FSV Payment Systems Inc., a transaction processor and program manager for payroll, government-benefit and general-purpose reloadable prepaid cards, on Monday renewed its agreement with Cardtronics Inc.’s Allpoint surcharge-free ATM network.
“The agreement is a tremendous value and convenience for our customers because Allpoint ATMs are located in retail locations where cardholders shop,” says Deneke Scott, FSV senior vice president of marketing. FSV has been an Allpoint customer for seven years, she says.
Allpoint, the nation’s largest surcharge-free network, operates 35,000 ATMs in the United States at retail locations, including 7-Eleven, Target, Costco, CVS/pharmacy, Walgreen and Costco stores. Bethesda, Md.-based Allpoint also operates approximately 2,500 surcharge-free ATMs in the United Kingdom and Puerto Rico.
“The agreement means ATMs are an important customer-acquisition tool, and elimination of $2.50 to $3 surcharge fees increases prepaid card adoption,” says Ben Psillas, Allpoint president, claiming Allpoint offers surcharge-free access to ATMs deployed in 40% of the top 10 retailers in America.
FSV, a privately held Houston-based company, is one of the nation’s largest processors of Visa- and MasterCard-branded payroll , electronic benefits transfer and general-purpose reloadable prepaid cards. MetaBank of Storm Lake, Iowa., and Bancorp Inc. of Wilmington, Del., issue payroll cards for FSV, Scott says.
“The payroll card market is growing; our business is growing. Many companies are replacing paychecks with payroll cards,” says Scott, declining to disclose clients’ names and how many new payroll cards FSV expects to add to Allpoint’s network.” We don’t disclose numbers,” she says.
Psillas, appearing at the ATM Industry Association show in Miami, said FSV could bring hundreds of thousands of prepaid cards into Allpoint’s network, adding Allpoint also has surcharge-free agreements with prepaid card marketers Green Dot and NetSpend. “We serve all the big guys,” he says.
