NEW YORK, NY -- (Marketwire) -- 07/17/12 -- Global Investment Holdings (PINKSHEETS: GIHI), a proprietary technology solutions provider for payment and collection services, has announced they will integrate mFunds Global Payment Solutions, PayVault, to their America's LayawayMalls (ALM) layaway program.
In an article by Independent Retailer, it highlights that in an effort to make the shopping experience fun and affordable once again, retailers are listening to customer requests, innovating for convenience, and testing out new promotional tactics. Reuters reporter, Jessica Wohl, writes, "A key component to Walmart's (NYSE: WMT) success during the recent holiday season was the well-publicized return of layaways. The plan was so popular that Walmart parked more than 3,000 trailers outside many U.S. stores, in order to hold toys and electronics until shoppers finished paying and picked them up." Several big box stores have followed suit with layaway plans, including Best Buy (NYSE: BBY) and K-Mart (NYSE: SHLD).
The PayVault account, by GIHI, becomes a 3-way account between Globalgroup, the customer, and the PayVault bank. Under agreement with the consumer, Globalgroup would be the only entity authorized to draw funds from the account, and the customer cannot otherwise spend the funds as they will not have a check book or debit card associated with the account. Conversely, if the customer chooses to cancel the order, any remaining funds (less a small cancellation fee) would be returned to the consumer via a branded prepaid debit card issued by the PayVault bank. This service will offer a virtual demand deposit account (DDA) for consumers to pay for layaway purchases.
To view more on Globalgroup Investment Holdings, visit www.globalgroupinvestmentholdings.com
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