News from the Wire

Capital Prepaid Services launches BlazePays

Monday, September 15, 2014 — 16:23:12 (EDT)

Sioux Falls, S.D., Sept. 15, 2014 -- Capital Prepaid Services and its bank partners are launching the reloadable BlazePays℠ Visa® Prepaid Card, giving consumers a secure, convenient, and economical payment tool.

With the BlazePays prepaid card, cardholders can shop in stores or online, pay utility bills, withdraw cash, and receive direct deposits. Cardholders can have payroll checks or government-issued benefits directly deposited onto their card. Funds can also be added to the card electronically via a bank or credit union or through the Visa ReadyLink network, which is available at more than 50,000 locations, including Walmart stores.

No credit check or credit approval is required for a BlazePays prepaid card. Cardholders can apply for a card online with no minimum deposit and carry a balance up to $10,000 on the card. It is FDIC insured and offers Visa’s Zero Liability policy for lost or stolen cards. Cardholder transaction data and account balance information is easily accessible on a smartphone with the BlazePays Mobile App, which is available for free. With the app cardholders can also enroll in email and text alerts and locate the nearest Visa ReadyLink location when they need to load additional funds to their card.

As an alternative to traditional banking services, the BlazePays card is valuable for consumers who do not have, or do not want, checking accounts. It is also an ideal money management tool for teens and college students, as well as those living on a modest budget. The card helps cardholders avoid overspending and provides the ability to track spending.

BlazePays can also be used by businesses or government entities as an option to pay or reimburse employees, or deliver rebates and benefits. Money can be directly deposited onto the card, making it an effective way to disburse money, especially for recurring payments.

"We have designed the BlazePays card to be a versatile tool for everyone from the unhappily unbanked to individuals who just like the discipline that a prepaid card imposes," said Jay Kurian, President of Capital Prepaid. "We believe that banks and credit unions will embrace BlazePays as a way to connect with customers they aren't quite reaching today."

The BlazePays prepaid card costs $5.95 per month. If there is a zero balance on the card at the beginning of the month, there is no monthly fee assessed. The card also offers free direct deposit.

The BlazePays Visa Prepaid Card is currently issued through First Savings Bank of Beresford, South Dakota, and First National Bank of Ft. Pierre, South Dakota. Capital Prepaid is working with other banks and credit unions across the U.S. to establish additional issuing and agent bank agreements. Capital Prepaid also offers financial institutions a complete turnkey program management solution that delivers a cost-effective entry into the prepaid market.

About Capital Prepaid Services

The reloadable BlazePays Visa Prepaid Card is the brand servicemark of Capital Prepaid Services of Sioux Falls, South Dakota. Capital Prepaid provides full-service program management and processing services for prepaid cards offered by financial institutions, corporations, retailers, and government entities. Established in 2011, it is a sister company of Capital Services, a leading payment portfolio management and servicing company. Visit CapitalPrepaidServices.com to learn more about its prepaid servicing models.

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Source: Company press release.