BenSoft Launches RepayMe Debit Card

Industry's First Real-Time Integrated FSA/HRA Debit Card Offers Participants Access To FSA/HRA Funds At Point-of-Service.

San Diego, CA-October 27, 2003-BenSoft, Inc. announced a major product enhancement that includes the integration of Motivano's SmartFlex Debit Card (www.motivano.com) into its flagship RepayMe reimbursement plan software. By integrating debit card technology into RepayMe, participants can now access their Flexible Spending Account (FSA) balances at the point-of-service. RepayMe Card participants will no longer have to pay expenses out of pocket and wait to be reimbursed.  

With this release, BenSoft becomes the first in the industry to offer an integrated fully automated real-time debit card solution. Using web-services technology, the RepayMe and SmartFlex system constantly and automatically communicate with each other keeping both systems updated and synchronized. No longer will an administrator need to manually create files, transmit them, wait for them to be processed, and then download and import them back into their system. Now, information flows between both systems on a real-time basis, allowing cards to be issued faster, funds to be placed on the card sooner, and manual/paper claims to be processed and reimbursed the same day. 

"With our automated real-time interface, administrators using RepayMe have eliminated the worry about updating their debit card system so now they can focus on building their business and customer service." said Tom Horan, BenSoft's CEO. "Our real-time interface keeps the RepayMe Card fully funded and creates a better experience for the participant at a lower cost to the administrator."

The RepayMe Card supports the spectrum of reimbursement accounts, such as Healthcare Accounts (FSA), Dependent Care Accounts, Health Reimbursement Accounts (HRA), and Transportation and Parking Accounts (S132). Additionally, the RepayMe Card can support Post-Tax Plans. Although the IRS pre-tax limits for Dependent Card, Parking and Transit usually are not high enough to cover these services, RepayMe participants can place post-tax funds on the card so they can pay for services with a single swipe of their RepayMe Card instead of writing a check for the additional amount.

RepayMe enables customers to simplify reimbursement plan administration with an easy to use interface. Key features include:

• Ability for participants to maintain their own information and enter their claims online
• Automatic participant notifications via e-mail regarding claim status updates and reimbursement
• Customizable web site by employer-client including custom security profiles, layout, messaging, and e-mail communications
• New personalized RepayMe debit card that eliminates out of pocket expenses for participants.

About BenSoft, Inc.
Founded in 1991 and headquartered in San Diego, CA, BenSoft develops and markets RepayMe.com, an ASP-based benefits administration software solution designed specifically for Third Party Administrators and self-administrating employers seeking a cost-effective reimbursement account administration solution. RepayMe is the 100% Web-based software solution that provides an integrated real-time debit card option, online Participant Claim Entry, Employee Self Service, Employer Self Service, and a Business Processing Outsource (BPO) option for FSA/HRA/HSA management. BenSoft provides innovative benefits solutions to companies ranging in size from 250 to over 250,000 employees. 

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BenSoft and RepayMe are registered trademarks of BenSoft, Inc. Other company and product names may be trademarks of their respective owners.