On October 7, 2009, GreenDot and PayPal announced a great new way to load funds onto your PayPal account — by using the convenience of GreenDot MoneyPaks.
Here is how you load money onto your PayPal account using a GreenDot MoneyPak: (1) take cash to any retailer that sells MoneyPaks (there are literally thousands of stores that sell them), (2) buy a MoneyPak, and (3) log on to the Internet and your PayPal account, select “load funds” using MoneyPak, and then simply enter the unique code from the MoneyPak you purchased. The cash will instantly be loaded (and available for you to use)!
Check out this simple diagram of the steps:
Here’s how GreenDot described their new relationship with PayPal:
MoneyPak can be purchased with cash at a retail store, then the money can be loaded directly into a PayPal account and used to shop online anywhere PayPal is accepted, including eBay. MoneyPak is available at more than 40,000 stores nationwide, such as Walmart, CVS/pharmacy, Kmart, Rite Aid and Walgreens.
The new agreement provides a convenient option for customers who prefer to use cash when shopping. MoneyPak has been fully integrated into PayPal’s site, allowing money to be added directly, without needing to link to any personal financial accounts.
“This relationship is transformative,” said Steve Streit, founder and CEO of Green Dot Corporation. “It creates a cash-based solution for millions of people who want to use PayPal to shop online, but don’t have a credit card or bank account.”
“Working with Green Dot, PayPal can now reach the large audience of people who prefer to fund their accounts with cash,” said Dickson Chu, vice president with PayPal. “We are thrilled to offer this new service to our customers.”
In addition to funding a PayPal account, MoneyPak enables people to reload prepaid cards, make cash payments, pay bills and fund other accounts. MoneyPak is powered by Green Dot’s industry-leading cash acceptance network, and costs $4.95 or less.