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StoneEagle Announces United States Warranty Corp's Selection of SEcureCard

January 19, 2007

DALLAS — The StoneEagle Group has announced that United States Warranty Corp. (USWC), a provider of risk management and fee income products to lenders and auto dealers, has selected SEcureCard. StoneEagle developed the SEcureCard to provide vehicle service contract administrators a streamlined approach for handling claim payments.

When it comes to vehicle service contract products, claim payments have been a challenge when paid via credit card. Administrators spend significant time reconciling credit card charges back to individual claims within their administration systems and tracking adjustments that were made at the dealership prior to actually charging the claim payment. These over/under amounts often result in major losses. If an administration company allows up to only a $5 variance between claim approval and the actual amount charged to the card, significant claim dollars are spent without approval. There are also instances where credit cards are used for additional and often fraudulent charges by repair facility personnel.

“SEcureCard enables our back office to operate more efficiently. We no longer worry about fraudulent overcharge attempts and undercharges by repair facilities because the payment process is completely automated and allows us to be much more pro-active. USWC is very pleased with this innovative program from StoneEagle and we consider the SEcureCard a valuable solution for our business,” said Mark Macek, executive vice president of USWC.

“SEcureCard is a patent-pending application that provides a cost effective way for vehicle service contract administrators to virtually eliminate overcharges and fraud associated with paying claims,” said Bobby Allen, president of StoneEagle. “By implementing this program, USWC will substantially reduce their costs involved with processing checks and the time and labor necessary to track credit card issues. Like other Service Contract Administrators utilizing SEcureCard, USWC will be able to accelerate service to their client base and simplify their entire claims payment process.”

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