The artwork of high school students Traeveon Reese and Martha Estrada will soon appear in the wallets of thousands of debit cardholders in north Texas. The aspiring artists’ designs are being featured on the new Spirit Debit Reward cards, offered by Texas Trust Credit Union.
Vantiv payment processors announced three credit unions have signed contracts for single-sourced comprehensive electronic processing services. The services include ATM and debit card transaction processing, card production, gateway services, rewards and debit portfolio management. The credit unions include First U.S. Community Credit Union; Fort Worth Community Credit Union and USSCO Johnstown Federal Credit Union. Vantiv’s product suite also includes ATM terminal driving and monitoring, ATM and debit card transaction authorization and processing, credit issuing and processing services, national and regional gateway services, comprehensive ancillary services including fraud detection, card production, Rewards! product, and other consultative services.
Texas Trust Credit Union is introducing its “Spirit Debit Rewards,” allowing cardholders to help schools earn cash for the classroom with every swipe of their Texas Trust Credit Union Spirit Debit Reward card. Participating schools will receive 15 cents every time an active Spirit Debit card is used to make a purchase. With more than 1,100 active card-carrying Spirit Debit cardholders, Texas Trust Credit Union anticipates giving away $75,000 this school year to the schools enrolled in the program. Schools will receive a check each month for cardholders’ previous months purchases.
San Francisco-based Providian Financial has launched a new employee program called “Providian Building Blocks”. The employees then work with the organization to plan a volunteer Saturday, where employees come together to complete projects–such as painting, landscaping, minor construction, and general spruce up–that will have a lasting effect on the organization, and the community as a whole. Providian Building Blocks events kick off in Oakland, California with a work day at the Lincoln Child Center on June 5. Providian ([www.providian.com]) is a leading provider of credit cards to mainstream American consumers throughout the United States.
Concord EFS has named Richard Buchignani as vice chairman and general counsel. A director of Concord and previously a partner at the Memphis firm Wyatt, Tarrant & Combs, LLP, Buchignani replaces Marcia E. Heister, Concord’s general counsel in Wilmington, Delaware.
Official Payments Corporation ([www.officialpayments.com]), announced that Tarrant, Williamson and Randall County, TX have signed service agreements which enable taxpayers to pay their personal property and real estate tax obligations over the Internet by visiting www.officialpayments.com, or via the telephone by calling toll-free 1-800-2PAY-TAX. American Express, Discover Card, MasterCard and Visa are the cards accepted by the program. The program will commence next month.
The combined County authorities collected over $2 billion in taxes last year. These counties billing due dates for personal property and real estate taxes is January 31, 2002. Personal Property and Real Estate tax bills will be distributed October 10, 2001.
As Texas does not collect state income taxes, this growth at the county level is significant. Tarrant County, which includes the City of Fort Worth, is the largest recent addition to Official Payments’ list of 63 municipal and local clients in the state of Texas. Williamson County includes a portion of the City of Austin and has increased its population over 80% in the past ten years. Randall County consists of 30,000 parcels and a combined estimated $95MM is collected in personal property and real estate taxes annually. Two of the company’s Texas clients, Bandera County and Brazoria County, were recently recognized by the state’s Comptroller of Public Accounts Local Government Assistance (LGA) Section as providing “Best Practices” for their electronic payments systems. Other counties that have signed agreements this year are: Wharton, Denton, Liberty, Chambers, Guadalupe and Brazos County.
“It is exciting to watch the rapid growth of our Texas client base,” stated Thomas R. Evans, CEO and Chairman of Official Payments Corp. “Many Texans have utilized our services in their counties and with the addition of these three new counties, an incremental market opportunity of over $2 billion has been created,” added Mr. Evans. Official Payments has similar agreements with over 900 government entities across the country. The Company has contacts with the Internal Revenue Service, 18 state governments, and the District of Columbia to collect taxes, fees, and fines by credit card over the Internet and telephone.
Official Payments Corp. charges taxpayers a convenience fee for processing these credit card transactions. The fee schedule can be found on the Internet at [www.officialpayments.com].
For example, a taxpayer who owed a current tax of $2300.00 in property taxes and charged their taxes, would find a total of $2356.00 on their credit card statement: $2300.00 for the tax bill and $56.00 for the convenience fee. American Express, MasterCard, Discover and Visa are the credit cards accepted by the program. Taxpayers using credit cards with bonus rewards programs can, depending on their card’s program, earn rewards, points, and cash-back on airline frequent flyer miles for paying their taxes.
