What is FastCash? |
 |
| FastCash is a secure transaction processing platform developed by i2c. FastCash is the foundation on which i2c’s POSA and electronic recharge, or electronic distribution of prepaid and financial services, runs. |
| |
| What prepaid products and services does FastCash support? |
|
| FastCash supports links to providers of telecommunications products, prepaid debit and other financial products, electronic gift certificates and loyalty/rewards services. |
| |
| What terminals can FastCash be used on? |
|
| FastCash can be ported to a number of POS devices, including industry leaders VeriFone, Lipman, and Hypercom. Models currently supported include: |
|
 |
VeriFone Omni 3750 and Omni 3200 |
|
Lipman Nurit 2085 |
|
Hypercom ICE |
| |
|
| Can FastCash be used on a payment terminal currently in use at a merchant location? |
|
| Technically, yes; realistically, no. Most terminals currently in use are not multi-application devices. Additionally, because of security issues dealing with payment processing devices, terminals currently in use at merchant locations have gone through a certification process. Any change made to these terminals requires re-certification, which is time-consuming and costly. The VeriFone Omni 3750 terminal offers an alternative solution. Because of the multi-application environment of the Omni 3750, FastCash can be seamlessly integrated, allowing merchants to provide electronic recharge as well as the e-distribution of other prepaid products and services. |
| |
| What is POSA? |
|
| POSA, or point of sale activation, delivers prepaid products electronically, allowing real-time sales and comprehensive tracking of all related sales data at all levels of business. POSA eliminates the need for retail locations to carry inventory and greatly reduces the possibility of theft of live products. |
| |
| How does electronic distribution work? |
|
FastCash terminals retrieve encrypted PINs and activation codes in one of three ways: (1) directly from prepaid wireless and other suppliers of prepaid services during host-to-host connections, (2) from databases at i2c data centers, (3) in some cases directly from a location resident in the terminal.
In the retail environment, consumers simply select a product from POS signage or displays and make the appropriate payment to the clerk who then selects the product from the terminal. At the completion of the transaction, the terminal prints the PIN and other pertinent information on the consumer’s receipt. Within moments of purchase the consumer can use the purchased product or service. |
| |
| How are proceeds from the sale collected and distributed? |
|
| Proceeds from the sale of all services are electronically collected from the retailer and dispersed to the supplier or service provider on a daily or weekly basis through an Electronic Funds Transfer (EFT) format known as Automated Clearing House (ACH). When the ACH transaction takes place, the retailer’s account is debited for all sales that occurred during a set period, less the retailer’s commissions. The debited funds are automatically routed to i2c, who disperses the appropriate funds to the distributor and/or service provider, as appropriate. |
| |
| How are new prepaid products and services added or removed at the POS? |
|
| With i2c’s innovative POSA functionality, FastCash prepaid products are dynamically added to or removed from point-of-sale devices. This gives retailers freedom from concern about stocking and replenishing products, letting them do what they do best – running their business. |
| |
| How is the possibility of employee theft eliminated? |
|
| Retail employees are assigned unique user identifications and passwords that are required in order to access the POS device. Audit trails are created during each shift (or batch) that provide details of all sales activity by date, time, shift and employee. This audit trail provides a monitoring system that virtually eliminates employee theft. |
| |
| Do retailers and distributors have access to reports and sales activity? |
|
| Absolutely. Retailers and distributors – and anyone else in the business chain – have 24/7 online access to reports that show real-time sales activity. Access is tiered and password-protected, so that sales activity is limited to role-specific views for retailers, distributors, ISOs, carriers, etc. |
| |
