Speedy Cheque

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This stored value card product incorporating debit point of sale purchase capability, automatic machine teller ("ATM") cash access, and money transfer feature can be sold and value loaded to the card at check out stations of Speedy Money Network Location retail businesses. Added value is IMMEDIATE. Cardholders may begin using the card immediately to make purchases (where debit cards are accepted), withdraw cash from ATM's, and transfer card values to other cards. Cardholders may use the card to purchase Long distence frome Speedy Tel our prepaid wireless airtime on Verizon, AT&T, and others. Retailers may incorporate additional service purchase capability with the card.

Basics of how Speedy Cheque works
Speedy Cheque processing incorporates real time connections to the electronic fund transfer networks. You know, the ones that process debit card and credit card purchase transactions and enable cardholders to withdraw cash from automated teller machines. These network identifiers on bank debit/ATM cards and credit cards are always printed on the back side of the card. They will look like this and it tells the cardholder where the card will be accepted.

In the diagram below:

Retailer accepts $100 cash for cardholder deposit.Enters the card deposit amount into the POS terminal which electronically sends this information to the Speedy Cheque processor to update card balance. In other words a new $100 is added to the cardholders card account. Retailer deposits the $100 into its commercial bank account.Processor by agreement with retailer "pulls" $100 from retailers bank account to cover the cardholder deposit. Cardholder then accesses and ATM for $50 cash. EFT network sends notice to Speedy Cheque processor to deduct $50 from the cardholder account. EFT network settles account with Speedy Cheque processor and collect $50 from Speedy Cheque bank to pay ATM.

Note: Cardholder pays fees for transactions which
are deducted from balance immediately and commission revenues are paid to retailer (and selling agents) immediately. Commission revenue is also processed via ACH electronic funds transfer.

Speedy Cheque cards may be upgradeable to Speedy Cheque Plus our Power Cheque Plus to incorporate Visa or MasterCard for signature based point of sale purchase ability.