cardinal Centinel enables multiple payment options through one fast, easy and simple integration. MoneyPak’s unique and innovative system that targets the underserved consumer opens up a new audience for the 29,000+ current CardinalCommerce merchants and future merchants that enable Centinel.
The MoneyPak program provides an incremental revenue source for retailers, where consumers already have access to MoneyPak at thousands of popular retail locations across the country, including Walgreen’s, RadioShack, Rite Aid, CVS/Pharmacy and Eckerd Pharmacy.
“Cardinal enables payment brands with one, fast, easy and simple installation,” says Mike Keresman, CEO of CardinalCommerce. “Green Dot MoneyPak is important and relevant because it enables payments for the financially underserved consumer, who was previously unable to buy online or through mobile channels. We are very excited about our relationship with Green Dot.”
“Green Dot is very pleased to partner with a forward-thinking company like CardinalCommerce to offer this innovative payment option to underserved consumers,” said Steve Streit, CEO of Green Dot Corporation. “The benefits are threefold: consumers now have new options to make online purchases; eCommerce merchants can increase revenues by tapping into a massive, underserved consumer market without the high costs normally associated with online purchases; and consumers wishing to take advantage of this new online use of MoneyPak will drive additional sales of MoneyPak at retail outlets.”
About Green Dot Corporation
Green Dot Corporation is a leading provider of retail-based financial services for America’s underserved community. The company offers consumers a comprehensive portfolio of financial products and services through thousands of leading retailers nationwide. Products include Green Dot MasterCard(R), Visa(R) and Discover(R) branded prepaid debit cards, Green Dot credit cards and Green Dot MoneyPak(TM). The Green Dot MoneyPak(TM) is a consumer to business “C2B” cash processing gateway that provides a convenient and efficient way for consumers to load cash to prepaid cards, use cash to pay bills, and add cash to a variety of accounts. Green Dot is headquartered in the greater Los Angeles area. For more information, visit http://www.greendotcorp.com.
About CardinalCommerce
CardinalCommerce Corporation is a leading provider of authentication services for banks, merchants, processors and financial service providers. CardinalCommerce also enables payment brands such as Verified by Visa, MasterCard SecureCode, PayPal, SECURE-eBill, Bill Me Later, and NetCash, with Western Union, Google Checkout and NACHA SecureVault coming soon. Cardinal’s proprietary and easily deployable technology provides consumers, merchants, credit/debit card issuers, and processors the ability to conduct authenticated Internet, wireless and mobile transactions safely and securely. Headquartered in Cleveland, Ohio, with facilities in the United States, Europe and Africa, CardinalCommerce services a global customer base. For more information visit http://www.CardinalCommerce.com.
