SIOUX FALLS, South Dakota, April 16, 2015 - Two more banks, First National Bank (Slayton, Minnesota), and First National Bank (Davenport, Iowa), now offer the BlazePaysSM Visa® Prepaid Cards powered by Capital Prepaid Services.
Under the banks' agent programs which are managed by Capital Prepaid Services, these Minnesota and Iowa banks are now able to cost-effectively tap into the prepaid market, which is one of the fastest growing payment markets.
Both banks will offer the BlazePays Prepaid card, which enables consumers to shop in stores or online, pay utility bills, withdraw cash, and receive direct deposits. Cardholders can have payroll checks or government-issued benefits directly deposited onto their card.
Funds can also be added to the card electronically via these banks or through the Visa ReadyLink network, which is available at more than 30,000 locations, including Walmart stores.
With the agent program, First National Bank (Davenport) and First National Bank (Slayton) are able to instantly issue prepaid cards in their branches. Capital Prepaid provides full program management support for the prepaid card, including card management, consumer website, live customer service, the BlazePays Mobile App, and other services to help the banks acquire cardholders and drive card usage.
First National Bank (Davenport) will make the BlazePays Prepaid card available to customers and consumers in its four branches in Illinois and Iowa. First National Bank (Slayton), with eight branches, will enable the bank to serve customers all over southern and central Minnesota.
"The BlazePays Card allows us to offer customers a new payment product without the burden of a significant capital investment," said Mike Brignac, CFO of both First National Bank (Slayton) and First National Bank (Davenport). "The card gives our customers more payment options and allows us to reach an untapped consumer market, as well as expand our service offerings to businesses that have a need for purchasing or payroll cards."
About Capital Prepaid Services
The reloadable BlazePays Visa Prepaid Card is the brand servicemark of Capital Prepaid Services of Sioux Falls, South Dakota. Capital Prepaid provides full-service program management and processing services for prepaid cards offered by financial institutions, corporations, retailers, and government entities. Established in 2011, it is a sister company of Capital Services, a leading payment portfolio management and servicing company. Visit CapitalPrepaidServices.com to learn more about its prepaid servicing models.
While there is no credit check or credit approval required to open a BlazePays prepaid card account, the USA Patriot Act requires all financial institutions obtain, verify, and record information that identifies each person who opens a BlazePays card account. When a card account is opened, the consumer is required to provide their full legal name, address, date of birth, and other information for identification purposes. Consumers may also be asked to show their driver's license or other identifying documents at any time.
Use of the BlazePays Visa Prepaid Card to deliver payroll will be subject to all applicable state and federal payroll laws and may not be appropriate in certain states.