Praxell is a Prepaid Debit Card Program Manager based in New York City. It is one of a group of prepaid debit card providers which offer service in partnership with Ingo Money. Praxell provides prepaid debit card services to different financial institutions and employers.
Founded in 1999, Praxell is headquartered in New York City, has R&D facilities in Israel, and sales offices in North and South America, Europe, and Asia. Its platform is quick and integrated with credit card and ATM networks, payment processors, POS networks, and retail systems around the world. It has two card solution: Prepaid debit card Solution and Closed Loop Card Solution for benefiting two different type of segment.
Prepaid Debit Card Solution: Praxell provides Progreso Prepaid MasterCard, a prepaid debit card solution. It is distributed nationwide through different retail outlets (convenience stores, check cashers, and self-service kiosks) and also offered by online merchants.
Closed Loop Card Solutions: This product has been used since 2001, by consumers worldwide which includes customers like Les Galeries Lafayette, Toys'R'Us and Office Depot. It enables retailers to implement a range of card and marketing programs that reward and direct consumer behavior. Its different services are as:
- Gift Card: It is based on a unique web-based merchant services portal which enables card issuers to manage and track their gift card program down to the card. Praxell gift card programs acts as both a gift card, as well as a reward or loyalty card. It allows one to reward their customers by purchases and accrue currencies, products, or giveaways for future redemption.
- Loyalty Card: It enables retailers to reward customer loyalty in real-time with cash, points, or discounts. It also helps in tracking purchase information for the use of future marketing campaigns.
- Merchandise credits (refund cards): These are similar to the gift cards in which a value is stored in the account for later use. Praxell tracks these cards separately from gift cards, making it clean, simple and up-to-date accounting of outstanding liabilities.
- Reward and Promotion: It provides incentives to customers of the retailer or any business to keep them coming back. Praxell uses their business logic and promotions generator and tailor a custom rewards program for the retailer’s business, such as ‘10% cash back’, ‘buy 10 get one free’, ‘an instant 15% off your next purchase’.
It also produces standard reports for retailers and their customers. Standard reports include: Periodic (daily, weekly, monthly) summaries, individual transactions over a variable date range, outstanding liabilities, store-location and franchise reports. Custom reports are also available.
Praxell's Program Management Platform provides retailers, ISOs, processors, and banks with fully PCI compliant card issuance, loading, reporting, and risk management.
It also offers:
- Program specific business rules.
- XML-base access to all functions and business rules (API).
- Real-time and hierarchical transaction, risk management, and load account reports.
- Data warehouse.
- Multiple channels - Integrated POS, terminal based devices, Internet, kiosk, vending machine.
- A complete hierarchy for risk management and reporting Program Manager.
In April 2013, Praxell integrated Spyke Network into its solutions to provide its Prepaid Reloadable Debit Card Program Management to Clients with enhanced services for their cardholders. This Enhanced Check-to-Card Service will use Remote Capture via a mobile app which can be downloaded to the cardholders’ smartphone. Praxell has developed this app to brand each program they manage.
Once the cardholder takes a picture of the check they wish to load to their prepaid card, the app will give them the number of options of how quickly they would like the funds to be available once the check has been approved. The fee for this service will be dependent on the option the cardholder has chosen and type of check. This service is aimed at the nations under banked consumers who were not able to get services like these in the past. These cardholders need the option to easily load irreversible funds from their checks to their prepaid cards so that they can quickly use other services such as bill pay, or money transfer.
“At Praxell, we know our clients want to give their cardholders the very best in service and the latest in technology. We feel that by adding the ability to have Remote Deposit for Checks and the option of Early Fund Availability, we are providing a great service to cardholders which makes our programs very attractive to Program Managers,” said Moshe Golomb, Praxell’s CEO & President.
Recently, Praxell had teamed up with Arroweye Solutions (Card marketing and production) and ABnote (American Banknote corporation) to launch an identification and banking card as a solution for the unbanked community. You can read also Lets Talk Payments interview with Arroweye CEO Render Dahiya.