NetSpend.com (NetSpend Corporation) is a prepaid debit card provider.
NetSpend Corporation (NetSpend.com)
NetSpend is one of the leading providers of reloadable prepaid debit cards and prepaid debit card services in the United States. The company's debit cards enable virtually anyone to make purchases, pay bills, secure reservations, and shop online without the need for a bank account or credit history. NetSpend's mission is to empower consumers with the convenience, security and freedom to be self-banked. NetSpend targets the 84 million United States citizens who lack or choose not to have a traditional bank account to become full participants in mainstream economic life. This low to moderate income (LMI) population receives over $1.1 trillion in payments from employers, state and government entities, and holds enormous spending power. NetSpend's customers range from people who don't have the credit histories or minimum account balances that banks require, to people who want to avoid confusing fee structures and statements, to casual users such as teens managing their allowance and travelers who want to protect their cash on the go.
Operating nationally, NetSpend has one of the most convenient and accessible retail networks in the country, including more than 30,000 card purchase locations and a total of approximately 90,000 debit card reload locations. NetSpend also offers full self-service sales and delivery capabilities through its web and mobile platforms.
NetSpend's proprietary, end-to-end approach is scalable and customizable, delivering cost benefits and revenue building opportunities to partners. The company manages all aspects of the debit card lifecycle, from managing the card design and approval processes with partners and associations, to production, packaging, distribution, and personalization. NetSpend also oversees inventory and security controls, renewals, lost and stolen card management and replacement.
- NetSpend Corporation
- +1 512 532 8258, Fax: +1 512 473 8711
PO Box 2136
Austin, TX 78768-2136
Fax: (512) 857-0263
NetSpend Corporation, headquartered in Austin, TX, provides processing and marketing services for private and proprietary MasterCard and Visa prepaid debit cards. NetSpend is the largest prepaid debit card processor and marketer in the United States and sells cards at about 10,000 grocery and convenience stores, gas stations and check-cashing centers nationwide. According to an article by the Austin Business Journalthe privately held company has 225 employees, annual revenues in the $75 million to $125 million range and processes over $5 billion annually in card transactions. Its website states that the company has over 1 million customers nationwide.
Oak Investment Partners, is a major shareholder of NetSpend Corporation.
NetSpend’s stated goal is to provide consumers who lack established credit or banking relationships with the security, flexibility and convenience typically associated with debit and credit cards. The sub-prime credit consumer is usually charged higher fees on these product's transactions and features when compared to mainstream consumers that receive them for free or at little cost. The additional costs are representative of the additional risk that accompany the typical consumer profile who is shunned by traditional financial institutions.
NetSpend was founded by Roy and Bertrand Sosa, two brothers who were teenagers when their family moved from Mexico to the US in 1986. Twelve years later in 1998, they launched NetSpend from their one-bedroom apartment with an initial investment of $750.
The Sosa brothers believed there was a large market that was left un-served by traditional banking and financial institutions, and according to the Federal Reserve at the time of this post, 9.7 percent of households—approximately 26 million Americans—are “un-banked,” or do not maintain transaction accounts at mainstream depository institutions. An additional 40 million individuals do not have a savings account or access to credit and are considered “under-banked.” Together, the total number of un- and under-banked in the United States is estimated to be nearly 70 million people, and their aggregate annual income is calculated in excess of $300 billion.
The NetSpend product line includes:
-NetSpend Reloadable Debit Cards: Cards can be reloaded with funds continuously.
-NetSpend Gift Cards: Cards are purchased in predenominated values. Cannot be reloaded. From a NetSpend long-time employee (perhaps even the longest term employee since the company's inception): "We really like when [customers] purchase the gift cards as they always leave a balance that cannot be redeemed, which adds to the bottom line."
-NetSpend Travel Cards: This product is a hybrid of the two previous cards. You may reload a limited number of times. There are additional travel protection benefits tied to the cardholder's purchases.
- Alexa: NetSpend.com
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Vanjewray's Comments on NetSpend.com
- Vanjewray (delighted) : I have been a netspend customer since may 2005. I have my checks deposited to my account and have never had a problem with the availability or the integrity of my account.I don't know the problem these people have had, but I have been a faithful netspend customer and have referred several people who also have had no problems. 04:32, 4 August 2008 (PDT)