JetPay to be Payment Processor for the State of Illinois E-Pay System
February 7, 2017
JetPay Corporation (“JetPay” or the “Company”)(NASDAQ: JTPY), a leading provider of debit and credit card processing services, payroll and human capital management, and prepaid card services, announced today that it has entered into an agreement with the Office of the Illinois State Treasurer to become the payment processor for the State’s E-Pay program. The agreement, which was awarded to the Company through its participation in a Request for Proposal process, is for an initial term of six years with four one-year renewal options. Revenues under the agreement are expected to begin in the fourth quarter of 2017. Today there are approximately 600 participants in the E-Pay program, including agencies at all levels of the Illinois State and local government, with card processing volumes expected to exceed $600 million annually. JetPay will work through its partnership with the E-Pay program to expand services and add additional government entities throughout Illinois during the term of the agreement.
“This is a tremendous opportunity for JetPay and our shareholders, and a validation of the value of our acquisition of CollectorSolutions (now JetPay Payment Services, FL) in June of last year”
Diane Faro, CEO of JetPay
“This is a tremendous opportunity for JetPay and our shareholders, and a validation of the value of our acquisition of CollectorSolutions (now JetPay Payment Services, FL) in June of last year” commented Diane Faro, CEO of JetPay. “Our JetPay Payment Services, FL operation provides us an exciting new technology platform, “MAGIC”, which we believe is the clear leader in government and utility payment services with its ease of use, its ability to integrate with our customers’ software and its real-time reporting engine. We believe these capabilities were a key element in JetPay being awarded this opportunity with the State of Illinois.” Ms. Faro continued, “The combination of JetPay’s reputation for service, along with our advanced credit and debit card processing technology, especially with the addition of the MAGIC Platform, will allow JetPay to continue to win business in the government, utility, and other industries that require a flexible and expandable processing platform.”