With prepaid cards the data is maintained on the card issuer’s computers. There is no common name for stored-value cards, which are country or company specific. A vending machine sells farecards for the Washington Metro subway. The German Geldkarte and the Austrian Quick card can also be used to validate a customer’s age at cigarette vending machines. Typical applications of organization specific or industry specific prepaid card include payroll cards, rebate cards, gift cards, cafeteria cards and travel cards and U. Stored-value cards can save organizations a considerable amount of money if customers add a large sum of funds at one time to the card and then pay a lower transaction fee for each use of the card on smaller purchases. Closed system prepaid cards are cards issued by a merchant and may only be redeemed for purchases from the merchant.
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They are typically of fixed amounts and are commonly known as merchant gift cards or store cards. These cards are typically purchased to be used as gifts, and are increasingly replacing the traditional paper gift certificate. Generally, few if any laws govern these types of cards. Card issuers or sellers are not required to obtain a license. Closed system prepaid cards are not subject to the USA PATRIOT Act, as they generally cannot identify a customer.
As debts owed to consumers who purchased the card, these purchases remain on the books of a merchant as a liability rather than an asset. Presently, no law requires a merchant to provide refunds for lost or stolen cards. Whether a refund is possible is specified in an issuer’s cardholder agreement. In addition, most closed system cards cannot be redeemed for cash. When a cardholder redeems all but an insignificant portion of the card on merchandise, that amount is generally lost and is a windfall gain for the issuing merchant. Semi-closed system prepaid cards are similar to closed system prepaid cards. However, cardholders are permitted to redeem the cards at multiple merchants within a geographic area.
These types of cards are issued by a third party, rather than the retailer who accepts the card. Examples include university cards and mall gift cards. The laws governing these types of cards are unsettled. It is common for countries to place limits on how much currency may be taken out of or brought into a country.