CRISP ReMIT
tm
community based financial services
Substantial numbers of USA households lack access to basic financial efficiencies
that the majority of Americans take for granted. Approximately 40% of
USA households are without credit cards, 25% without checking accounts.
These numbers are concentrated among immigrant and inner city communities,
and among the disadvantaged.
Individual households are not the only party inconvenienced by this lack of access. Utility companies are inconvenienced by processing cashiers checks and money orders which have higher associated error rates and costs than personal checks; and, often set-up cash payment points-of-presence. Their call centers must overcome language barriers and field inquiries regarding alternative payment forms and locations. They risk losing goodwill by inadvertently cutting off critical services to disadvantaged and handicapped individuals who may not be able to use checks or credit cards. CRISP ReMIT can help.
ReMIT lets merchants — supermarkets, convenience stores, and neighborhood grocers — serve as alternative payment points-of-presence for utility companies and others. Small merchant users of CRISP-sm— many offering money orders and payroll check cashing services — are concentrated in the very neighborhoods most in need of the service. Merchants are motivated by the potential for increased traffic, and by a small handling fee.
Utility companies receive a highly efficient and secure alternative payment form. Participating merchants are already adept at handling similar services and numerous payment forms, and can help publicize the service. Many informally translate notices and interpret local regulations and customs for repeat customers. Utilities receive goodwill and political rewards in reaching out to communities.
ReMIT transactions are handled with Debit Card-like security. ReMIT transactions are integrated into merchants’ CRISP point-of-sale/enterprise systems so that errors and transpositions are automatically reconciled at day close. Participating merchants may be audited remotely for compliance. And, the service can be cosponsored by a merchant’s depository bank.
