|[December 17, 2012]
Fuze Network Processes More Than 3.5 Million Cash-to-Card Transactions
SALT LAKE CITY --(Business Wire)--
Network has developed the technology that enables consumers to make
cash payments on virtually any card, processed more than 3.5 million
transactions in 2012.
Since its inception in 2010, the Fuze reCHARGE Network has provided
consumers with a simple way to send funds to credit cards as payments,
to debit cards as deposits and to prepaid cards as loads.
The Fuze reCHARGE Network routes transactions to more than 14,000
financial institution card issuers and is directly promoted to
cardholders by many of those, including Citi Bank, First Premier Bank
and Merrick Bank. The reCHARGE Network expands the number of retail
locations in which a consumer can make a payment or load a card;
increasing card usage.
"We processed more than $250 million in total volume this year,
providing retailers, financial institutions and card issuers who partner
with us a competitive advantage," said Dave Wilkes, founder and CEO of
Fuze Network. "More than 60 percent of ou transaction volume comes from
repeat cardholders using the service, which builds customer loyalty and
repeat usage at participating retailers."
There are currently 150,000 integrated retail endpoints with access to
the Fuze reCHARGE Network, including Pay-O-Matic, ACE Cash Express,
Fidelity Express and additional partners planned to launch in 2013.
Since the open platform Application Programming Interface (API) can be
accessed by any point-of-sale (POS) terminal, Fuze's reCHARGE Network
requires no additional hardware from retailers. It simplifies and
accelerates the transaction process by eliminating manual entry at the
point of payment: no forms and no codes. The consumer simply swipes a
card and presents their payment, discarding the possibility of error.
"For the card issuer, the Fuze Network technology removes the process of
filling out forms, entering mis-keyed account numbers and incorrect
codes," said Wilkes. "All other payment types require manual entry, but
Fuze Network routes the transaction perfectly through the system with
The benefits for retailers have established Fuze Network as an efficient
payment option to increase transactions and customer through put. The
ability to move these payments into the check-out lane significantly
reduces the retailer's time serving one individual customer, providing
them the opportunity to participate in more transactions.
"Fuze Network is experiencing significant momentum heading into 2013,"
said Wilkes. "We are currently focused on cash payments, however Fuze
Network will soon open the platform enabling transactions to solve
similar problems in other verticals."
About Fuze Network
Salt Lake City-based Fuze Network is the nation's emerging method to
send money to any card. The company's reCHARGE Network 'fuzes' together
existing payments networks to enable users to pay bills, deposit cash or
reload prepaid cards by simply swiping the card and paying the cashier.
Fuze Network is the easiest, most cost-effective method of increasing
retail traffic and building payment transaction volumes. For more
information, visit www.fuzenetwork.com.
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