Prepaid2Cash was founded by two financial technology entrepreneurs in San Francisco. The founders frequently received rebate and award gift cards from buying goods online and could not find any way to redeem the cards for cash. After experiencing this consumer pain point first hand, they partnered with leading banking and payments institutions to offer a simple and fast service to help consumers redeem their unwanted prepaid cards and gift cards. The company and service came to be known as Prepaid2Cash, which was officially launched to the public in early 2016.
Prepaid2Cash is a quick and easy way for consumers to access their prepaid card and gift card funds. Customers can receive cash via direct deposit for most Visa, MasterCard, American Express and Discover branded prepaid card programs as well as branded gift cards such as Starbucks, Nordstrom, Best Buy and 100+ other popular retail brands. The Prepaid2Cash app is available in the iTunes App Store and Google Play, download it today!
Prepaid cards are broadly defined as any network branded (Visa, American Express, Mastercard or Discover) card that contains a stored balance. These cards are commonly referred to as “open-loop cards” because they can be used most places where the logo of the payment network is accepted. Most consumers are not aware of how large the prepaid card market in the US has grown—in 2017 there were over $325 billion issued on prepaid cards alone.
Common types of prepaid cards include: gift cards, which are most often found on supermarket shelves (e.g. Visa gift cards, Visa Vanilla, Vanilla One, American Express gift cards and MasterCard gift cards); rebate cards used by various companies to provide incentives to consumers (e.g. Sprint rebates, Verizon rebates and Comcast rebates); and payroll cards used to pay employees or provide them with incentive bonuses. These types of prepaid cards all come with different rules limiting where and how they can be used as well as what types of annual and monthly fees are associated with them.
Gift cards are plastic or electronic vouchers that can be used as an alternative to cash for purchases within a particular store or related businesses. Gift cards are one of the most popular gifting items in America for major holidays and are also used by retailers and marketers as part of a promotion strategies. Gift cards are generally redeemable only for purchases at the relevant retail premises and in some situations may be subject to an expiry date or fees.
Common types of gift cards include: Starbucks, Best Buy and Nordstrom, which are most often purchased directly from retailers or at supermarkets.
Most consumers are not aware of the risks and pitfalls associated with prepaid cards and gift cards. Most cards have hidden fees and heavily restrict how a card’s balance can be redeemed. Physical prepaid cards and gift cards also lack protection from loss or theft and are not directly linked to consumers in any way, unlike credit and debit cards. These issues contribute to the fact that most prepaid card and gift card owners never redeem the full balance of their card.
Prepaid2Cash provides consumers with a quick and secure solution to redeem their prepaid cards and gift cards to eliminate the fees and loss associated with their cards. Our service allows consumers to be able to spend their money when and how they want without having to worry about losing a card or paying excessive fees.
Prepaid2Cash partners with leading payments and banking institutions to offer consumers a simple and fast solution to redeeming their prepaid card or gift card value. To get started, download our mobile application from the iTunes App Store or Google Play, sign up, and start a new transaction. After verifying your card details and submitting your transaction, you can select to receive your direct deposit to your bank account the next business day or within 4-5 business days for prepaid cards.
The Prepaid2Cash app is compatible with iPhones running the latest iOS version and Android devices running the latest operating system. To get started, download the Prepaid2Cash app on your mobile device. To do so:
Once the Prepaid2Cash app has been successfully installed on your mobile phone. Follow the steps below to create a Prepaid2Cash account:
Once you have completed the sign-up process you will be brought to the user dashboard. This is the main hub for all your transaction activity. In the top left-hand corner is the universal menu where you can view your transaction history, edit your profile, and access help. In the top right-hand corner is the notifications bell that will signal you to view all notifications related to your existing transactions. At the bottom of your screen is the New Transaction button which will prompt you to select the your card type (“Prepaid Card” or “Gift Card”) and begin your new transaction.
To start a transaction, click on the New Transaction button on the bottom of the user dashboard. This will prompt the choose card type screen, click on Prepaid Card and the Prepaid2Cash card scanner that uses your mobiles devices camera to scan your prepaid card will appear. Place your prepaid card within the green box so that a green rectangle forms around your card. Steadily hold your card within the green box for at least 5 seconds to complete the card scan. For best results, attempt to scan your prepaid card in good lighting.
You can select from the following delivery options:
Settlement times can vary depending on how quickly a transaction is approved by our system. If your transaction is flagged for review, approval can take up to 24 hours. The majority of transactions are approved within minutes and will settle based on the estimated delivery given during the transaction process. For more details see our Pricing Page.
Once you are logged into the Prepaid2Cash app you can connect your bank account by two ways 1) logging into your bank account with your personal online credentials or 2) manually entering your routing number and bank account number. As a new user you will automatically be prompted to connect your account during your first transaction if you select the Next Business Day or 4-5 Business Day delivery options.
To start a transaction, click on the New Transaction button on the bottom of the user dashboard and select Gift Card as your card type. This will prompt a screen that will ask you to enter your gift card details. Begin by selecting the gift card merchant (eg. Starbucks or Best Buy) from our list of available gift card programs and then enter the corresponding gift card number and PIN. Once your card information is entered we require a valid U.S. issued identification number (eg. driver license number) to be entered to complete the transaction process.
