Moneymakers: John Chaney And PreCash
David Kaplan profiles PreCash CEO John Chaney for the Houston Chronicle. PreCash is a Houston-based company that offers a variety of payment options serving immigrants and other consumers who do not have bank accounts.
PreCash is basically a money-transfer product with four components:
- A bill-pay product in which a consumer pays the amount of the bill in cash to a retailer at one of 32,000 retail locations, and the retailer then swipes the consumer's card, which instantly pays the bill. Participating retailers include Wal-Mart, RadioShack and several wireless providers and local independent retailers.
- A prepaid service that allows a consumer to pay in advance to buy wireless telephone airtime and other services as needed.
- A stored-value credit card, which allows the consumer to make purchases where Mastercard and Visa are accepted. The buying power of the card can be reloaded at participating PreCash retailers.
- A soon-to-be-launched system allowing consumers to send money to loved ones in other countries. The system will cost less than traditional methods of wiring money, Chaney said.
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