San Diego-based Global Payout Inc. (OTC: GOHE), a business-to-business program manager of electronic payment solutions, has signed an agreement with Payment Processing Alliance (PPA).
The contract is the first in a new and developing market niche for Global Payout and will provide fund disbursement options for PPA's customers that are in the payroll processing and e-commerce businesses.
The new contract will also enable PPA's customers to offer a broader range of disbursement options beyond traditional check, cash or wire transfer options once a recipient is ready to receive disbursement of funds.
PPA will provide their clients with a more inclusive option to their customers who prefer not to deposit disbursement monies into their bank account, or might not have a bank account, through Global Payout's prepaid debit card solution.
PPA is estimating fund disbursements to Global Payout's prepaid debit cards at approximately 3,000 per month. As a result, the full activation of these accounts and prepaid cards should generate significant transactional revenue to Global Payout in 2014, commencing in the second calendar quarter. The signed agreement calls for an expected delivery of 1,000 prepaid cards for initial rollout.