Once you submit your gift card information, you will be prompted to select or enter your address for where you would like a mailed check to be sent. Prepaid2Cash’s partners will only send mailed checks for gift card purchases to a valid U.S. mailing address.
You can receive up to 92% of the gift card’s value, but the actual exchange rate varies by the brand of the gift card. Once we have verified the balance on your card, we will present you with an offer. Once the offer has been made, there is no commitment to accept the offer, and you can cancel your transaction in the mobile app.
After you successfully accept an offer for your gift card, you will receive a check in the mail typically within in 5-7 business days.
There is a minimum transaction limit of $20.00 for prepaid cards and $25.00 for gift cards. The maximum daily transaction limit per user is $500 for prepaid cards and up to $1000.00 for gift cards.
Prepaid cards have a toll-free number and/or website located on the back of the card where you can check the balance by calling or going online. It is important to note that you must know your prepaid card balance before submitting a transaction.
We accept most MasterCard, Visa, American Express and Discover network branded prepaid cards, and are adding new prepaid card programs every day. Common types of prepaid cards Prepaid2Cash accepts include gift cards, most commonly found on supermarket shelves (e.g. Visa gift cards, Visa Vanilla, Vanilla One, American Express gift cards and MasterCard gift cards), rebate cards used by various companies to provide incentives to consumers (e.g. Sprint rebates, Verizon rebates, and Comcast rebates) and payroll cards.
We accept physical gift cards, electronic gift cards and store credits from many of the most popular retailers (eg. Starbucks, Best Buy). The balance on the gift card must be between $25.00 and $1000.00 and there cannot be any restrictions on the cards.
We do not accept registered cards, non-transferable cards, promotional cards, paper cards, cards with dormancy fees, or merchandise credits with expiration dates.
No, Prepaid2Cash does not currently accept prepaid phone cards because the stored value is related to minutes and not cash. At this time, Prepaid2Cash accepts “open loop” prepaid cards which contain a network branded logo (Visa, American Express or MasterCard) or “closed loop” gift cards from our list of available gift card merchants in the mobile app.
To start a transaction, click on the New Transaction button on the bottom of the user dashboard. This will prompt a screen asking you to select a card type, please select Prepaid Card for cards that have a Visa, Amex or MasterCard logo or Gift Card for popular branded gift cards that correspond to a specific retailer (eg. Starbucks or Best Buy).
If your prepaid card is not scanning consistently, try to find an area with good lighting and start a new transaction. Hold your prepaid card in front of the scanner and complete the green box around your card for 5 seconds. If your card cannot be scanned, you should be prompted to manually enter your prepaid card information. If you have any additional questions or issues related to scanning your prepaid card, reach out to our support team at firstname.lastname@example.org.
Congratulations! Your funds are on the way. Once your transaction is approved you can expect to see settlement into your bank account or recieve a check in the mail within estimated timeframe provided within the application. If you have any questions or your transaction is taking longer than expected please don’t hesitate to reach out to our support team at email@example.com.
A transaction with a pending status is waiting to be reviewed by our team. Don’t worry, our team is on it and the transaction status should be updated within 24 hours. You may see this status if you are a new customer or your transaction needs additional verification. If your transaction needs additional verification you will be contacted by our support team.
A transaction with a rejected status has not been accepted by our support team. There are variety of reasons transactions are rejected by our team, but we are not able to disclose the specific rationale for any individual transaction.
Yes, once your transaction has been approved it will have an estimated delivery date associated with it. You can view this estimated date of delivery by clicking on the transaction detail via notifications, recent transactions or transaction history. Keep in mind this is an estimated date—we send the funds as fast as our bank or post office allows, depending on your transaction type.
At this time Prepaid2Cash can only send money via direct deposit and mailed check. Our team is working to provide additional distribution options and will announce these as they become available.
At this time, we only serve customers who reside in the United States and we cannot accept international transactions.
Prepaid2Cash has been operating for over two years and has successfully helped our customers redeem millions of dollars prepaid cards and gift cards. We work diligently to provide our customers with the best service possible.
Prepaid2Cash is the lowest cost and fastest delivery option possible for obtaining cash for your prepaid cards. Pricing is based on how fast you would like your funds delivered, see below for our current delivery options and their respective price:
For more details see our Pricing Page.
You can get up to 92% of the gift card’s value, though the exchange rate varies by brand. Once we have verified the balance on your card, we will present you with an offer. Once the offer has been made, there is no commitment to accept and you can cancel your transaction on the transaction review screen in the mobile app.
We partner with leading payments and banking institutions to ensure all transactions are delivered in a secure environment and meet all information security requirements of the Payment Card Industry Data Security Standard (PCI DSS). Privacy is our priority. We don't share your personal information with any advertisers.
Our team is available to answer your questions and listen to your feedback. Please feel free to e-mail our team at support@prepaid2cash and they will respond within 24 to 48 hours, or call our toll-free number (800) 653-4920 between the hours of 9:00AM and 5:00PM (Pacific Time) Monday through Friday. Due to demand, our team may not always be available by phone but please leave a voice message with your name, phone number and a summary of your issue or request.