Thursday, May 24, 2001
BLACKSTONE POS MERCHANTS CAN NOW ACCEPT ELECTRONIC BENEFIT TRANSFERS (EBT)
Blackstone (www.blackstoneonline.com), one of the nation’s leading providers of prepaid products and services, announced today that the Blackstone POS terminal can now accept Electronic Benefit Transfers (EBT).
According to Janet Sancho, POS division manager, “The addition of EBT to the POS program is monumental. For those POS merchants who were not accepting EBT, they will now be able to increase their customer base because they will have the ability to compete against the larger chains for EBT customers and their spending dollars”.
EBT is an electronic system that allows a recipient to authorize transfer of their government benefits from a Federal account to a retailer account to pay for products. When paying for groceries, the food stamp customer’s card is run through the POS terminal, the customer enters his or her secret PIN number to access his or her food stamp account. Then, electronically, the processor verifies the PIN and the account balance, and sends an authorization or denial back to the retailer. The recipient’s account is then debited for the amount of the purchase, and the retailer’s account is credited. Payment is made to the retailer through a settlement process at the end of the business day. According to the Welfare Reform Act of 1996, all states must switch to EBT issuance for the Food Stamp Program by October 2002.
Blackstone has developed the most innovative point-of-sale system. By integrating the processing of all major credit cards (MasterCard, Visa, American Express & Discover Card) and ATM/bank cards with the sale of prepaid cellular and prepaid calling cards into one, easy-to-use POS terminal, Blackstone POS, is revolutionizing the electronic transaction industry.
For more information on Blackstone’s products and services call 1-800-639-9590 or visit www.blackstoneonline.com.
Blackstone and Blackstone POS are registered trademarks of Blackstone Inc. U.S. and foreign patents pending.