SAN DIEGO, April 2, 2014 /PRNewswire/ -- Global Payout, Inc. (OTC Pink: GOHE) and New Payment Solutions, LLC today announce the availability of a "state of the art" tax refund platform designed for EROs (Electronic Return Originators) to offer instant issuance debit cards to their tax return clients. The platform combines both Global Payout's prepaid debit card offering with the CPG eWallet (Consolidated Payment Gateway Electronic Wallet) technology enabling tax preparers to "instant issue" debit cards that receive direct deposit of refunds from the IRS and US Treasury. New Payment Solutions has approximately 1,000 licensed EROs capable of providing this service to their tax refund receiving customers. The debit cards are reloadable and completely secure.
In 2013, approximately 120 million people filed tax returns electronically, and nearly 75% of all tax returns filed that year received a tax refund. An ERO is a tax preparer authorized by the IRS to prepare and transmit tax returns electronically, using approved software, on behalf of individuals and companies. This new payment system is currently being tested with multiple EROs and will be fully available in April. The service is being administered, operated and marketed to the EROs directly by New Payment Solutions, an authorized reseller of Global Payout products and services.
Program benefits to the taxpayer include electronically direct-deposited refunds to the tax filer's prepaid debit card by the IRS without any delay. And, the tax filer does not have to pay the tax preparation service fee until receiving their refund from the IRS. Additionally, the taxpayer's prepaid card account is bundled with a free financial education program and a free comprehensive pre-negotiated healthcare plan with up to 65% discount on prescription drugs and up to 80% discount on surgical procedures. More benefits may be added in the future.
Benefits to the ERO include the swift, electronic payment of tax preparation service fees. At the same moment, when the tax filer card account is credited with the tax e-refund, the ERO's fee is also credited to their master account. The ERO has the option of immediately transferring those funds to their checking or savings bank account through ACH, or the funds can be accumulated for transfer at a later time. This refund payment mechanism helps EROs grow and retain their tax filer client base while also providing a new marketing channel to those tax filers that would prefer to receive an electronic payment on a debit card instead of a check in the mail. but do not have a bank account. With Nearly one-third of the U.S. population—106 million people—either under-banked or unbanked, this new tax refund platform provides EROs with a large and unique marketing and client acquisition opportunity.
Xavier Frazier and Joy Reed, CEO and CFO of New Payment Solutions, respectively, jointly stated, "We have researched many different technologies of tax refunds to tax filers and the payment of service fees to our EROs before we decided to team up with Global Payout. We are glad to have such a highly competitive system that can greatly benefit the taxpayers as well as the EROs. We believe everybody wins with this refund payment platform, the refund recipients, the EROs, New Payment Solutions, and Global Payout."
James Hancock, CEO of Global Payout added, "The collaboration between New Payment Solutions and Global Payout was both rapid and collaborative. As a result, we are extremely pleased to achieve an integrated payment system with multiple other technologies that provide a viable ERO service solution with broad benefits for all."
About Global Payout, Inc.
Global Payout, Inc., www.globalpayout.com, headquartered in San Diego, California, is a management consultant services company and program manager offering companies electronic payment and prepaid card solutions. Global Payout has a product line of prepaid products that can be utilized off the shelf or the company can customize payment solutions for qualified businesses. Through Global Payout's processors and solution providers, the company offers both international and domestic payment solutions. The company provides for U.S. and international prepaid cards allowing account holders without bank accounts to access funds worldwide. As program manager, reseller and consultant, Global Payout is a provider of prepaid cards in the U.S. for payroll and general spend programs. Additionally, Global Payout offers an electronic payment platform that will allow transfer of money to bank accounts, credit and debit cards, prepaid cards and remittance locations, worldwide.
About New Payment Solutions, LLC.
New Payment Solutions (http://newpaymentsolutions.com), with operations in California and Nevada, is a company recently formed by business and technology professionals experienced in the payment systems arena. The services provided by New Payment Solutions including payroll solutions, payouts solutions, tax refund and ERO service support.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
SOURCE Global Payout, Inc.