Vesta Corporation Powers Online Reloads for NetSpend Prepaid Debit Cards

Value-Added Electronic Payments Provider Enables Real-Time Account-to-Account Payments for NetSpend Prepaid Debit Cards



In this press release, Vesta is proud of the fact that they can provide limited ($250) prepaid card loads in real time.  And they should be.  Most take days.  That said, HomeATM can "not only" load a prepaid card in real time from any bankcard, but do it without the $250 limitation.  Same with P2P. 

PORTLAND, Ore.--(BUSINESS WIRE)--  With prepaid debit cards surging in popularity, Vesta Corporation, a global pioneer and leader in electronic payments, today announced the launch of an innovative Web reload service for NetSpend Corporation, a leading provider of card-based prepaid financial products to underbanked consumers. Powered by Vesta’s payment technology, this industry-first service lets NetSpend customers immediately add funds to their prepaid debit cards from bank issued debit cards.



According to a newly released forecast by the Maynard, Mass.-based research firm Mercator Advisory Group, the market for prepaid cards looks extremely dynamic over the next few years. In its 2009-2012 forecast Mercator predicts general-purpose reloadable cards will reach $118.5 billion in loads by 2012 versus $8.7 billion in 2008.



“NetSpend works to give our cardholders the products and tools to make managing their financial lives easy, convenient and secure,” said Dan Henry, chief executive officer of NetSpend. “We turned to Vesta because of their reputation and track record. Vesta’s payments and transaction technology allowed NetSpend to quickly implement this new convenient and secure channel our cardholders can use to reload their cards.”



NetSpend cardholders can now add up to $250 to their prepaid debit cards from any bank debit card. Unlike other online reload services, new funds are added in real-time to the cardholder’s account, making funds immediately available. Other online reload services can take as long as five days for funds to be ready for use. With Vesta managing online reload transactions, NetSpend cardholders can now reload their prepaid debit cards without having to visit a point of sale location.

Editor's Note:  HomeATM can do real-time loads without the $250 limitation.  In fact, why even use an intermediary (the prepaid debit card) when we can "load" your original debit card with cash from any bankcard.  Why take the money from the original debit card and load another?   Seems like an unnecessary extra step.  However, with that said, HomeATM can load any loadable card in real-time using any bank card.  Simply swipe the "sending" card then enter PIN (an email will be sent to recipient)  Open the email, take the card you want to load with funds and swipe it, then enter the PIN.  Funds are transferred in real-time and cardholder can immediately use the card.  So, if your organization has a need for that, let us know.  

Vesta’s program includes an innovative gifting feature that allows a customer to invite friends and family to contribute to a prepaid account. Invitations are delivered by email and include a link to begin the reload process. If desired, contributors can set up an account to expedite future reloads, further simplifying these person-to-person payments.



Vesta’s technology includes proprietary account verification and risk management practices that enable the provider to fully fraud-indemnify NetSpend from any costs resulting from fraudulent transactions. In addition, Vesta brings full PCI Data Security Standard (PCI DSS)-compliant payment processing to Web reloads.



“As an innovator in value-added payments services, Vesta brings a unique perspective to evolving industry needs,” said Doug Fieldhouse, Vesta’s president and CEO. “Vesta plans to work with NetSpend to develop new products for the rapidly growing number of prepaid debit card customers.”



For more information, visit www.netspend.com and www.trustvesta.com.