Ingo™Money Inc., a leader in mobile check cashing and digital payments technologies, and Global Cash Card, a specialist in customized paycard solutions, announced today that they have partnered to provide Ingo Money mobile check cashing services to Global Cash Card customers. With the Ingo Money service, Global Cash Card is extending the utility of its paycard programs to enable cardholders to cash checks to their paycard account and access their money in minutes for a fee or in 10 days at no additional charge.
Paycards help employers reduce payroll processing expense and provide an important financial tool to their employees. Especially important for employees who do not own a bank account and are unable to enroll in direct deposit, paycard customers receive consistent and reliable electronic access to their wages and can use their card to make payments and purchases or withdraw cash at an ATM.
Global Cash Card offers a wider array of financial services and benefits to their cardholders than most paycard programs. Through it's partnership with Ingo Money, Global Cash Card now offers its eligible cardholders a method for cashing checks they receive from non-employer sources directly to their paycard account so they can access consolidated funds to pay their bills and make purchases. To cash checks to their paycard, cardholders:
"As a best-in-class paycard provider Global Cash Card is very proud of the service we deliver to our clients and their employees," said Joseph Purcell, co-founder and COO, Global Cash Card. "Ingo Money mobile check cashing further enhances the utility of our paycard products and extends financial access for our cardholders. We are very pleased to partner with Ingo Money to bring this new paycard service to our clients and customers."
The Ingo Money Mobile check cashing service, enabled by Ingo Money and provided to the consumer by a national bank, accepts checks ranging in value from $5 to $2,500 across most check types including payroll and government checks, two-party personal checks and a wide variety of institutional and specialized check types: money orders, cashier's checks, handwritten payroll checks, insurance checks, rebate checks and others.
Leveraging sophisticated risk designing algorithms and underwriting processes, Ingo Money reviews checks for approval and credits funds from approved checks to the customer's account. Once a card is funded, the money is as good as cash and safe to spend, pay bills, or transfer to others without the risk of reversal. If checks fail to clear or are returned after funds are credited to a paycard account, the loss is borne by Ingo Money, protecting Global Cash Card and its issuing banks, employer clients, and cardholders from any risk or obligation on returned checks.
"Global Cash Card empowers hundreds of thousands of hard-working Americans with real-time access to their money from all sources so they can better meet their financial obligations," said Drew Edwards, founder and CEO, Ingo Money. "I am very honored to be partnered with Global Cash Card in a shared mission to help improve the financial health of paycard customers and lift them out of the cash economy."
Under the terms of service provided by First Century Bank, N.A. and Ingo Money, Inc., any identity-verified consumer in the United States with an eligible Global Cash Card account and a smart phone may use the Ingo Money app to cash checks.