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SAN ANTONIO, May 21, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), a tech-enabled payment solutions provider, announced today that it had entered into a strategic partnership agreement with Pineapple Payments, a leader in omni-channel payment acceptance solutions, combining their leading technology to offer merchants best-in-class payments technology.
The Agreement connects Pineapple Payments’ Invoice Manager, an online invoice and bill presentment and payment solution, into the Payment Data Systems integration layer. This enables both organizations to offer increased convenience fee, payment plan and other invoice-centric functionality, enhancing each party’s ability to differentiate and meet the bill delivery, payment acceptance, settlement and reconciliation needs of ISV’s, merchants and consumers within the healthcare, education, and ambulatory market sectors. Furthermore, Pineapple’s integration with Payment Data provides Pineapple access to automated and instant onboarding capabilities, both in mass as well as one customer at a time, through PayFac-in-a-Box, Payment Data Systems’ proprietary payment facilitation platform. As a result, Pineapple plans to expand its value proposition for software vendors. Consequently, this agreement effectively broadens Payment Data Systems’ distribution channels, having already added new software vendors initially representing $10 million of annual ACH and card processing volume.
Vaden Landers, EVP and Chief Revenue Officer at Payment Data Systems, said, “We are thrilled to partner with Pineapple Payments to combine two best-in-class technologies that are highly complementary and synergistic to create virtually unmatched payment processing capabilities. Our payment facilitation platform will strategically serve Pineapple’s current and prospective customer base by drastically simplifying the customer enrollment and onboarding experience while providing value-oriented, scalable technology that allows for payments to be collected in a variety of ways including on-line, via mobile phone, or in person. We are extremely enthusiastic to be moving forward with Brian Shanahan, Jon and the Pineapple team as we continue to focus on gaining traction within these bill-centric verticals and scale our PayFac technology.”
“The Pineapple Payments team is very excited about our new partnership with Payment Data Systems. Their experience and expertise drive new opportunities for us and increases our value-offerings,” said Jon Halpern, Co-founder and President of Pineapple Payments. “The synergy and strategy in this partnership is powerful, with Payment Data Systems’ unique PayFac functionality complementing our enhanced online bill presentment and payment technology platform. Through our combined technologies, we’re not only entering major emerging market segments, but leading them with a broader and more technologically advanced range of payments capabilities.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (NASDAQ: PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data Systems is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.
Websites: www.paymentdata.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.
About Pineapple Payments
Pineapple Payments is a Pittsburgh, Pennsylvania-based payments technology company that provides payment processing, proprietary technology, and omni-channel payment acceptance solutions for merchants of all shapes and sizes. Its core payment gateway and suite of value-added payments tools are distributed by resellers nationwide, including some of the largest payment processing companies and Independent Sales Organizations. Pineapple offers both API based and out-of-the-box solutions for everything from Hosted Payment Pages and Recurring Billing to online Invoice Management and a QuickBooks® Integrated Application. In 2017, Pineapple Payments received substantial investment for accelerated growth from Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a global private equity firm.
Forward-Looking Statements Disclaimer
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2018. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.