Oops. I think that TrustCash is always the middleman. I.e.,
4. You give your cash and code / number receipt to the bank teller.
5. The bank transfers the payment and code TO TRUSTCASH and TRUSTCASH pays TER to the account encoded on the receipt.
Posted By: impposter
Re: TrustCash is no more
TER used to use a company called TrustCash. It worked something like this:
1. Vendors (TER, etc.) set up a relationship with TC.
2. You (customer) buy something from vendor (TER). At checkout (payment), you get some kind of code number / receipt. Your purchase isn't completed until you pay ...
3. You have a time window to go to a participating brick and mortar financial institution (a regular bank, BoA, Citi, TD, and maybe some other places: Western Union?).
4. You give your cash and code number / receipt to the bank teller.
5. The bank transfers payment to the vendor and the code makes sure it matches you and your transaction on the vendor end.
6. I forget the fee structure but there has to be a cut for the bank and a cut for TrustCash.
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"That" TrustCash doesn't seem to exist anymore but there are still some working links to TrustCash Holdings but I don't know if the same company. Maybe you can do some more searching and report back to us.
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A million dollar idea to bring back a new and improved TrustCash? Could be ...
Posted By: snafu929
I'd pay a decent premium for a service that could take cash and then make a CC payment on my behalf. Million dollar idea??
