JetPay, a US-based card and payments processor, has partnered with Rezzcard, a rent payments and mobile communications company, to launch MAC, a Visa-branded prepaid debit card.
The MAC Visa prepaid card will enable residents to pay their rent, as well as other bills, easier and with significant savings as compared to using check cashing agencies, money orders, and other third-party payment methods.
With this card, users can load funds via direct deposit, a bank account transfer, Green Dot cash deposit, or an approved check directly from a smartphone with Ingo Money. The card can be used to withdraw cash from any ATM or wherever Visa debit cards are accepted.
The partnership will also deliver a range of electronic payment options to tenants of multifamily affordable housing properties.
Also, Rezzcard will work with JetPay’s Card Services team to launch a mobile app to tenants nationwide in public, Section 8, tax credit subsidized and workforce housing developments.
As part of the deal, JetPay will provide payment processing services for Rezzcard. Moreover, Rezzcard and JetPay will collaborate in marketing the new MAC Visa prepaid card service to public housing authorities and other multifamily property managers across the country.
JetPay chairman and CEO Bipin Shah said: "Our partnership with Rezzcard will provide many benefits to families and individuals in low- and moderate-income households. Consumers will be able to check their balances 24/7, and because it is a prepaid card, users will not be burdened with the usual high fees associated with account overdrafts, minimum balances, and money transfers."
Rezzcard founder and CEO Alex Cooper said: "Rezzcard will be integrated directly into JetPay’s enrollment and prepaid processing platform allowing residents to easily enroll for the card via our website or call center.
"Together, Rezzcard and JetPay are creating the first electronic payment card for low-income households to process a no-fee rent payment directly to their property managers."