EduCard and Metavante Make Student Life Easier with Prepaid Debit Cards
|FOR IMMEDIATE RELEASEPrepaid debit card processing, card personalization and fulfillment, 24/7 cardholder phone support, and Internet account access.
|MILWAUKEE, WI — 06/11/2007
|Remember waiting in line for your financial aid check? After this hour-plus inconvenience came a visit to the bank or cashier’s office, and then a trip to the student bookstore with a pocket full of cash. Here’s a different scenario: All of your funds are loaded onto a stored value card that you receive in the mail or pick up at the financial aid office. Done. This was the goal of EduCard, which supplies colleges and universities with reloadable, prepaid debit cards for dispersing student financial aid and payroll. To do this, EduCard sought the services of Metavante, which provided prepaid debit card processing, card personalization and fulfillment, 24/7 cardholder phone support, and Internet account access. Metavante’s wide range of start-to-finish prepaid debit options also included debit cards branded with the Visa logo.
With Metavante by its side, EduCard had the tools to change how students manage expenses. “With thousands of universities printing millions of checks and loading billions of dollars onto checks, we wanted to tap into that market,” said Michael Mattos, founder of EduCard. “We presented our ideas to a lot of universities and the response was overwhelming.” why metavante?“We knew that the back-end processor would be the most important piece, so we did a lot of research to make sure we chose a good one,” said Mattos. “Credibility was important, but the system had to work 100 percent of the time. We looked for an organization that was extremely reliable, established, and that had a good reputation. We talked with many banks and processors and couldn’t have found a stronger partner in the industry than Metavante.” EduCard decided on an open-loop architecture.
Mattos explained, “With the technology and development of prepaid card applications and the number of current closed-loop applications out there, we wanted to stand out by giving students more options, so we chose an open-loop architecture. “Scalability was also very important,” said Mattos. “With Metavante doing the heavy lifting, our systems are in place and our infrastructure is positioned to support as many universities and issue as many cards as needed. If there are 100 million students in the United States, we’re confident that we can issue 100 million cards on Metavante’s platform, because we know it works.” cards benefit students and parentsAs EduCard continues to grow and serve more students, each student can benefit from this prepaid card solution. Students receive Visa branded cards that can be utilized at 30 million merchants, one million ATMs, and even online. Financial aid deposits are secure and automatic, check-cashing expenses are eliminated, and funds are available immediately.
The cards provide manageability to commonly hectic student lifestyles. In addition, parents can be involved in their student’s spending. If given access by students, parents can monitor student cards, add money to the accounts, or initiate a reoccurring transfer of funds. “The cards have been very well received by students and parents,” said Mattos. “We call all cardholders and help them activate their cards, answer any questions they have, and explain rewards and discounts.” why universities are taking noticeFor universities across the nation, these prepaid cards are not only a free service, they’re a money-saving and promotional benefit. Eliminating the need for printed checks, the EduCard solution saves universities approximately three dollars per check. Plus, debit cards are printed with each university’s logo, identifying the university impact on the community by creating awareness of student buying power. “We can also supply universities with generic reports indicating where their students spend money, whether it’s on books, food, or a number of other expenses,” said Mattos. “After issuing thousands of cards loaded with millions of dollars, the feedback from universities has been extremely positive.
“EduCard has worked very hard to grow and win the respect of their university clients,” said Daniel Osterkorn, client relationship manager at Metavante. “We knew that this offering had to be world class to meet their client expectations. And together we made that happen.” “We are very happy with the relationship we have with Metavante,” added Mattos. “That’s because we continue to see consistent growth after overseeing, managing, and reconciling every transaction to the penny. This system is perfect, and we had to deliver ‘perfect’ the first time – otherwise we failed. Because once you sign up one university, the only way you’re going to get a second is if you deliver ‘perfect.’” EduCard is helping to make student life better, one university at a time. All through the debit card processing solutions from Metavante. Contact usTo discover how you can benefit from Metavante’s prepaid debit card processing, contact your Metavante relationship manager, call 1-800-822-6758, or visit metavante.com. For more information about the EduCard experience, contact Michael Mattos at 949-885-1890, Extension 400.
2007 Metavante Corporation. All rights reserved.