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Payments processor PaySpot Inc. and Futura Card Services, a prepaid card provider, announced today an exclusive multiyear distribution agreement. Under the agreement, PaySpot will distribute Futura's MasterCard-branded prepaid debit cards through PaySpot's independent sales organization network. PaySpot provides services to 20,000 merchant locations through its ISO channel, says John Shaw, PaySpot vice president of sales and account management. Leawood, Kan.-based PaySpot chose Futura to provide prepaid debit cards for its ISO channel because Future assembled a prepaid program that helps minimize fraud risk for merchants and ISOs, says Shaw. Futura grants a merchant a specific weekly prepaid funds limit, and "the store is insured for fraudulent [prepaid] transactions up to that amount," he says.
