ATLANTA, Dec. 21 /PRNewswire/ -- BUYPASS Corporation, an Electronic
Payment Services, Inc. company, announced today that Sunoco, Inc. has agreed
to a five-year exclusive agreement for debit and credit processing. The
agreement is effectively an extension of Sunoco's nearly ten-year association
with BUYPASS.
Sunoco also selected EFS National Bank, a wholly-owned subsidiary of
Concord EFS (Nasdaq: CEFT), as its credit settlement processor, signing a
five-year agreement. Concord will begin processing for Sunoco in the third
quarter of 1999. On November 23, 1998, Concord EFS, Inc. (Concord) and
Electronic Payment Services, Inc. announced they have entered into an
agreement and plan of merger subject to the receipt of shareholder and
regulatory approvals and satisfaction of other closing conditions. "We are
very pleased to have Sunoco as a client," said Edward A. Labry III, president
of Concord. "These two contracts are an indication of the synergies Concord
and BUYPASS expect to offer current and future clients through this merger."
"We are pleased to continue our successful partnership with BUYPASS," said
Victor H. Amo, Manager, Marketing Systems, Sunoco, Inc. "We rely on their
resources and expertise in the petroleum POS marketplace to help us stay ahead
in that area of our business, and we look forward to working with the
combination of BUYPASS and Concord." BUYPASS provides POS processing for more
than 3,800 Sunoco locations. Electronic Payment Services, Inc., BUYPASS'
parent company, drives more than 450 ATMs for Sunoco.
"Sunoco has long been a key partner and has helped position BUYPASS as the
leading third-party processor for the petroleum industry," said Ruth Ann
Marshall, EVP, EPS. "We are delighted to have the opportunity to continue to
build on such a successful relationship."
BUYPASS Corporation, headquartered in Atlanta, Georgia, is a major third-
party POS processor and debit transaction acquirer with annual transaction
volume of almost 1.2 billion. BUYPASS processes for one-third of the top 25
petroleum companies in the U.S. As of third quarter 1998, BUYPASS Corporation
processed over 917.4 million total transactions. Debit point-of-sale (POS)
volume is running 60% above last year's numbers with 233.8 million
transactions as of third quarter. October was an outstanding month for BUYPASS
transaction volume, with a record-setting 116 million transactions.
BUYPASS currently has electronic benefits transfer (EBT) programs in
33 states and Washington D.C., and provides gateway access to over 60 credit,
debit and EBT gateways. BUYPASS is a subsidiary of Electronic Payment
Services, Inc. (EPS), a privately-held company headquartered in Wilmington,
Delaware. EPS is a leading electronic funds transfer (EFT) processor in the
United States, with approximately 2.7 billion transactions annually.
SOURCE Electronic Payment Services, Inc.
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/576550.html or fax,
800-758-5804, ext. 576550
CONTACT:
Tricia L. Schafer of Electronic Payment
Services, 302-791-8906
|
