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Agreement with Dealer Pay extends reach into automotive, truck, motorsports, recreational vehicles, agriculture and marine sectors
SAN ANTONIO, May 28, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), a tech-enabled payment solutions provider, announced today that it had signed a partnership agreement with Dealer Pay, which has begun the process of embedding Payment Data’s technology within its industry-leading SaaS-based payment acceptance platform. Dealer Pay represents penetration into the dealership industry, including automotive, truck, motorsports, RV, agriculture and marine sectors.
Vaden Landers, EVP and Chief Revenue Officer at Payment Data Systems, said, “We are very excited that Dealer Pay has chosen to integrate our best-in-class payment facilitation technology into its comprehensive payment acceptance software platform. Our PayFac-in-a-Box ‘integration layer’ provides a simple, yet highly configurable automated enrollment experience for Dealer Pay’s dealership customers, supplying them with a more efficient and effective way of onboarding both existing and new customers, as well as collecting payments in a variety of ways – eliminating the dependency on traditional, labor-intensive processes. By leveraging Payment Data's flat-rate pricing model, DealerPay will be able to greatly simplify and bring much needed pricing transparency to a fragmented vertical that has confusing and lengthy merchant statements and underwhelming reporting capabilities. While we expect substantial growth in regards to new dealerships and processing volume, this agreement initially represents a commitment by Dealer Pay to add new dealerships representing $60 million of annualized processing volume by August 15.”
Julie Douglas, President at Dealer Pay commented, “The agreement with Payment Data Systems provides DealerPay with the ability to quickly and efficiently scale our business by leveraging payments technology that we’ve never had access to in the past with previous processors. The comprehensive reporting we are able to derive from the PayFac API’s allows us to present consolidated reporting associated with repair order and/or VIN/control numbers at the dealership level - both sales and fixed operations - within our software platform. On behalf of my team, I am overjoyed to have Payment Data Systems as our payments and technology partner as we continue to provide dealers the best in payment acceptance, security, workforce mobility and streamlined operations for maximum revenue opportunities in all profit centers.”
About Dealer Pay, LLC
Dealer Pay is a dealer-focused and proven payments acceptance provider of customized solutions for each area of a dealership, improving processing efficiency, security and overall operations. Their 20 years of experience and industry knowledge allows Dealer Pay to stay price competitive, all while providing innovative and user-friendly solutions, focused on maintaining excellent customer service and support.
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.
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.