July 28, 2014 5:13 AM ET

Consumer Finance

Company Overview of PreCash, Inc.

Company Overview

PreCash, Inc. provides payment and transaction processing services in the United States. The company offers a walk-in payments solution that converts cash to electronic payments for grocery stores, convenience stores, money service businesses, wireless stores, financial institutions, or other businesses; mobile financial services, such as mobile bill payment, mobile check deposit, sending and receiving money, and making payments; and online payment portals. It also replaces paper checks, cash, money transfers, money orders, and other cumbersome transactions with automatic virtual card payments through the biller's existing online or telephone system; and provides various payment solutions fo...

5120 Woodway Drive

Suite 6001

Houston, TX 77027-3242

United States

Founded in 1998

Phone:

800-773-2274

Fax:

713-499-1218

Key Executives for PreCash, Inc.

Chief Executive Officer
Chief Financial Officer and Senior Vice President
Senior Vice President of Operations
Chief Technology Officer and Executive Vice President
Vice President of Human Resources
Compensation as of Fiscal Year 2014.

PreCash, Inc. Key Developments

PreCash Inc. Launches Virtual Payments Platform PreCash PayConnect

PreCash announced its solution PreCash PayConnect. PreCash PayConnect is a mobile and online bill pay platform that gives companies vying for a share of the emerging digital and mobile wallet market an easy way to offer fast, convenient, low cost payments. Built on PreCash's cloud-based processing system, PreCash PayConnect offers mobile and online payment for more than 10,000 service providers, including utilities, cable, insurance, Internet and more. The platform uses proprietary and patented technology to accelerate the time it takes to process payments allowing for more than 80% of the transactions to be delivered on the same day they are paid. The platform allows consumers to pay bills with both cards and cash. In fact, PreCash PayConnect is the first online and mobile payment platform to offer a comprehensive bill pay service for cash-paying consumers. Due to PreCash's efficient processing, it can integrate mobile and online payments at no cost to a business partner. The platform is flexible and can manifest as a mobile app, mobile browser service or a web site. There are two integration options: an application programming interface (API) to easily integrate into existing services, or a white-label app and online interface that partners can customize with their own branding.

PreCash Inc. Names Jim Lerdal as Senior Vice President Operations

PreCash Inc. announced that Jim Lerdal has been named senior vice president of operations. Jim brings more than 24 years of financial services and operations experience to the PreCash executive team. Prior to joining PreCash, Lerdal was COO with Pinnacle Financial Strategies, president and CEO of International Check Services and spent nearly ten years with First Data where he rose through the operations ranks to become a business unit president.

PreCash Inc. Introduces the First Practical Mobile Wallet for Underbanked Consumers

At FinovateFall 2012, PreCash Inc. announced and demonstrated FlipMoney, the viable mobile wallet app for under banked consumers. With FlipMoney, people without a bank account or credit card can do instant remote check deposits and perform free expedited bill payments with their smartphone. FlipMoney makes mobile payments faster, affordable and accessible to more people. Consumers can use FlipMoney to make instant remote check deposits and free expedited bill payments. FlipMoney is currently being field tested. Large scale deployment will begin this fall. FlipMoney allows a person without a checking account to remotely deposit their checks into a mobile wallet that works with a prepaid debit card. FlipMoney can elect an instant check deposit option that typically makes funds available within minutes. Current remote check deposit solutions take three to six days to process. FlipMoney also offers free expedited bill payment transactions to more than 10,000 billers, including utility, wireless, cable, Internet, auto loan and other service providers. Many of the payments post in real time. Additionally, the app will soon offer prepaid mobile top-up and international top-up for phones in more than 300 countries. The app will first be available for Android phones with an iPhone version soon to follow. FlipMoney also allows the user to send money to others who have the app. With the associated prepaid card, users can spend money anywhere that accepts card payments and get cash at ATMs. Additionally, cash can be loaded to the wallet at more than 100,000 locations nationwide.

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