You see them everywhere - gift cards, restaurant cards, phone cards and more. These stored value cards (SVCs) electronically store any funds you pay in advance to make a purchase, pay a bill or withdraw money at a later date. They're also very convenient to use.
A growing number of consumers simply don't like to carry cash around or write checks anymore. SVCs are an attractive financial alternative to many of these consumers who now prefer to make a majority of payments electronically.
Even employers and select government agencies are getting in on the SVC action. Some employers now issue prepaid payroll cards, project cards, corporate travel and incentive (bonus) cards. The government agencies that issue these cards may also issue electronic benefit cards for people on public assistance or requiring other government services. Most recently, numerous families hit hard by the devastation caused by Hurricane Katrina were issued a $2,000 prepaid debit card from the Federal Emergency Management Agency (FEMA).
Anyone can purchase a SVC. There are no credit checks necessary or collateral required as all the available funds on each card are prepaid at the time of purchase. SVCs can be electronically loaded with funds by direct deposit, wire transfers, money orders sent directly to the card issuers or from retail point-of-sale. The prepaid funds are stored electronically in accounts attached to a specific batch of SVCs. Many SVCs can be reloaded with as many funds or as often as the cardholder likes.
Functionally, SVCs are very similar debit or credit cards. Many SVCs have a magnetic stripe that can be swiped at any debit/credit card terminal. Some cards require you to input your own personalized four-digit pin number. Others have a signature strip on the back and require a matching signature from the cardholder at point-of-sale.
SVCs are a part of the slow but steady transition to a "cashless society." As more and more financial transactions occur not on paper, but in the electronic realm, SVCs will continue to play a growing role in the evolving financial industry of the 21st Century.
Selling Houses: Design Psychology and Interior Colors Interior colors are vitally important to selling your home quickly, and for more money. But you must always take your target market and selling season into acco...
How Long Does It Take To Write A Resume? Many people can easily write a resume in just a couple of hours. They can do this by following a resume sample and just writing their information in place of t...
10 Tips to Sell Your House Faster! 10 Easy Steps to make Selling your house faster, saving you money for your next house! As Experienced Home Buyers and Sellers, we've been through the process en...
Meetings and Road Trips Managing a meeting is like setting off on a long car trip with friends or
family. You need to plan your route, pay attention to the rules of the
road, consid...
George Soros No. 8 GEORGE SOROS
At least $60 million
Think Market! Griselda spent hours polishing up her resume. No detail was too small: type face, layout and spacing. She weighed each word, counted each comma. She sent out 20...
The Difference Between Down and Out To consistently make money, investors need to be able to differentiate the company that is down and company that is out. Weed out the company that is out and yo...
How to Find Antique Collectibles Collecting antiques is a passion for many people. Sometimes, finding the right collectibles may not be easy. Discover tips to help all collectors of antiques fi...
Interactive Technology in Healthcare Education Healthcare professionals are under pressure to perform and absorb vast amounts of new or changing information in increasing volume. This surge has led to new a...
Break Your Weight Loss Plateau If you are still doing everything the same and you can't seem to drop those last 10 lbs then you can't drop those last 10 lbs because you are still doing everyt...
You Have to Read Heartbreak Rescue Just For You When your feels broken it can seem difficult to know which way is up. Recovery depends on restoring your emotional and intellectual equalibrium. Look to this ar...
Making Homemade Soap Is Easy! Nowadays, richly scented soaps aren't cheap, and we can't always afford the ones we want. Often, we have to settle for commercially made soaps with only a hint...
Golf Exercises Dont Have To Be Grueling Golf exercises are viewed by the majority of golfers as "work". That is why it is so difficult to convince golfers that golf exercises can be fun and don't hav...
A Real Business Coach There is some confusion as to what makes a good business coach. A good "Business Coach" should have a well rounded background in all areas of the business proce...
Death Wish No one can fight an enemy without first being able to acknowledge its existence. And what if our worst enemy, the most lethal and readily ignored, was within u...
Print this page