Emerchants, a provider of merchant credit card processing services, has signed a three-year agreement with MoneyMe Financial Group.
Under the terms of the agreement, Emerchants will provide MoneyMe with a fully reloadable Visa prepaid card for its customers in the small loans category. MoneyMe will also act as an authorised representative of Emerchants.
MoneyMe offers cash loans from $200 to $1,000, paid directly into a customer’s bank account within minutes to a few hours of an application being approved.
"The card will be positioned not just as the payment mechanism for the loading of MoneyMe loans, but will also be used as a travel card, for budgeting purposes and as an alternative to having a credit card," said by Emerchants in a statement.
The program provides MoneyMe and its customers an option to have their loan funds distributed directly onto their MoneyMe card. Further, MoneyMe customers will have the flexibility to load their own funds onto their card, in the same way as a debit card is used.
Tom Cregan, managing director of Emerchants, said: "We are delighted to form a partnership with MoneyMe. Our re-loadable prepaid product fits perfectly into their core business by allowing customers to distribute their loan proceeds onto a Visa card and have the freedom and flexibility to use those funds instantaneously."
The transaction is subject to Emerchants Authorised Deposit Taking Institutions approval.