Springbok was mostly a B2B prepaid provider, so the CARD Act would have a minimal effect on its business.
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The company was founded by two people, one of whom was so upset that he and his wife couldn't redeem a gift card to pay for movie tickets that he founded Springbok.
These were not payments-industry people, and they really had no clue how to run a payments transaction-processing company.
I'm not surprised by this development.
Peter Quadagno
Quadagno & Associates
West Chester, Penn.
