SOURCE: Globalgroup Investment Holdings, Inc.
PLANO, TX--(Marketwire - Jul 12, 2012) - Globalgroup Investment Holdings (PINKSHEETS: GIHI), the nation's newest proprietary technology solutions provider for payment and collection services, announced today an agreement to integrate PayVault, an innovative payment solution from mFunds Global Payment Solutions, into its America's LayawayMalls (ALM) online merchandise layaway program.
Globalgroup will integrate PayVault to offer a virtual demand deposit account (DDA) for its consumers to pay for layaway purchases. The consumer then authorizes his/her employer to transfer a specific amount each pay period to the DDA. The amount is usually the exact amount needed to cover the payment for the online layaway item purchased by the consumer and Globalgroup will structure the specific withdrawals to coincide with the consumer's pay cycle.
The PayVault account, when in effect, becomes a 3-way account between Globalgroup, our customer, and the PayVault bank. Under agreement with the consumer, Globalgroup would be the only entity authorized to draw funds from the account, and the customer cannot otherwise spend the funds as they will not have a check book or debit card associated with the account. Conversely, if the customer chooses to cancel the order, any remaining funds (less a small cancellation fee) would be returned to the consumer via a branded prepaid debit card issued by the PayVault bank.
Fred Rackers, Globalgroup President, stated: "Globalgroup forecasts that PayVault will lift sales of merchandise by 25-30% due to its convenience and adoption rates attributed to our target audience -- the under-banked and unbanked consumer."
ALM will promote PayVault as the preferred method of payment realizing the following advantages:
- increase revenues and fulfilled orders due to payment convenience
- reduce collection expenses
- reduce fees for non-sufficient funds (NSF) transactions
- reduce chargeback fees
- reduce collection oriented customer service expenses
Consumer benefits will include:
- Automated payment capability
- Peace-of-mind that payments for desired merchandise are bank guaranteed
- User friendly and disciplined payment experience
- Simple payment method for unbanked and under-banked consumers
Don Barbacovi, CEO of mFunds Global, stated: "We are excited to be providing Globalgroup and their consumers with an easy, secure method to pay for their goods over time. The consumer never has to worry about their money as it will always be secure and only used for its intended purpose."
About Globalgroup Investment Holdings, Inc.
Through ALM, Globalgroup provides a viable online shopping alternative for fiscally challenged consumers by offering quality name brand products at affordable prices, regardless of household income, through credit alternatives and time-payment options. Globalgroup also offers technology solutions such as GlobalLOK™ that address the computer payment collection challenges associated with rent to own, pay as you go and no-credit-check computer markets, and in other industries where remote PCs and laptops are deployed.
mFunds Global Payment Solutions, based in Las Vegas, NV, was established to leverage the technology borne out of our wireless, SMS initiatives, and prepaid debit card experience. The mFunds' objective is to efficiently link people to their money through their mobile device as well as provide our business clients with creative payment solutions to solve their client-specific business requirements. mFunds provides the tools to meet the financial needs of those banked or unbanked, as its mobile money movement functionality can be used to conveniently send money to friends and family and provide people with safe avenues to securely purchase any product, anywhere, and anytime.
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