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Sports Organizations

Our virtual account and card program developed for Sports Organizations allows cardholders instant access to their funds from ATMs and stores where Debit MasterCard is accepted. The program creates a user friendly environment, that gives the cardholders and administrators the ease and convenice of 24/7 access to their account in a secure, real-time environment. It removes the hassles, costs, and inconvenieces that go along with having to write checks.

Card pricing, features, functions, and terms and conditions are available anytime online for cardholders, along with how to use their new card and how to avoid fees.

step1

Step 1

Official, athlete, or staff needs payment

step2

Step 2

Organization loads value to virtual account

step3

Step 3

Funds available immediately to cardholders

step4

Step 4

Real-time reporting for card activity

The Problem

After a sporting event, an official would have to fill out a voucher with personal information, and return that voucher before payment would be initiated. Payment would then take between 1 and 4 weeks to get to the official. On the accounting side, this would take time in reviewing vouchers, checking for correct information, and dealing with fixing errors. Checks then had to be written and mailed. Issues of returned, lost, or incorrect checks then cost more time and money.

The Solution

Market researchers estimate the cost of issuing paper checks to be nearly $10 per check. Contrast that with the roughly $1 per transaction for electronic payments (ACH). Labor costs comprise the largest expense incurred from in-house payment operations. But there are also costs for materials like printers and envelope stuffing and sealing machines; postage; and supplies, including highly secure check stock, MICR toner, and envelopes. Businesses will also pay bank fees and incremental charges for fraud protection, such as positive pay, check reconciliation services, and retrieval of transaction history and check images.

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