About Official Payments Corporation
Official Payments Corporation (Nasdaq: OPAY) is the leading provider of electronic payment options to government entities. The company’s principal business is enabling consumers to pay their government taxes, fees, fines, and utility bills by credit card, via Internet and telephone. The company is unequaled in market penetration and national footprint. Official Payments has agreements to collect and process credit card payments with the Internal Revenue Service, 18 state governments, the District of Columbia, and over 900 county and municipal governments in 48 states across the United States. In 2000, Official Payments collected and processed over $925 million in federal, state and local government payments.
Official Payments was founded in the San Francisco Bay area in 1996. Thomas R. Evans, the former President & CEO of the Internet company GeoCities, became Chairman & CEO of Official Payments in the summer of 1999. Mr. Evans brought Official Payments public in November of 1999, raising $80 million in its IPO on the NASDAQ national market. The company’s success in new client acquisition, increasing business with its existing clients and in building consumer awareness can be attributed to the combination of an enormous market opportunity with a highly skilled and experienced management and staff, aggressive sales and marketing, and a core competency in developing and implementing leading-edge technical systems.
Note: Official Payments Corp. and the Official Payments Corp. logo are service marks of Official Payments Corporation.
Official Payments Corporation is marching toward profitability as it reported a 2Q/01 loss of $3.6 million compared to $8.9 million for second quarter 2000. OPC also reported yesterday that collection of federal balance-due, estimated and extension tax payments in the quarter grew 15% over the year prior period. The company captured 87% of all of the $711 million of taxes paid to the IRS by credit card during the April tax season. This year OPC faced a direct competitor, PhoneCharge, Inc. In the second quarter, the company added 103 new government clients and 206 payment services. As of June 30, the company had 910 government clients, compared to 555 for 2Q/00. During 2Q/01, the company processed over 436,000 transactions totaling over $786 million., representing growth of 31% and 23% respectively over the second quarter of 2000.(CF Library 2/13/01; 3/21/01; 4/18/01; 4/26/01) For complete details on OPC’s current and past performance visit CardData ([www.carddata.com]).
OPC CREDIT CARD TAX PAYMENTS
Tax Type Dollars Processed % Change
Federal taxes $628 million +15%
State taxes $94 million +104%
Property taxes $35 million +47%
Local taxes/fees $8 million +19%
SOURCE: CardData (www.carddata.com)
Providian Financial last week officially opened its new Arlington, Texas, banking operations center. Providian currently employs 400 people in Arlington and expects to create as many as 700 additional jobs there in the next year.
Community members and government officials joined Providian senior management and employees for a ribbon cutting ceremony at the new facility. Chamber of Commerce President and Chief Executive Officer David Sampson welcomed Providian to Arlington saying, “We’re delighted to see Providian become a top employer in this community. Their investment in the long-term growth of Arlington and the sheer number of new jobs created is exciting. We are proud to include Providian among an impressive local representation of corporate America.”
“We’re glad to be in Arlington,” said Providian Executive Vice President Seth Barad. “Our new community offers a very positive business climate and a very strong and qualified labor force. Both will enable us to build our growing employee population, who will help uphold Providian’s commitment to 100% customer satisfaction. Providian is proud to be a part of the Arlington community and we plan to be an active member of it.”
As a part of its community commitment, Providian today announced a $20,000 donation to the YWCA Arlington Child Development Center, a program of the YWCA of Fort Worth and Tarrant County. Providian’s donation will assist the center in providing subsidized quality child care for economically disadvantaged families. “Subsidized child care is essential for low-income working families to be self-sufficient,” said Judy Bishop, Executive Director of the YWCA Arlington Child Development Center. “We are extremely grateful to Providian for making this leadership donation. It will greatly enhance our efforts to provide quality child care to needy children.” Providian’s donation is part of the Company’s national Providian Child Care Initiative.
Providian Financial has over 8,000 employees in the U.S. and the U.K, with facilities in California, Kentucky, New Hampshire, Utah, Texas, and London, England. Providian’s Arlington, Texas, offices are located at 3801 South Collins Boulevard. People who are interested in employment opportunities with Providian should call 817-417-4444 or fax their resume to 817-417-4673.
Providian Financial Corporation (www.providian.com) is a leading provider of lending and deposit products to consumers nationwide and in the United Kingdom. Providian serves a broad, diversified market with loan products that include credit cards, revolving lines of credit, home loans, secured cards and fee-based services. With $16 billion in assets under management and 10 million customers, Providian is committed to providing 100% customer satisfaction. San Francisco-based Providian Financial is one of the ten largest bankcard issuers in the nation, and in 1998 ranked as the seventh best performing stock in the S&P 500 and the single best performing stock in the S&P Financial Composite Index.