Frequently Asked Questions
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If you did not find what you were looking for, you can ask your question by email or call us at 1-800-707-3703.
Our community bank already has an ATM debit card, isn't that the same thing as a prepaid debit card?
No, an ATM card is completely different from a prepaid card An ATM card is always linked to a bank account, where as a prepaid card can exist with or without a bank account. An ATM card also provides a limited line of credit in the form of an overdraft facility, whereas a prepaid card never involves a credit line or borrowing or repayments.
We are a payroll company, how can UVG cut costs for our company and/or our clients?
Paychecks are recurring payments typically twice a month that involve such costs as salaries for bookkeepers and HR personnel done completely in house. According to Entrepreneur, even when outsourcing to a payroll services company, the cost of issuing a check ranges from $2-$3 per check for basic check issuing services and $5-$7 per check for more in-depth services like direct deposit. Today, companies are realizing that prepaid payroll cards are an even more cost effective, secure, and convenient alternative to issuing paychecks.
We are a community college, so can UVG combine the prepaid card with our school photo ID cards that can also be used to pay for meals, laser printing, and other school purchases?
Yes, UVG already developed the technology and worked out the logistics to provide such a card to any academic institution. Currently, our focus is the community college, trade school, technical college, vocational school, or relatively small institution of higher education who cannot afford the initial infrastructure cost of $4M minimum to establish a prepaid card program all by itself. UVG provides the entire infrastructure and can act as the program manager and do all of the work.
How much is this going to cost me?
Upfront, this will cost you nothing! We want to become your partner to help cut your costs as well as to create new revenue streams. Only once the user's prepaid card generates revenues will UVG and your company share those revenues. The only situation where your company would pay its own capital might be for commercial bank clients who require our software and technology to be modified to comply with bank regulations, etc..
Our company isn't comfortable with, or experienced in, advertising prepaid cards to our clients.
How can UVG help us?
You can completely outsource your sales & marketing efforts to UVG. We have experts in prepaid card marketing who can oversee a prepaid advertising campaign among your company's clients. We already created brochures, posters, slides, and bulk mailing sales literature that can be customized specifically for your needs.
If our company was to sign up today as a UVG client, how long would all of this take?
The industry average for the quickest implementation time is around 3 months, depending mostly upon the client. The tasks requiring the most time are actually logistics that are beyond the control of UVG, e.g. applying for BIN, getting MasterCard approval, and modifying your company's website and software.
We are a community bank, and we know that the American Bankers Association (ABA) already partnered up with another prepaid company called TransCard. UVG lacks such an endorsement, so why should we give our business to UVG?
UVG possesses 2 years of payroll experience that TransCard lacks. UVG provides complete sales & marketing support, whereas TransCard leaves the burden of advertising to the partner who typically lacks the staff, experience, or time. UVG takes much of the cost out for the community bank by providing the bank issuer, BIN, technology, software, data center, Compliance, record keeping, etc.. UVG tries to do all of the work, esp. as the program manager and as the marketing team, such that the community bank does nothing except collect a monthly check from the revenue sharing.
I see your competitors Green Dot and Net Spend everywhere (on the tv and in the stores), plus they are both publicly traded companies. Why should I choose UVG?
Those competitors are retail only. UVG focuses on corporate clients with payroll, benefits, etc.. So Green Dot is not a competitor at all. We actually thank Green Dot and Net Spend for spending the advertising dollars to help educate the public on what a prepaid card is and how prepaid cards can help users.
Is UVG seems a new startup company? How can I trust UVG?
Prepaid is a relatively new segment of the card industry, and UVG already possesses 2 years of experience in the European market, which is many years ahead of the U.S. market. Having already tested our products and services in the European market, UVG is now bringing them to the U.S. market. By becoming a UVG client, your company can benefit from our field tested software, from our market validated technology, and from our superior business model that shares the revenues.
Ask your question by email or call us at 1-800-707-3703.