In today’s CardFlash News Que: FORTER (CNP); ACCULYNK (PaySecure); BBVA (Award); and POWA (Banq POS).
NY-based iPayment added four new members to its Board, including David R. Hughes, Marshall J. Lux, Michael P. Monaco and Brian V. Mooney
NY-based ISO iPayment, serving 153,000 U.S. merchants, completed exchange offers and consent solicitations in the amount of $509 million. The move will significantly reduce debt and improve cash flow.
VeriFone and iPayment, Inc.,announced a complete tablet point of sale solution. iPayment POS is designed for the more than 150,000 small business merchants iPayment currently serves directly, through independent sales organizations (ISOs) and other multiple direct distribution channels throughout the U.S. This solution is a combination of VeriFone’s industry leading GlobalBay Merchant technology and other iPayment proprietary solutions.
IPayments Forum (IPF) and the ATM Industry Association (ATMIA) jointly announced the formation of the Integrated Payments Alliance, formerly known as the ATM Acquirers Alliance. Cash advocacy will be a central focus of the Integrated Payments framework. ATMIA and the Integrated Payments Alliance will soon publish new best practices forCardless ATM Transactions. The organization is assembling a white paper for the new Alliance which builds a futurological model for the former’s concept of intermodal currency which is soon to dominate the future of payments and money.
ROAM, an Ingenico company and mobile commerce platform provider, and iPayment acquirer, announced a new program in which iPayment will use ROAM’s mobile commerce platform to deliver a suite of mobile point of sale (mPOS) solutions to its merchants throughout the United States. ROAM will provide iPayment merchants with a complete end-to-end solution, including the G4X Secure Mobile Card Reader, ROAMpay X4 Mobile POS Application and the myROAM management portal. ROAM’s platform capabilities support the largest number of mobile devices of any mPOS provider, including iOS and Android based smartphones and tablets. Its core platform assets – secure readers, applications to support mobile card acceptance, PCI compliance, real time data exchange, and merchant onboarding – are available as turnkey solutions that can be deployed as is, or as complete white label solutions offering branded hardware, applications and support tools.
iPayment announced its 1Q/12 processing volume total of $5.5 billion in transactions, a 2.8% increase from $5.4 billion for the same period in 2011, while total revenues were down 2.5% to $165.4 million from the year ago figure of $169.6 million. Net income was approximately $0.5 million for iPayment and its consolidated subsidiaries, and net loss was $5.9 million for Holdings and its consolidated subsidiaries for the first quarter of 2012, in each case, compared to net income of $7.6 million for the first quarter of 2011. Results for the first quarter of 2012 included higher amortization expense and higher interest expense as a result of the refinancing and equity redemption that were completed in May 2011. The Company had approximately 130,000 active merchants at the end of the first quarter of 2012.
iPayment announced the hiring of Philip J. Ragona as Senior Vice President and General Counsel. Since 2002, he served as Senior VP, General Counsel and Secretary of Atrium Corporation. From 1995 to 2002, Mr. Ragona was with the law firm of Paul, Hastings, Janofsky & Walker LLP in New York, with a focus on the firm’s litigation, securities and mergers and acquisitions practices. He began his legal career in 1992 at Cahill, Gordon & Reindel LLP in New York, where he focused on securities and commercial litigation. Mr. Ragona received his JD degree from Columbia University School of Law and his BA degree from the University of California, Los Angeles.
iPayment will be presenting at the Bank of America Merrill Lynch Leveraged Finance Conference at 9:30 a.m. EST on December 2. Discussions will be led by Chairman and Chief Executive Officer of iPayment and the Company’s Chief Financial Officer, offering an overview of the Company, its business and growth strategies and recent financial results. iPayment provides credit and debit card payment processing services to small merchants across the United States, allowing merchants to accept credit cards from VISA, MasterCard, American Express, Discover and Diners Club, as well as other forms of payment, including debit cards, checks, gift cards and loyalty programs.
iPayment has completed the last step under its previously announced comprehensive refinancing in which it has redeemed the equity interests of Gregory Daily, iPayment’s former Chairman and Chief Executive Officer, and entities controlled by him or in trust for the benefit of his family members. Through the redemption agreement Mr. Daily entered into non-competition and non-solicitation covenants under which he has agreed not to compete with iPayment and not to solicit employees, sales agents, independent sales groups and merchant customers of iPayment. Carl Grimstad, who is currently President of iPayment, became the Company’s Chairman and Chief Executive Officer and iPayment’s primary shareholder.
iPayment 1Q/11 revenues up to $169,613,000 from the year ago figure of $159,540,000. Revenues net of interchange was up to $78,884,000 from the year ago figure of $68,543,000 while net income was $7,562,000 for the first quarter of 2011 compared to $2,220,000 for the same period last year. iPayment provides credit and debit card payment processing services to small merchants across the United States which its payment processing services allows merchants to accept credit cards from VISA, MasterCard, American Express, Discover and Diners Club, as well other forms of electronic payments including debit cards, checks, gift cards and loyalty programs.
iPayment announced its financial results for the year ended December 31, posting revenues of $699,174,000. This was down from the year ago figure of $717,928,000 thanks in great part to the deconsolidation of a joint venture after the sale of its equity interest in the fourth quarter of 2009. Revenues, net of interchange, declined to $318,597,000 for 2010 compared with $320,398,000 for 2009 while net income was $22,828,000 for 2010 compared to $11,740,000 for 2009. iPayment provides credit and debit card-based payment processing services to approximately 130,000 small merchants across the United States.