Socialwise has two main products, its flagship being BillMyParents, which is designed to enable parents and young people to link and communicate in order to guide responsible e-commerce transactions on the Internet. It works through individual transactions notifying the parents and seeking their approval before it authorizes expenditure on the card which Socialwise then charges the parents an extra 50 cents for each transaction as part of the service.
Parents can also load their children's allowance money onto a pre-paid card and track their children's spending habits. BillMyParents, like other pre-paid card vendors, lets parents view each individual transaction. BillMyParents will also send out alerts based on a child's spending habits (such as when they are spending too much, too quickly.)
Socialwise is now reportedly poised to announce a partnership with an online entertainment service company marketed to appeal to teenagers strong desire for spending independence, something which supports the viability and rapid growth of the teen prepaid card market. Further high profile marketing initiatives via targeted advertising, social media outlets and sponsorships are planned for 2011.
"We have laid down a solid brand awareness foundation this summer and fall in the social media, action sports retail and consumer event spaces with the teen demographic to create awareness about our teen payment solutions," commented Jim Collas, President and CEO of Socialwise, Inc. "This round of funding is intended to allow us to fully engage our national marketing and customer acquisition programs for our premium products and to quickly gain momentum in the marketplace."
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