While demand for funding by SME’s (small mid-sized enterprises) is down, new research reveals an increase in access from alternative business financing options. Bank loan financing currently has only a 35% financing success rate and is driving alternative sources.
An automated teller machine (ATM) with no card reader. Pre-staged withdrawals on smartphones. Cardless transactions. And everything managed via the cloud. A new era of banking, inspired by the Millennial generation, is dawning at Diebold Federal Credit Union (DFCU), where an innovative ATM from Diebold, Incorporated and a mobile wallet solution are allowing members to complete self-service transactions and make retail purchases without using physical debit or credit cards. DFCU is piloting the world’s first ATM without a card reader or PIN pad that relies solely on mobile authentication. When a consumer scans a unique QR code at the ATM using a smartphone, the ATM authenticates the user via cloud-hosted services to enable secure, cardless transactions.
Global Cash Access posted its 4Q and FY/12, consistent with projections. With 4Q/12 revenues of $136.1 million, down from the year ago figure of $137.7 million, operating income was $9.7 million, also down from the year ago figure by 32% from $14.2 million. Adjusted earnings before interest, taxes, depreciation and amortization and non-cash compensation expense…
Global Cash Access Holdings posted 2Q/12 operating income up 125% quarter-over-quarter to $16.0 million; net income per share up 450%; and cash EPS increased 92% quarter-over-quarter to $0.23. Revenues were $147.5 million for the second quarter 2012, as compared to revenues of $135.1 million for the same period in 2011. The overall increase in revenues was primarily due to the MCA asset acquisition coupled with modest organic growth in the Company’s base business. Operating income was $16.0 million for the second quarter 2012, an increase of 125%, as compared to $7.1 million for the same period in 2011. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (see Non-GAAP Financial Information below) were $20.1 million for the second quarter 2012, an increase of 68%, as compared to $12.0 million for the same period in 2011.
Global Cash Access Holdings announced financial results for the first quarter ended March 31, 2012. Fiscal First Quarter 2012 Highlights Operating income increased 69% quarter-over-quarter to $15.7 million EBITDA increased 51% quarter-over-quarter to $19.8 million Net income per share – diluted increased 267% quarter-over-quarter to $0.11 Cash EPS increased 133% quarter-over-quarter to $0.21 “We are…
Global Cash Access Holdings announced its 4Q/11 revenue of $137.7 million, down a tick from the year ago figure of $137.8 million. Operating income was $14.2 million, up 40.6% from the year ago figure of $10.1 million. Earnings before interest, taxes, depreciation and amortization were $18.4 million, an increase of 33.3%, as compared to $13.8…
Global Cash Access Holdings announced the completion of its previously announced acquisition of substantially all of the assets of MCA Processing LLC. GCA is a wholly owned subsidiary of Global Cash Access Holdings and a provider of cash access products and related services to over 1,100 casinos and other gaming properties in the United States, Europe, Canada, the Caribbean, Central America and Asia. It provides cash access with ATM cash withdrawals, point-of-sale debit card transactions, credit card cash advances, check verification and warranty services, and Western Union money transfers.
Global Cash Access posted its 3Q/11 revenue of $136.9 million, down 10% from the year ago period of $152.1 million, thanks to a loss of its largest customer in late 2010 which accounted for approximately $21.3 million in revenue during the third quarter of 2010. The Company incurred approximately $0.8 million of non-recurring expenses related…
Global Cash Access inked agreements to acquire the assets of MCA Processing, a provider of ATM, debit card, and credit card cash access services to gaming establishments and also manufactures, sells, licenses and services redemption kiosk devices. The acquired assets include MCA’s portfolio of cash access and redemption kiosk maintenance contracts, including cash access service contracts with Caesars Entertainment for its Nevada, Atlantic City and certain Pennsylvania properties.
USA Payment Systems processor of financial electronic transactions for Casinos, Community Banks, Credit Unions, and ISOs, announced that Robert Cucinotta, Director and President of the company, received his gaming certification for a full gaming license from the Arizona Department of Gaming. Cucinotta has been an innovator of financial transaction processing systems since 1995, having founded both Global Cash Access (NYSE) and MCA Processing, LLC, based in Las Vegas, NV.
MCA Processing cash access products and services for the gaming industry has completed a large scale project to convert 19 Caesars Entertainment properties to MCA Processing Cash Access Services. These services include ATM, POS Debit, Credit Card Advance, Ticket Redemption and Bill Break. Among the properties converted were 9 major Las Vegas strip properties and all 4 Atlantic City properties. The conversion from Global Cash Access Holdings (GCA) to MCA Processing (MCA) began in December 2010 and was just completed.
NY-based ransaction processor TransFirst and merchant cash advance provider
CA-based American Finance Solutions are set provide
small- and medium-sized business access to the
working capital they need. Through a joint referral relationship,
TransFirst expands its product portfolio to include American Finance
Solutions’ Merchant Cash Advance product, helping
clients’ access capital quickly, despite tightening credit markets.
American Finance Solutions is a provider of Merchant
Cash Advances to small- and mid-sized businesses. Since 2006, American
Finance Solutions has made over 10,000 fundings, providing business
owners in all 50 states with working capital. TransFirst offers
innovative products and
services designed with financial institution, independent sales
organization, healthcare, eCommerce, government and merchant customersâ
unique needs in mind.