Engaging in the marketing and sale of debit cards in the United States and internationally, FundsTech Corp. is a development stage company that was founded in 2006. The company’s principal products include the FundsTech ATM and Debit Cards and the FundsTech Stored Value MasterCard, which are primarily marketed towards the sub-prime credit market. Each cardholder can draw cash from as many as 750,000 ATM’s or make purchases at 5,500,000 locations worldwide.
The market for prepaid debit cards is estimated at more than $100 billion in annual revenue with an average of $12.00 per month per card. The FundsTech card allows employers to replace payroll checks for their employees who do not hold a bank account, and includes the feature of being reloadable. The FundsTech card can be activated anywhere in the world that accepts MasterCard or Visa. The company generates revenue by charging user fees using a variety of methods, including a monthly flat fee or a transaction fee for each processed transaction. Additionally, the card permits transfers of funds domestically and internationally.
For individuals there are two types of cards that FundsTech offers: a pin based prepaid card, and a pin or signature based Prepaid MasterCard card. For businesses, employers can make direct deposits of paychecks for their employees, or use it for expense accounts and emergency expenditure purposes. For financial institutions, FundsTech provides a turnkey solution to financial institutions that would like to provide FTC CashCards to individuals that currently have no banking.
The company is currently engaged in implementing a direct marketing campaign that will ultimately promote interest in the company’s products and services, while building brand recognition and generating traffic to the website. The campaign is not only geared at the individuals, but also at credit card associations, financial institutions, processor and potential distribution partners; all of which can be potential business relationships in the future.
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