Minneapolis is the county seat of Hennepin County and the larger of the Twin Cities, the 16th-largest metropolitan area in the United States. As of 2018, Minneapolis is the largest city in the state of Minnesota and 46th-largest in the United States, with an estimated population of 425,403. The Twin Cities metropolitan area consists of Minneapolis, its neighbor Saint Paul and suburbs which altogether contain about 3.63 million people, and is the third-largest economic center in the Midwest.
A community currency is a type of complementary currency that is used by groups with a common bond, like members of a locality, or association, and designed to meet their needs. A community currency may be geography-based, making it a type of local currency, or it may be used within a business-based, or online community.
A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money is immediately transferred directly from the cardholder's bank account when performing any transaction.
The program is a collaboration between local residents, non-profit organizations (NPO), businesses, and the local government to invigorate the local economy and community.
Residents pay an application fee of ten dollars, and when they volunteer at a participating NPO, earn ten community service dollars (C$D) per hour, which is credited to their card.
Participating stores agree to contribute 5 to 20% of the price of a purchase. If a member makes a purchase, the store unconditionally refunds 40% of its commitment to the member; another 40% is refunded if community service dollars are used, and contributed to NPOs if not. The remaining 20% is contributed to NPOs in the program. In addition, a fee of 25 cents is charged for each card use. Community service dollars must be spent within 180 days or be automatically contributed to NPOs.
As of August 1999, participants included 2,100 individuals, 43 NPOs, and 70 businesses.
The HERO card is a patented invention. The invention was carried to a business plan by Gary Austin of Atlanta, Georgia in 1991 through the late 1990s.
The HERO card is a tool for consumers to create savings and wealth by depositing cash rebates into a private account in the name of the card holder. HERO cards were to be distributed free to all credit card holders and even those who preferred cash purchases. When a purchase was made by the consumer (either credit cards, debit or cash), a rebate would have been deposited into the HERO account for accrual and interest. The exciting concept was that rebates would be available to even cash purchasing consumers and not just credit card users, and the card did not require a credit check to distribute, as it was a "deposit" reward card, and not a credit purchase card.
The HERO card idea was pitched to all the major credit card companies, which initially were excited by the idea, but did not buy into the plan (though some are now offering similar "savings reward" cards now in 2006) see: Money Central Article
Startup stock offerings reached into the millions of dollars for HEROcard, but the company eventually closed its doors after a local card launch in Atlanta did not garner the critical mass to sustain itself.
A stored-value card (SVC) is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card. Like cash, payment cards can be used anonymously as the person holding the card can use the funds. They are an electronic development of token coins and are typically used in low value payment systems or where network access is difficult or expensive to implement, such as parking machines, public transport systems, closed payment systems in locations such as ships or within companies.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms they are considered as cash.
A traveler's cheque is a medium of exchange that can be used in place of hard currency. They can be denominated in one of a number of major world currencies and are preprinted, fixed-amount cheques designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.
Upromise is a company in the United States that provides a loyalty program of the same name, where members accrue credits on eligible purchases that are directed to a college savings plans or to pay down student loans. The company has been owned by Sallie Mae since 2006 and is headquartered in Newton, Massachusetts.
Chargeback is a return of money to a payer.
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic funds transfer and access automated teller machines (ATMs). Such cards are known by a variety of names including bank cards, ATM cards, MAC, client cards, key cards or cash cards.
An ATM card is a payment card or dedicated payment card issued by a financial institution which enables a customer to access automated teller machines (ATMs). ATM cards are payment card size and style plastic cards with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC, client card, key card or cash card, among others. Most payment cards, such as debit and credit cards can also function as ATM cards, although ATM-only cards are also available. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a POS transaction, usually attracting interest charges from the date of the cash withdrawal. Interbank networks allow the use of ATM cards at ATMs of private operators and financial institutions other than those of the institution that issued the cards.
Debit card cashback is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card and the customer receives that amount in cash along with the purchase. Debit card cashback is offered either by various banks only to some card holders or by companies like VISA, Mastercard or American Express. For example, a customer purchasing $18.99 worth of goods at a supermarket might ask for twenty dollars cashback. They would pay a total of $38.99 with their debit card and receive $20 in cash along with their goods.
A cashback reward program is an incentive program operated by credit card companies where a percentage of the amount spent is paid back to the card holder. Many credit card issuers, particularly those in the United Kingdom and United States, run programs to encourage use of the card where the card holder is given points, frequent flyer miles or a monetary amount. This last benefit, a monetary amount, is usually known as cashback or cash back reward.
ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users.
The Green Dot Corporation is an American financial technology and bank holding company headquartered in Pasadena, California. It is the world's largest prepaid debit card company by market capitalization. Green Dot is also a payments platform company and is the technology platform used by Apple Pay Cash, Uber, and Intuit. The company was founded in 1999 by Steve Streit as a prepaid debit card for teenagers to shop online. In 2001, the company pivoted to serving the "unbanked" and "underbanked" communities. In 2010, Green Dot Corporation went public with a valuation of $2 billion. Since its inception, Green Dot has acquired a number of companies in the mobile, financial, and tax industries including Loopt, AccountNow, AchieveCard, UniRush, and TPG.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges. The card issuer creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
A decoupled debit card is a debit card in the US that is not issued by, and not tied to, any particular retail financial institution, such as a bank or credit union. This is based on the ability in the US ACH Network payment system to make an electronic payment from any bank or credit union without needing to use a card issued by the bank or credit union. A third party, such as a retailer, can create a decoupled debit card which will use this system to make a payment from the customer's checking account. They may do this as part of a loyalty scheme or to reduce their own debit card processing costs.
A rebate card is a debit card that provides funds promised by a business as a rebate. They are often offered to those who make a specific purchase, or for loyalty to a company by accumulating a certain amount of money or number of points worth of purchases from a particular company.
Alternative payments refers to payment methods that are used as an alternative to credit card payments. Most alternative payment methods address a domestic economy or have been specifically developed for electronic commerce and the payment systems are generally supported and operated by local banks. Each alternative payment method has its own unique application and settlement process, language and currency support, and is a Hugh Janus
Kasasa Ltd. is a wholesale financial services company headquartered in Austin, Texas. Kasasa sells branded, community-powered products designed to drive profit and growth for community financial institutions. Kasasa also supports community banks and credit unions by providing them with marketing, consulting, and web-based solutions in order to market their products more effectively.
Card transaction data is financial data generally collected through the transfer of funds between a card holder's account and a business's account. It consists of the use of either a debit card or a credit card to generate data on the transfer for the purchase of goods or services. Transaction data describes an action composed of events in which master data participates. Transaction focuses on the price, discount and method of payment interaction between the customer and the organization. They are based on volatility as each transaction data changes every time a purchase is made, one time it could be $10, the next $55. Since debit and credit cards are commonly used to pay for goods and services, they represent a strong percentage of the consumption expenditure in the country.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
