EazyPay Card – How It Works
How The EazyPay Card Works
During the application process of any benefit program, approved applicants will be issued an EazyPay Card account automatically. Based on the applicant’s eligibility for benefits and amounts the EazyPay Card will be authorized for approved products or services and for the qualified amounts.
Applicants
Point of Sale
Benefit recipients, or applicants, experience a streamlined experience at participating vendor points of sale. With all recipient and vendor verification and paperwork completed ahead of time, the recipient begins the closed benefits transaction process by presenting the EazyPay Card to the vendor.
The vendor’s agent, whether a cashier or customer service representative, uses the Recipient’s card to pull up their record and scans the purchases to verify which items are pre-authorized as part of the benefits program. EazyPay confirms the pre-authorized amount to the vendor.
The vendor applies the pre-authorized amount as a discount at their point of sale and confirms the purchase with EazyPay. After 1-5 days, the pre-authorized payment is sent via ACH to the vendor’s bank account or via their preferred payment method.
Unsuccessful authorizations, or abandoned purchases will leave the authorization open for the applicant to use later, prior to expiration.
Services
When the card is used for services, such as home repairs or upgrades, the tradesman or contractor will be able to verify the authorization via the merchant portal and upon the completion of the work, complete the charge to the account and receive payment VIA ACH the following business day the same as a Visa or Mastercard.
Note: These payments can be conditional based on confirmation of service delivery/completion based on specific program requirements.
Vendors
When vendors register to participate in any of the benefits programs they will automatically be enrolled as EazyPay merchants. During this process their bank accounts will be verified to receive ACH payments for completed purchases or services.
Redemption
Vendors will have the option to authorize transactions via their POS system using “webhooks” or API’s standard in the industry, or via the merchant portal.
When the vendor sends an authorization request to EazyPay, if the amount is less than the eligible amount, the vendor will receive approval. The vendor will then send return data indicating the sale was completed, confirming the amount and items purchased.
When the vendor sends an authorization request for an amount that exceeds the eligible amount, they will receive an approval for the max eligible amount requiring them to collect the overage from the applicant. Once completed they will send confirmation of sale with the details of the product, confirming compliance.
Vendor payments will be processed every 4 hours with a cut-off time of 6pm for the next day’s deposits. This is consistent with current credit card industry practices.
Example
For the Merchant providing a pre-authorized service or product, all the validation and verification happens up front. The individuals conducting the transaction simply scan or enter the EazyPay card number at the EazyPay merchant web portal, enter the card number and verify Recipient identity with a state-issued identification, scan or enter the UPC of the pre-authorized product or service.
EazyPay returns the amount to deduct from the sale amount and the merchant confirms the sale.
Self Service Portals
Merchants will have self service portals allowing them to see transaction history, deposits, and more.
Universal Payment Solution
The EazyPay Benefits Card system will allow for any other program to integrate with the system either via APIs or virtually any data transfer methods including through file imports enabling them to use the EazyPay Card for benefits distribution.
As a stand-alone product, EazyPay can be used by clients directly that want to manage the applicant registration process.
For example, state governments that have successful benefit programs that want to gain better controls around the use of funds can feed their applicant data and enroll vendors to use the EazyPay card directly.
Reporting
The EazyPay management dashboard provides live reports showing program utilization, pending funds disbursement (authorizations), and distributed funds. This will allow benefits providers to closely monitor the activity and project ongoing funding requirements.
