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Green Dot Corporation (NYSE:GDOT) today announced a new reload technology and consumer process designed to improve the retail cash reloading experience for its millions of Green Dot Reload Network users. Reload @ the Register™ is powered by Green Dot’s highly scalable and market-proven “SwIT” (Swipe Interface Technology) functionality. This real-time technology is designed to make reloading cash onto a prepaid card faster, more convenient, more efficient and more intuitive for the customer than using a paper reload “chit,” which is a method commonly used today by Green Dot and other competing reload network providers. Green Dot’s SwIT technology hit a major milestone in 2012 when it joined Walmart Rapid Reload™ and will now roll out to most of Green Dot’s other retail partners by the end of 2014.
“We expect Reload @ the Register, powered by Green Dot, will be a big win for all stakeholders in the prepaid card reload value chain,” said Helena Mao, General Manager, Green Dot Reload Network. “For the retailer, it means that they will no longer have to provide shelving for paper reload chits, which will reduce in-store labor to re-stock and maintain those products. For the prepaid program manager, it means a more intuitive reload process that’s easier for their cardholders to learn. And for prepaid cardholders, Green Dot’s Reload @ the Register service allows them to enjoy a faster, easier and more intuitive reload transaction without having to fuss with the intermediary step of transferring funds from the paper chit to their prepaid card.”
As the name implies, “Reload @ the Register” lets prepaid cardholders simply go to the register at any participating retailer to conduct their cash reload transaction. The cashier collects the cash from the consumer that he or she wishes to reload to their prepaid card along with any applicable reload fee and swipes the customer’s prepaid card through the retailer’s existing POS card terminal. The retailer’s terminal is connected to Green Dot’s data processing center where Green Dot is able to see the transaction in real-time. This real-time transaction method allows Green Dot to immediately credit reloaded funds to the customer’s card account without any further action required by the customer or the retailer. By comparison, the “paper chit method” of reloading requires the chit to be in-stock at the retailer and requires the customer to “load the chit” with cash and then go online or make a phone call to have the money on the chit transferred to their prepaid card.