Monday, October 15, 2007
Green Dot Inks Deal With Chase Paymentech
Monrovia, California-based Green Dot Corporation, a provider of prepaid debit cards which is venture backed by Sequoia Capital and the Tech Coast Angels, has inked an agreement with merchant payment services firm Chase Paymentech. Chase Paymentech said that it will offer its merchants the ability to accept cash transactions by accepting Green Dot's stored value MoneyPak products. Green Dot's payment cards allow users to load cash onto prepaid cards, and are sold at retail outlets and drugstores such as Wal-Mart, CVS, and Ralphs. Chase Paymentech is a joint venture of JPMorgan Chase and First Data Corp., and is a major provider of merchant services to retailers and e-commerce providers, processing credit card and debit transactions for those merchants.