PAIDCard.net has hired Gretchen H. Bender to the position of President, where she will oversee all operations for the company.
PAIDCard (Prepaid Anonymous Internet Debit Card) is the latest initiative in secure retail and electronic commerce transaction processing. Preliminary market tests show strong acceptance, as the company will go to full market September 1st and will be publicly traded on NASDAQ symbol PDCD.
Ms. Bender comes to PAIDCard from First Bank of Beverly Hills, a subsidiary of Wilshire Financial Services Group (NASDAQ), where she served as Operations Manager in charge of all merchant acquiring activity for the Bankcard Division. Gretchen and her staff serviced a portfolio of nearly 9,000 merchants in the nation’s 48th largest credit card processor.
She was also instrumental in developing and enhancing the Bank’s relationships with CyberCash (NASDAQ), Signio, a division of Verisign (NASDAQ), First Data Resources (NYSE) and NDC e-Commerce (NYSE).
Prior to First Bank of Beverly Hills, Gretchen operated DataBank International, Ltd., a third-party service organization for the Bank of Los Angeles. She was responsible for portfolio profitability and guided DataBank in its development of an international processing solution and additional third party relationships.
Ms. Bender is a Business Administration graduate with a major in Management Information Systems, 1990, from the University of Arizona.
Gary Davies, Chairman of PAIDCard, said, “We are delighted to have an executive with Ms. Bender’s impressive abilities, banking and solid credit card experience with a working knowledge of our specific area of business. She brings with her a world of savvy that we will need to move forward quickly.”
PAIDCard will be available at retail locations and convenience stores nationwide, as well as over the internet. International distribution of the PAIDCard will be developed through affiliate banking relationships and foreign agents.
PAIDCard.net, Inc. is an internet banking services company functioning as an agent while finalizing contracts to become a registered sales organization for the processing of MasterCard and Visa transactions. Through their relationships with various banking institutions and with third party processors, the company is able to utilize the Federal Reserve’s Automated Clearing House (ACH) system to deposit and collect funds electronically. Given these capabilities, the company has introduced its own private label card known as PAIDCard (Prepaid Anonymous Internet Debit Card).
The PAIDCard advantage is its ability to alleviate the burden of chargebacks from online and retail merchants, while providing anonymity to the consumer. Fraud is substantially reduced with this method of payment, thus greatly lowering merchant fees and driving added, unexpected revenue to participating e-commerce and retail clients.