TransCard Changes the Prepaid Debit Industry

31.12.69

Of course, there are other differences, too. Bankers are notoriously risk-averse, whereas pirates aren’t.

But in today’s world, the risk managers need the risk-takers more than ever, according to TransCard officials, who manage billions of dollars for banks every year.

“We’re rebels,” explained Sara Lemons, an account manager for TransCard.

Next to her cubicle, the company’s 50 employees have strung lines of Jolly Roger flags down the corridor, a playful poke at the deadly-serious seas of high finance they navigate on a daily basis. It’s an office where workers aren’t afraid to laugh and joke, a place where bosses bestow silly badges for jobs well done.

“We do it a little bit differently than others,” Lemons said.

They way the company explains it, TransCard is a start-up venture designed to help banks offload risk in today’s post-recession reality. As financial privateers, they capture the treasure that banks can’t or won’t go after.

A decade ago, the company wouldn’t have existed in its current form, because it’s a solution to a fairly recent problem.

Making money

The problem for banks began when legislators took away the fees that historically made up a major chunk of revenue. Then, consumers rebelled when banks tried to tack on new charges.

Now, huge swaths Americans are choosing alternative banking services like check cashing and payday loans instead of traditional banking.

As a result, banks — especially community banks — are scrambling to find new ways to make money and reach out to those who may not otherwise have bank accounts.

Enter TransCard, which promises to turn the Dodd-Frank Act from a headache into a high-five, according to CEO Craig Fuller, son of trucking pioneer Max Fuller.

“There are 40 million customers that the banks just don’t make money on,” he said. “We walk in and help them make it profitable.

Source: LoanSafe