SAN DIEGO, Nov. 21, 2014 /PRNewswire/ -- Global Payout, Inc. (OTC Pink: GOHE), an emerging leader in international payment solutions, announced today a contract to provide Pickering, Williams & Magee Tax Prep and Financial Consultants (PWM) with its state-of-the-art tax refund solution. The contract calls for an application specific version of Global Payout's Consolidated Payment Gateway (CPG) that is designed for use by ERO's (Electronic Return Originators). The CPG ERO solution facilitates the expedited and more convenient disbursement of tax refund payments to tax clients, along with the simultaneous payment of tax preparer fees. Under the terms of the contract, the CPG will integrate with PWM's tax accounting software to process refunds, issue MoneyTrac® Prepaid Debit Cards to the refund recipient, collect tax preparer fees, and, ultimately, transfer preparation fees to PWM's bank account. The contract also includes an immediate order for MoneyTrac Prepaid Debit Cards that will be issued by PWM to their tax clients, and then loaded electronically by the IRS.
James D. Magee, principal of Pickering, Williams & Magee, commented, "Global Payout's tax refund solution, with its instant issue prepaid card, will be an outstanding marketing tool for PWM and our ERO's; and, the payment gateway will allow us to collect and disburse funds more quickly and conveniently."
ERO's are tax preparers authorized by the Internal Revenue Service to prepare and transmit tax returns electronically, using approved software, on behalf of individuals and companies. ERO's are also authorized to enter the method of payment recipient's prefer to receive their refunds. Global Payout's tax refund solution was designed specifically to help ERO's simplify the tax refund process by designating the payment of refunds directly onto a reloadable debit card. In 2013, approximately 120 million people filed tax returns electronically, and nearly 75% of all tax returns filed that year received a tax refund. The CPG ERO solution is targeting the millions of taxpayers and tax preparers who would prefer an instant issue debit card to handle tax refunds.
"We are pleased to work with firms like Pickering, Williams & Magee. There are thousands of other EROs across the U.S. serving millions of taxpayers, and we intend to make our tax refund solution available to all of them, especially those with significant percentages of unbanked and under-banked tax filers," stated Jim Hancock, CEO of Global Payout. "With the number of unbanked and under-banked Americans reaching record highs, we expect this solution to be ideal for a growing number of EROs."
Global Payout's refund payment solution benefits the taxpayer by immediately depositing refunds from the IRS onto the tax filer's prepaid debit card without any delay. The tax filer does not have to pay the tax return preparation service fee until receiving their refund from the IRS. Benefits to the tax preparer include the swift, electronic payment of tax preparation service fees, which are credited to the ERO's account through the Consolidated Payment Gateway. The ERO has the option of immediately transferring those funds to their checking or savings bank account through ACH, or the funds can be accumulated in an eWallet or online account for transfer at a later time.
This immediate and simple refund payment mechanism will help EROs grow and retain their tax filer client base while also providing a new marketing channel to attract tax filers that would prefer to receive an electronic payment on a debit card instead of a check in the mail. With nearly one-third of the U.S. population either unbanked or under-banked, prepaid debit cards have become an increasingly popular method for taxpayers to receive their refunds. EROs that can access Global Payout's electronic refund program, using both prepaid cards and the Consolidated Payment Gateway, will have a competitive advantage over firms who use other methods.
Pickering, Williams & Magee Tax Prep and Financial Consultants are a professional, full service, high-quality provider of tax preparation and financial services solutions. The firm's services include tax preparation, financial counseling, credit report analysis and repair, account management, account auditing, and business startup services.
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include MoneyTrac®, the company's Consolidated Payment Platform (CPG), domestic and international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, and merchant processing services. The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked, under-banked and unhappily banked adults in the U.S. and the estimated 2.5 billion around the world.
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Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
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