Consumer-funded Prepaid Debit Cards, commonly referred to as General Purpose Reloadable (or GPR), have become huge magnets for low-income and under-banked individuals and families.
Granting access to the world of plastic, GPR cards have become the most common prepaid debit cards in the United States, as traditional banking tools have become too confusing and expensive, often requiring intimidating enrollments and rules.
While banks are offering fewer products that help control the managing of one’s funds, GPR cards are simple products that customers can load multiple times with cash or direct deposit.
No credit check or bank account required
Easy access to plastic
Personalized, embossed card with customer name
Accepted everywhere Visa debit cards are accepted
Shop online, pay bills, get cash at ATMs
No overdraft fees, no penalty charges and no minimum balance
Avoid check cashing lines and fees
Often cash rebates offered for using Direct Deposit
Simple fee structure that cardholder can understand
Safer than cash – often FDIC insured
Reloadable at over 60,000 locations
Allows for money transfers to family and friends
Access to balance alerts and financial tools
Introduce a new revenue channel into your business with a fee-based GPR card offering
Cardholders will be reminded of your brand every time they use their card
Bolster existing company product/service sales by coupling promotions with prepaid card programs
Drive spending to your registers - prepaid debit cards are often spent most heavily with the brand on the card
Due to increased foot traffic, incremental sales become a bi-product of the program
No cashier training or hardware enhancements are required to begin accepting cards