HOUSTON--(BUSINESS WIRE)--FSV Payment Systems, Inc., a leading provider of network branded prepaid debit card products and processing services, today announced that the company has signed a three-year contract renewal with Pay-O-Matic (“POM”), extending the current three-year relationship into 2014 and solidifying FSV’s position as the leading retail prepaid processor.
“We’re pleased to extend our long-standing partnership with Pay-O-Matic,” said Rick Savard, FSV’s chief executive officer. “Together over the past three years, we have worked to make Pay-O-Matic’s new excella product the most successful new prepaid product in the market. We are proud of the partnership we have fostered with Pay-O-Matic and the results we have jointly achieved.”
With excella, POM boasts the largest and fastest-growing retail check-casher card program. POM employs a diverse acquisition and distribution strategy, and the program benefits from above-average direct deposit rates.
“Prepaid is such an exciting category that has come to the forefront of retail financial service offerings, and our customers have embraced the excella™ Visa® Prepaid Debit Card beyond our expectations, thus demonstrating the need in the marketplace for this product. Our partnership with FSV has been a cornerstone of our growth and success to date, and we are very pleased to have extended our relationship with them. Together we look to the future with some great plans and projects to continue on the successes we’ve achieved as partners in this space,” commented Rich Gaccione, Pay-O-Matic’s chief executive officer.
About FSV Payment Systems
FSV Payment Systems is a leader in the delivery of prepaid debit program management and processing services. Founded in 1999, the privately held company successfully delivers processing and prepaid card programs for payroll, rebates, loyalty and promotions and general-purpose reloadable cards for retail, gift and healthcare. FSV is headquartered in Houston, Texas, and operates a state-of-the-art client and cardholder service center in Jacksonville, Fla. For more information, visit www.fsvps.com.
About The Pay-O-Matic Corporation
Based in Syosset, New York, The Pay-O-Matic Corp. (“POM”) is the largest check cashing and financial service provider focused on the under-banked market in New York State. POM provides a broad range of financial services, including check cashing, prepaid services, sale of money orders, consumer bill payments, transit fare cards and domestic and international money wiring through its partner, Western Union Financial Services, Inc. POM operates community-based retail locations throughout Brooklyn, Bronx, Manhattan, Queens, Staten Island, and Long Island. In addition to its retail operations, POM offers third-party bill payment services and owns and operates currency transport service business, Rapid Armored Corporation, providing armored transport, deposit reconciliation, coin/currency supply and check processing. The Pay-O-Matic Corp. is licensed as a Money Transmitter by the New York, New Jersey, and Connecticut State Banking Departments. Pay-O-Matic Check Cashing Corporation, a wholly-owned subsidiary of The Pay-O-Matic Corp., is licensed as a Check Casher by the New York State Banking Department. For more information, visit www.payomatic.com.
*The excella™ Visa® Prepaid Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The Bancorp Bank; Member FDIC.