Leedom Introduces Pre-Paid Bank Card for BHPH Customers
SARASOTA, Fla. — Today, Leedom Group announced the launch of a Convenient World Pre-Paid Visa Card that can allow buy-here, pay-here customers without bank accounts avoid the high costs of check-cashing and money orders.
The fees associated with check cashing are estimated at more than $1,350 for the average BHPH customers, executives pointed out.
Via this new product, customers can save money and dealers have the opportunity to brand a store logo on the card. The card is FDIC-insured, which offers further peace of mind for customers, noted Jon Leedom, ACH coordinator for the Leedom Group.
Typically, about 30 to 40 percent of BHPH customers do not have bank accounts, noted Chris Leedom, chief executive officer of the Leedom Group.
"These consumers can spend $25 to $30 to convert their paychecks into cash each week," he pointed out. "They must also purchase money orders to pay bills and must carry cash to make purchases. We are looking to eliminate as many of these fees as we can for them."
Jon Leedom added, "There are numerous advantages to the consumers, making the issuance of the card in conjunction with the purchase of a vehicle effortless. The benefits to the dealer are just numerous. It all helps build the dealership's brand image with the customer. We find most of the customers are proud to carry the card."
Basically, the dealers will have the opportunity to begin processing a customer's vehicle payment as soon as the customer's employer loads the salary on the card, he continued.
"Just as with our ACH Collector product for consumers with bank accounts moves the dealership to the front of the line on payday, the Leedom Convenient World Pre-paid Card does the same," Jon Leedom noted. "This card can be seamlessly integrated into our ACH Collector product, meaning your customers do not have to come to the dealership to make their weekly, bi-weekly or monthly payments."
Chris Leedom highlighted, "There are additional benefits like reducing delinquencies and you are notified almost immediately in the event the card is not loaded, meaning a payday is missed."
Point-of-service marketing materials are ready to be to dealerships throughout the country that sign up for this program, according to executives. This card is issued by MetaBank through a license from Visa.
For more details on this program, contact Jon Leedom at (800) 966-8733.