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CORECARD
PROVIDES SUPPORT FOR ALL PREPAID CARD
SEGMENTS
AND TYPES |
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CoreCard Software recognizes that there are many ways to issue and account for money credited to a prepaid card. CoreCard's solutions are designed to support the types of cards prepaid issuers need to offer their customers.
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Recognized Prepaid Card Segments |
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Employee to
Employer |
Government to
Consumer |
Consumer to
Business |
Business to
Consumer |
| Payroll |
Social Security |
Gift |
Rebates |
| Benefits |
Food Stamps |
Reloadable Store |
Insurance |
| HSA/FSA |
Unemployment |
Teen |
Store Refunds |
| Travel |
Transit |
Travel |
Incentives |
| Fleet |
Medicare/Medicaid |
Phone |
Rewards |
| Incentives |
Disaster Relief |
Fuel |
Loyalty |
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With flexible parameters and controls, CoreISSUE supports all the necessary account and product types, fees, account balance structures, and reporting via the bankcard control records. Controls at both the product and account level identify if cash transactions are allowed, and if they are, how little or how much is allowed to be transacted at any one time or over a period of time.This approach is in keeping with industry best practices as Gartner reports that this is the way for companies to reduce system costs. In a recent report, Gartner discusses at length that the development of a Payment Services Hub (PSH) would eventually lead to the elimination of much of the systems overlap found in processing centers. Gartner announced that in future evaluations of software providers they would appraise the providers’ strategy to develop and support these new PSHs. |
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| Basic Prepaid Card Types |
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Closed-loop cards are single payee cards. They can be used only at a specific location or at the locations of a given payee — most gift cards fall into this category. Open-loop or open "branded" cards are general-use prepaid cards, normally branded with a card scheme logo such as MasterCard or Visa, which can be used like credit or debit cards at most POS terminals. However, open-loop cards can be restricted and become more closed at the behest of the issuer — by restricting the type of merchant that the card may be used at either by business category or by store brand. Such restricted cards are of use to service providers such as healthcare providers and insurers that may want to use the cards to facilitate payout of funds, while ensuring that those funds are spent in the appropriate manner at an appropriate location.
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Reloadable
vs.
Non-Reloadable |
Typical gift card programs tend to be single-load (or non reloadable) cards — once the money is depleted, the card is no longer usable or reloadable. Reloadable cards may have new funds added at a physical POS terminal or via the Web or phone. One example of a successful reloadable prepaid card is the Starbucks card.
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Single
vs.
Multi-Application |
This card type merges prepaid functionality with a multi application card. For instance, the Starbucks Duetto card is a fully functioning Visa-branded credit card, as well as a prepaid card. Cardholders can use it as a Visa credit card anywhere that Visa is accepted, or as a reloadable Starbucks prepaid card at most Starbucks locations. |
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Multi-Payment |
This card type involves an underlying prepaid account that is supported by more than the prepaid card. For instance, with Obopay in the U.S. and with Smart Communications in the Philippines, the underlying prepaid account can be accessed by a mobile-phone payment system, as well as a MasterCard-branded prepaid card. |
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Some prepaid cards can be used only in a card-present environment, while others support CNP purchases - but usually they have restrictions, especially for open-loop prepaid. For instance, the Italian post office's Postepay card can be used to make purchases at Web sites that accept Visa cards, provided those Web sites support online authorization.
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CORECARD
PROVIDES THE RIGHT
APPLICATIONS DESIGNED TO MAKE OPERATIONS MORE EFFICIENT |
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Establishing a prepaid card program only requires configuration of the various
applications,
supplied
by
CoreCard, to meet the requirements of the programs and
prepaid products to be offered.
CoreCard’s products are built to sit on top of our
CoreENGINE
platform, so that the power of the shared components embedded in this platform is leveraged across all of our products. With the
CoreENGINE platform providing instant fault-tolerance, scalability, and ease of use, the
CoreISSUE for Prepaid solution is a solid tool allowing control of any card portfolio.
CoreENGINE
interfaces
with
industry
standard
third
party
programs. |
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REVENUE GENERATION
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CoreISSUE’s flexible fee catalog enables you to define a number of fees for prepaid cards, including;
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Account set-up fees,
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ATM fees (for both approved and declined transactions),
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Balance inquiry fees,
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Overdraft fees,
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Late fees,
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Interest,
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Transaction fees,
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Shipping and handling fees,
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Replacement card fees,
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Inactive card fees,
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Paper statement fees, and
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Statement reprint fees.
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CORECARD’S
CoreISSUE For Prepaid
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|
CoreCard's
CoreISSUE for Prepaid provides issuers and processors with the most advanced and feature rich solution for issuing and management of prepaid cards.
- Account & Product Setup and Management
- Transaction Processing
- Clearing and Settlement
- Exception Management
- Reports
- Customer Service
- Web Self-Service
- Multi-currency, Multi-language
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CORECARD’S
CorePORTAL
DESIGNED
EXCLUSIVELY
FOR
CoreISSUE FOR PREPAID
CoreISSUE
for
Prepaid
can
be
deployed
with
CorePORTAL
to
provide
an
easy
and
secure
way
for
processors
to
open
CoreISSUE
for
Prepaid
functionality
to
their
clients,
without
giving
their
clients
direct
access
to
the
CoreISSUE
for
Prepaid
processing
system.
With
CorePORTAL,
processors
can:
-
Quickly create a custom portal for each client
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Delegate appropriate administrative tasks to their clients
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Audit activities in real-time
CorePORTAL
makes
it
easier
for
Retail,
Payday
Loan,
Check
Cashing,
Professional
Employer
Organizations
(PEO)
and
Employers
who
issue
prepaid
debit
cards
to
manage
and
control
the
cards
they
issue.
With
CorePORTAL,
processor’s
clients
can:
-
Easily set-up and issue a variety of prepaid cards
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Establish and run payroll and benefit debit card programs
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Upload required supporting documents and attach them to the card record
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Keep notes on existing cards
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View recent card transaction history
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Request replacement cards
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Track card shipment status
CorePORTAL
speeds
the
creation
of
new
card
requests
and
updates
of
existing
cards
via
a
bulk
upload
feature.
Information
can
be
imported
into
CorePORTAL
and
passed
into
CoreISSUE
for
Prepaid
via
.XLS
and
.CSV
files.
For
more
information
on
how
CorePORTAL
is
helping
Prepaid
companies
click
here:
CorePORTAL.
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CORECARD’S SUITE OF PRODUCTS PROVIDES ADDITIONAL FUNCTIONALITY
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| CoreCard can provide an
expanded prepaid solution if needed by adding one or more of our other products that support dispute management, collections and sales. All of CoreCard’s products are built to leverage the power of the shared components found in
CoreENGINE. |
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CoreDISPUTE
CoreCOLLECT
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Champion/Challenger Recovery
Strategies
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Case Management (automatic case
presentment and case search facility)
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Collections Automation (letters,
optional dialer interface, third party collectors)
CoreSALES
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| CoreCard's solutions feature easy to use parameter-driven controls and provide the ability to set up any amount or type of programs to manage your transactions and accounts. The Prepaid solution can help issuers and processors realize fast and measurable ROI, react rapidly to
evolving market dynamics and product offerings, and attract and retain lucrative programs. |
