BeQuick Software Inc. executed an agreement with Green Dot Corp. that will enable CLECs using BeQuicks hosted QuickTel OSS to allow their subscribers to make cash payments at tens of thousands of Green Dot locations.
Green Dot is a provider of retailer-sold prepaid debit cards. The company also operates the Green Dot Financial Network, one of the nations largest retail financial networks, providing cash acceptance services such as prepaid card reloading, bill payment and cash collection.
BeQuick said the partnership especially will benefit CLECs that cater to the prepaid residential market.
Through the agreement, subscribers can purchase a Green Dot MoneyPak at more than 50,000 major retail locations, such as CVS, RadioShack, Rite Aid, Walgreens and other retailers nationwide. A Green Dot MoneyPak is a way to convert physical cash to electronic cash. The electronic cash then can be used to reload a prepaid card, make a payment, pay a bill or add cash to an account.
In this case, the MoneyPak can be used to pay for new service setup or outstanding invoices. Subscribers simply call the CLEC, which applies the payment. Because BeQuick and Green Dot are integrated in real time, the payments are applied immediately.
According to BeQuick, MoneyPak gives subscribers the convenience of making cash payments for their bills at the locations where they already shop for a price that is much lower than traditional money transfer services. (MoneyPaks cost $4.95 each compared to $8 to $20 for other services.) CLECs using BeQuicks OSS get guaranteed funds, instant payment notification and next-day settlement.
In second quarter 2007, BeQuick plans to upgrade the service to allow end users to make a MoneyPak payment via the BeQuick IVR system. BeQuick already supports other payment solutions such as ACE, MoneyGram, Qcomm and Western Union SwiftPay.