Tuesday, October 1, 2013
Prepaid primed for Obamacare
On Oct. 1, 2013, the Affordable Care Act, also called Obamacare, took effect with so-called online health care exchanges going live state-by-state. While many of the exchanges experienced technical problems that hindered individuals from signing up for government-run health care, Phoenix, Ariz.-based ISO CPNUSA.com touted prepaid cards as a viable payment option for when unbanked individuals remit payments to insurers and health care providers.
"Prepaid debit cards, now offered at places like Wal-Mart, can accept direct deposits from employers, Social Security, and state benefit plans," said CPN. "Because so many individuals do not have regular bank accounts, but have access to cards, ACA rules recently changed to allow payment through these channels. After October 1, 2013, many of these 'unbanked' individuals will be able to buy partially-subsidized health care through exchanges and some insurance offices."
CPN Digital Marketing Manager Patrick Hare added that implementation of Obamacare is an opportunity for prepaid card providers to offer their services to businesses in the healthcare industry. "Health insurance agencies and providers are discovering that prepaid debit card acceptance is now mandated, so they need affordable merchant accounts and equipment."
Editorial Note:
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.
