WILMINGTON, Del., Aug. 24 /PRNewswire/ -- Electronic Payment Services,
Inc. (EPS) announced today that its MAC(R) network will allow members to
selectively surcharge at MAC ATMs. Philip Valvardi, president of the MAC
network, explains: "We considered this policy change over the last several
months, and our intent is to let network participants expand the number of
no-surcharge ATMs available to MAC cardholders." "This policy change is
consistent with recent ATM surcharging trends and gives our members the
flexibility they need to compete," Valvardi said. The new policy is effective
November 1, 1998.
MONEY ACCESS SERVICE INC. (MAS)/EPS recent highlights included:
-- Electronic Payment Services, Inc.'s (EPS) president and CEO, Richard
N. Garman, has been named debit card executive of the year by
Faulkner & Gray Inc.'s Credit Card Management magazine. Faulkner &
Gray credits Mr. Garman for "setting EPS on a course that has led to
double-digit revenue growth and to the top of the heap among ATM
drivers." EPS is the industry leader in ATM terminal driving over
31,000 ATMs.
Quarterly Statistics
-- MAS processed over 368.5 million switch transactions, which
represented 17% growth over second quarter 1997. ATM volume was 16%
above second quarter 1997 with over 332.9 million transactions, while
MAC point-of-sale (POS) volume increased 25% over 1997 with over
35.6 million transactions. The MAC network processed an all-time
high of 127.6 million transactions in May.
-- MAC(R) point-of-sale (POS) transactions grew 25% during second quarter
over '97 volumes. Chevron Products Company, which completed its
rollout in June, was a big part of this growth and is accepting MAC
branded cards at 8,000 locations and 53,000 POS terminals across the
U.S.
-- MAS installed 4,946 ATMs in the second quarter. EPS continues to be
the leading terminal driver in the industry, driving 31,000 ATMs.
-- There are currently almost 40,000 ATMs and 40 million cards bearing
the MAC logo.
Acquired Business
-- In July, EPS acquired the ATM terminal driving business from
Transaction Network Services, Inc. (TNS) of Reston, Virginia. This
acquisition adds more than 3,000 dial-up ATMs to EPS' existing base
of 28,000 that they drive now, to total over 31,000 ATMs driven. TNS
is also one of EPS' primary providers of network telecommunications
and enables EPS to supply clients with the latest in ATM
connectivity.
New Products
-- During the second quarter EPS signed a landmark licensing and reseller
agreement for Novadigm's Enterprise Desktop Manager(TM) (EDM),
software that will enable EPS to download high-resolution graphics to
clients' ATMs through its network. EPS' customers will be able to
leverage these on-screen graphics for advertising and promotions at
ATMs in retail locations.
Contract Signings
-- The MAC network added 64 new financial institution members across
17 states in the second quarter and 18 new retail ATM deployers
(RADs) and independent sales organizations (ISOs) in 14 states during
the same period. Currently 2,231 financial institutions across the
United States participate in the MAC network.
-- The MAC network continued to increase its presence in the state of
Michigan adding 22 new financial institutions with a total of 334,000
cards and 389 ATMs during the second quarter.
-- The MAC network also made considerable strides in Kentucky in the
second quarter by signing over 30 financial institutions to new
contracts.
Electronic Payment Services, Inc. (EPS), a privately held company
headquartered in Wilmington, Delaware, is a leading electronic funds transfer
(EFT) processor in the United States, with approximately 2.7 billion
transactions annually. EPS is the holding company for BUYPASS Corporation, a
major third-party POS processor and debit transaction acquirer with annual
transaction volume of nearly 1.2 billion; and MONEY ACCESS SERVICE INC., an
EFT processor driving over 31,000 ATMs in all 50 states. MONEY ACCESS SERVICE
is also operator of the MAC(R) EFT network, the largest EFT network in the
United States based on almost 1.5 billion switch transactions annually, with
almost 40,000 ATMs and 515,000 POS terminals nationally. Over 2,200 financial
institutions are members of the MAC network, with 40 million customers
carrying cards bearing the MAC logo. MONEY ACCESS SERVICE INC. controls the
license rights for the registered trademark MAC.
SOURCE Electronic Payment Services, Inc.
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