Prepaid2Cash was founded in 2011 by two financial technology entrepreneurs in San Francisco. The founders frequently received rebate and award gift cards from buying goods online and could not find any way to redeem the cards for cash. After experiencing this consumer pain point first hand, they partnered with leading banking and payments institutions to offer a simple and fast service to help consumers redeem their unwanted prepaid cards. The company and service came to be known as Prepaid2Cash, which was officially launched to the public in early 2016.
Prepaid2Cash is a quick and easy way for consumers to access their prepaid card funds. Customers can receive cash via direct deposit for most Visa, MasterCard, American Express and Discover branded prepaid card programs. The Prepaid2Cash app is available in the iTunes App Store and Google Play, download it today!
Prepaid cards are broadly defined as any network branded (Visa, American Express, Mastercard or Discover) card that contains a stored balance. These cards are commonly referred to as “open-loop cards” because they can be used most places where the logo of the payment network is accepted. Most consumers are not aware of how large the prepaid card market in the US has grown—in 2015 there were over $300 billion issued on prepaid cards alone.
Common types of prepaid cards include: gift cards, which are most often found on supermarket shelves (e.g. Visa gift cards, Visa Vanilla, Vanilla One, American Express gift cards and MasterCard gift cards); rebate cards used by various companies to provide incentives to consumers (e.g. Sprint rebates, Verizon rebates and Comcast rebates); and payroll cards used to pay employees or provide them with incentive bonuses. These types of prepaid cards all come with different rules limiting where and how they can be used as well as what types of annual and monthly fees are associated with them.
Most consumers are not aware of the risks and pitfalls associated with prepaid cards. Most prepaid cards have hidden fees and heavily restrict how a card’s balance can be redeemed. Physical cards also lack protection from loss or theft and are not directly linked to consumers in any way, unlike credit and debit cards. These issues contribute to the fact that most prepaid card owners never redeem the full balance of their card.
Prepaid2Cash provides consumers with a quick and secure solution to redeem their prepaid cards and eliminate the fees and loss associated with their prepaid cards. We want consumers to be able to spend their money when and how they want without having to worry about losing a card or paying excessive fees.
Prepaid2Cash partners with leading payments and banking institutions to offer consumers a simple and fast solution to redeeming their prepaid card value. To get started, download our mobile application from the iTunes App Store or Google Play, sign up, and start a new transaction. After verifying your card details and submitting your transaction you should receive a direct deposit in as fast as 2-3 business days.
The Prepaid2Cash app is compatible with iPhones running the latest iOS version and Android devices running the latest operating system. To get started, download the Prepaid2Cash app on your mobile device. To do so:
Once the Prepaid2Cash app has been successfully installed on your mobile phone. Follow the steps below to create a Prepaid2Cash account:
Once you have completed the sign-up process you will be brought to the user dashboard. This is the main hub for all your transaction activity. In the top left-hand corner is the universal menu where you can view your transaction history, edit your profile, and access help. In the top right-hand corner is the notifications bell that will signal you to view all notifications related to your existing transactions. At the bottom of your screen is the New Transaction button which will prompt the card scanner and allow you to start a new transaction.
To start a transaction, click on the New Transaction button on the bottom of the user dashboard. This will prompt the Prepaid2Cash card scanner that uses your mobiles devices camera to scan your prepaid card. Place your prepaid card within the green box and try complete the green guides so that a green rectangle forms around your card. Steadily hold your card within the green box for at least 5 seconds to complete the card scan. For best results, attempt to scan your prepaid card in good lighting.
Once you are logged into the Prepaid2Cash app you can connect your bank account by two ways 1) logging into your bank account with your personal online credentials or 2) manually entering your routing number and bank account number. As a new user you will automatically be prompted to connect your account during your first transaction, if you would like to enter you bank information manually close out of this process by clicking the “x” in the top right and you will be able to enter your routing number and bank account number manually.
Funds are sent electronically via direct deposit to your bank account, this process takes approximately 2-3 business days depending on bank’s policies.
There is a minimum transaction limit of $20.00, you must have at least $20.00 on your prepaid card in order to use our services. The maximum daily transaction limit per user is $500.
