From the Wires
Fuze Network Processes More Than 3.5 Million Cash-to-Card Transactions
By: Business Wire
Dec. 17, 2012 05:44 PM
Fuze Network has developed the technology that enables consumers to make cash payments on virtually any card, processed more than 3.5 million transactions in 2012.
Since its inception in 2010, the Fuze reCHARGE Network has provided consumers with a simple way to send funds to credit cards as payments, to debit cards as deposits and to prepaid cards as loads.
The Fuze reCHARGE Network routes transactions to more than 14,000 financial institution card issuers and is directly promoted to cardholders by many of those, including Citi Bank, First Premier Bank and Merrick Bank. The reCHARGE Network expands the number of retail locations in which a consumer can make a payment or load a card; increasing card usage.
“We processed more than $250 million in total volume this year, providing retailers, financial institutions and card issuers who partner with us a competitive advantage,” said Dave Wilkes, founder and CEO of Fuze Network. “More than 60 percent of our transaction volume comes from repeat cardholders using the service, which builds customer loyalty and repeat usage at participating retailers.”
There are currently 150,000 integrated retail endpoints with access to the Fuze reCHARGE Network, including Pay-O-Matic, ACE Cash Express, Fidelity Express and additional partners planned to launch in 2013.
Since the open platform Application Programming Interface (API) can be accessed by any point-of-sale (POS) terminal, Fuze’s reCHARGE Network requires no additional hardware from retailers. It simplifies and accelerates the transaction process by eliminating manual entry at the point of payment: no forms and no codes. The consumer simply swipes a card and presents their payment, discarding the possibility of error.
“For the card issuer, the Fuze Network technology removes the process of filling out forms, entering mis-keyed account numbers and incorrect codes,” said Wilkes. “All other payment types require manual entry, but Fuze Network routes the transaction perfectly through the system with one swipe.”
The benefits for retailers have established Fuze Network as an efficient payment option to increase transactions and customer through put. The ability to move these payments into the check-out lane significantly reduces the retailer’s time serving one individual customer, providing them the opportunity to participate in more transactions.
“Fuze Network is experiencing significant momentum heading into 2013,” said Wilkes. “We are currently focused on cash payments, however Fuze Network will soon open the platform enabling transactions to solve similar problems in other verticals.”
About Fuze Network
Salt Lake City-based Fuze Network is the nation’s emerging method to send money to any card. The company’s reCHARGE Network ‘fuzes’ together existing payments networks to enable users to pay bills, deposit cash or reload prepaid cards by simply swiping the card and paying the cashier. Fuze Network is the easiest, most cost-effective method of increasing retail traffic and building payment transaction volumes. For more information, visit www.fuzenetwork.com.
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