Evisions and EduCard, LLC, (a consortium of leading bank, processing and stored value card providers), announced the introduction of “IntelleCard”, a Visa-backed paperless payment solution that will use the Evisions IntelleCheck technology to place funds from Banner on Visa debit cards. EduCard, LLC ties together Visa and leading bank and card processors to provide a non-credit “stored value” paperless payment option that may be used like a debit card anywhere Visa is accepted.
Today there are 30 million+ merchants currently honoring these cards and over 17 million cards in circulation. For years, students have relied on checks that have to be cashed on-campus or through expensive cashing services, and direct deposit, which requires a bank account. Now, they can have immediate access to funds, via Visa card, without the need for a bank account. In addition, parents may transfer money onto the card as needed rather than risk extending credit to novice spenders. Money may be transferred off via ATM, to a bank, or used for paperless rent and other payments. Everything is tracked through the web. Colleges benefit by having an instant electronic payment method that provides many benefits to the student, rather than requiring bank accounts or sending students to expensive cashing services. Additionally, these institutions are fostering positive spending habits by avoiding credit and the associated risks. “It goes without saying that we are excited about EduCard LLC and the launch of IntelleCard,” said Kevin Jones, Evisions President. “ IntelleCard is another way for us to fulfill our mission of providing affordable, creative, solutions that, in turn, help clients meet their own organizational goals. Giving students and parents better access to the latest banking technology does just that.” According to Michael L. Mattos, VP of Electronic Banking, EduCard, LLC, “We are thrilled to introduce IntelleCard services to Evisions users.With Evisions technical resources and existing customer base combined with EduCards’ unique processing services, together we offer Higher Ed a unique solution.”