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EFUNDS CORP. /Milwaukee, Wisconsin A Company That Cashes In On Cashless World.(A)
By Kirk Shinkle
Investor's Business Daily
We might be moving toward a cashless society, but that doesn't mean there aren't new ways to cash in.
Just ask eFunds Corp. The Milwaukee-based firm handles transactions for debit cards, where funds are moved in and out of personal accounts without the monthly bills that come with credit cards.
It processed 6.4 billion transactions last year, and pulled in some 40% of its revenue by moving money from account to account. But eFunds isn't pulling in new business on those services alone. It also has a commodity vital to banksand retailers: customer information.
Its DebitBureau database gives eFunds access to some 3 billion records. Everbounced a check or had an account closed by the bank? EFunds probably knows about it.
It sells itself as a protector from payment fraud. That's a pretty stout market. According to company estimates, losses from check fraud totaled $16 billion in the U.S. in 1998 and are expected to climb to $30 billion over the next four years.
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