TransCash Corporation was established in 2002. TransCash facilitates debit card services with substantial savings over existing services. The cornerstone of the TransCash Card program is a set of two Visa Prepaid Debit Cards, conveying all rights and privileges to use the card everywhere Visa Debit Cards are accepted worldwide and providing the easiest and least expensive transfer of funds to family members.
The goal is to attract unbanked and underbanked customers away from check-cashing agents, money orders, and bill pay centers by providing them with an easier, more convenient and lower cost alternative to financial services like the TransCash Card.
The TransCash Card program provides a set of two (2) Visa Prepaid Debit Cards, one being reloadable and the other funded from the principal card, conveying rights and privileges pursuant to the terms and conditions of the prepaid card, including purchasing goods and services online or in stores, anywhere, anytime.
The primary card holder keeps the primary card (black card) and gives the companion card (red card) to his or her immediate family member (spouse or child).
The cardholder with the primary card (black card) can then move funds from one card to the immediate family member’s card, sharing money online or over the phone and the funds are immediately available to the family member provided the companion red card.
Best of all, the card-to-card transfer service is included in the monthly fee and can be done 24/7 online or by phone free of charge.Other functions of the TransCash Visa Prepaid Debit Cards are:
The TransCash product line includes:
TransCash, Corp. received US Patent 7,581,674 B2 entitled “Financial Transaction System and Method” from the United States Patent and Trademark Office.
The "process patent" describes a system of sharing money using two prepaid cards. A dual-card package containing two prepaid cards is purchased at a point-of-sale location. The primary card is activated by the principal account cardholder depositing funds onto the card. The primary card is used for activating, reloading funds, and may transfer funds to the secondary card held by an immediate family member of the primary card account holder. The secondary prepaid card provides access to funds pursuant to terms and conditions of the card agreement.
This system of sharing funds represents an innovative way of sharing funds with an immediate family member or loved ones. It makes sharing money with an immediate family member easier and more affordable.
The TransCash patent addressed a need to simplify the methodology for funds being moved to an immediate family member, example a father to his daughter, to assist in providing funds to children at school, or to a father working in one area of the country, with a child or spouse in another location.