Prepaid cards have a toll-free number and/or website located on the back of the card where you can check the balance by calling or going online. It is important to note that you must know your prepaid card balance before submitting a transaction.
We accept most MasterCard, Visa, American Express and Discover network branded prepaid cards, and are adding new prepaid card programs every day. Common types of prepaid cards Prepaid2Cash accepts include gift cards, most commonly found on supermarket shelves (e.g. Visa gift cards, Visa Vanilla, Vanilla One, American Express gift cards and MasterCard gift cards), rebate cards used by various companies to provide incentives to consumers (e.g. Sprint rebates, Verizon rebates, and Comcast rebates) and payroll cards.
No, Prepaid2Cash only accepts “open-loop” prepaid cards which bear a network branded logo (Visa, American Express or MasterCard).
No, Prepaid2Cash does not currently accept prepaid phone cards because the stored value is related to minutes and not cash. At this time, Prepaid2Cash only accepts “open loop” prepaid cards which contain a network branded logo (Visa, American Express or MasterCard).
To start a transaction, click on the New Transaction button on the bottom of the user dashboard. This will prompt the Prepaid2Cash card scanner that uses your mobile device’s camera to scan your prepaid card. Place your prepaid card within the green corners and try to complete the green guides so that a green rectangle forms around your card. Hold your card within the green box for 5 seconds to complete the card scan.
If your card is not scanning consistently, try to find an area with good lighting and start a new transaction. Hold your card in front of the scanner and complete the green box around your card for 5 seconds. If your card cannot be scanned, you should be prompted to manually enter your card information. If you have any additional questions or issues related to scanning your prepaid card, reach out to our support team at email@example.com.
Congratulations! Your funds are on the way. Once your transaction is approved you can expect to see settlement into your bank account within 2-3 business days.
A transaction with a pending status is waiting to be reviewed by our team. Don’t worry, our team is on it and the transaction status should be updated within 24 hours. You may see this status if you are a new customer or your transaction needs additional verification. If your transaction needs additional verification you will be contacted by our support team.
A transaction with a rejected status has not been accepted by our support team. There are variety of reasons transactions are rejected by our team, but we are not able to disclose the specific rationale for any individual transaction.
Yes, once your transaction has been approved it will have an estimated delivery date associated with it. You can view this estimated date of delivery by clicking on the transaction detail via notifications, recent transactions or transaction history. Keep in mind this is an estimated date—we send the funds as fast as our bank allows but a user’s bank decides the exact time the settlement shows in an individual’s account. The settlement time can vary from bank to bank.
At this time Prepaid2Cash can only send money via direct deposit. Our team is working to provide additional distribution options and will announce these as they become available.
At this time, we only serve customers who reside in the United States and we cannot accept transactions from customers who either reside, wish to have their payment sent to, or wish to send money to a bank that is located exclusively within the states of: Arkansas, Florida, Hawaii, Illinois, Kentucky, Maine, Mississippi, Ohio, Rhode Island, Tennessee, Vermont, West Virginia and Wisconsin. We are working on adding these states as soon as possible.
Prepaid2Cash has been operating for over two years and has successfully helped our customers redeem over 5,000 prepaid cards. We have an A+ rating with the Better Business Bureau and work diligently to provide our customers with the best service possible.
Prepaid2Cash charges 7.5% plus a $1.50 delivery fee for each transaction. Prepaid2Cash is the lowest cost and fastest delivery option possible for obtaining cash for your prepaid cards. We are working hard every day to improve our services and offer the most competitive pricing available to our customers.
We partner with Bank of America to ensure all transactions are delivered in a secure environment and meet all information security requirements of the Payment Card Industry Data Security Standard (PCI DSS). Privacy is our priority. We don't share your personal information with any advertisers.
Our team is available to answer your questions and listen to your feedback. Please feel free to e-mail our team at support@prepaid2cash and they will respond within 24 to 48 hours, or call our toll-free number (800) 653-4920 between the hours of 9:00AM and 5:00PM (Pacific Time) Monday through Friday. Due to demand, our team may not always be available by phone but please leave a voice message with your name, phone number and a summary of your issue or request.