Offering many of the same services as a traditional bank, Family Financial Centers helps franchisees set up alternative financial service firms in their communities. Under the leadership of Paul Eckert, Family Financial Centers enables franchisees to start businesses centered around prepaid debit cards.
Regardless of the type of card, prepaid cards offer a number of advantages over more traditional debit and credit cards. Because prepaid cards have a fixed amount of cash value assigned to them and are not directly tied to a bank account, the consequences of losing a prepaid card or having it stolen are often much less serious. Many network-branded cards enjoy consumer protection in the event of fraudulent misuse or loss, often in the form of deposit insurance. However, it is important to make sure your specific card qualifies for consumer protection.
For families, prepaid debit cards are an excellent way to control a child’s spending. Not only can parents set a hard limit on the amount a child spends, but they can also track their purchases. For public and private organizations, depositing funds electronically to prepaid debit cards is much cheaper than printing out checks and mailing them to recipients.