The main advantage that ITSYOMONY members gain by using our digital card surpasses the regulatory requirements set forth by the Consumer Protection Bureau for digital cards. The benefits our members will get are:
- Accurate real-time balance after every purchase or return. This allows our members the ability to know their balance before making that next purchase.
- Monthly eStatements. Our members eStatements will contain itemize transactions that posted against the digital card for accurate funds accountability.
- Captured eReceipts after every purchase or merchandise return to be stored in the member in-box on ITSYOMONY Digital Network. This will allow our members to effectively comply with participating retailers Merchandise Return Policy.
- Approved Authorization Indicator will be set upon enrollment. Our members will have the ability to change the setting from Approved Authorization to Stop Authorization. For those members who lost their mobile phone, this feature will allow for future purchases to be rejected at participating retailer locations until the indicator has been reset to Approve Authorization. This protects our members and participating retailers from fraudulent activities.
All eStatements and eReceipts will be accessible 24 hours a day, 7 days a week. Our members will know their true purchasing power without having to access any other system or wonder if outstanding payments had cleared.
SOCIALIZING FUNDS AMONGST INNER CIRCLE MEMBERS
Throughout the ITSYOMONY network, our member, in real-time, will be able to socialize funds with their linked Inner Circle Members. This gives our members increased purchasing power without having to access a branch or wait for clearance between two financial institutions
NO FEES (Peace of Mind)
There will be no check processing against the digital card. Nor will our members ever be charged a over-limit fee, non-sufficient funds fee or overdraft protection fee because our service does not allow for the customer to go past their card limit. All purchases or returns will be processed in the order they occur. Our members will have the peace of mind to know that ITSYOMONY processing will not re-arrange their posted purchases and show their card limit past the authorized amount.
SECURITY (Peace of Mind)
Another competitive advantage is security. Now that electronic cash will be loaded to a digital card, there will be a reduced need to carry hard currency. Because our processing model is proprietary and does not utilize the existing credit or debit processing model, our members will be insulated from credit card or debit card fraud. Lastly, in the event our members lose their mobile phone, by using a computer, our members will be able to change the default value from Approved Authorization to Stop Authorization. This will prevent future purchases from being authorized. This protects our participating retailers and members from fraudulent activities.