TROY, Mich., June 14, 2010 - North American Bancard, LLC, one of the industry's leading payment solutions providers, announced today that it has acquired Point and Pay from Vesta Corp. and has appointed industry veteran Kevin Connell as President of its latest acquisition.
Point and Pay provides a comprehensive suite of applications that allows government and public sector agencies to convert from antiquated paper-based payment processing systems to a fully automated electronic payment and remittance process. Founded in 2001, Point and Pay currently services customers in 48 states across the country in all aspects of the government spectrum including utilities, courts, schools, tax collection and Department of Motor Vehicles renewals and registrations. In addition, Point and Pay can offer biller direct services to organizations outside of government such as property management, homeowners associations, gyms, country clubs and any business that requires annual payments, recurring payments or even one-time payment processing.
The acquisition of Point and Pay represents a significant opportunity for North American Bancard to introduce electronic payments to countless domestic government/public sector businesses. Industry statistics reveal that 4,000 counties exist throughout the U.S. with 20,000 municipalities, 10,000 utilities and 25,000 courts. These figures reflect an extraordinary and undertapped market. North American Bancard looked at a number of opportunities in this niche space and selected Point and Pay as the company that would provide the best product set to establish a strong differentiated distribution channel. NAB believes this acquisition will result in an extremely scalable, robust platform into the government/public sector that will not only build upon Point and Pay's features and functionality but will win market share and offer unprecedented growth in the electronic payment processing industry.
"We are very excited to tackle an expanding market and leverage our processing relationships with new products and technology that we now possess through the acquisition of Point and Pay," says Marc Gardner, CEO of North American Bancard. "We're also delighted to have Kevin at the helm of this new division that will surely provide our sales partners with more opportunities to expand their portfolios."
As the newly appointed President of Point and Pay, Kevin Connell will oversee all aspects of the day-to-day operations of the company including product development, business development and sales and marketing. Kevin brings a wealth of knowledge and expertise to Point and Pay, having served as Senior Vice President of Sales/Marketing for Official Payments Corp, one of the leading companies in this unique space. While at Official Payments, Kevin was instrumental in increasing the company's annual revenue ten fold. Prior to his nine-year stint at Official Payments, Kevin enjoyed a very successful career at Discover Financial Services for 13 years in various senior level sales, marketing and business development positions.
"I'm thrilled to join the Point and Pay team at such a critical juncture of this dynamic company's future," says Kevin Connell, President of Point and Pay. "North American Bancard's vision and commitment to innovative technologies, coupled with the positive trends in the payments market demonstrate that Point and Pay is poised for tremendous growth. I look forward to playing a key role in the strategic direction and expansion of its business."
About North American Bancard
Headquartered in Troy, Michigan, North American Bancard is a multi-faceted payment solutions provider dedicated to providing the latest technology as well as committing to the highest service levels. As a registered MSP/ISO since 1992, North American Bancard provides its clients with a full suite of products and services including Credit, Debit, EBT, Check Conversion and Guarantee, ATM, Gift and Loyalty Cards and Online Payment Gateway solutions. NAB processes over $8 billion in electronic transactions annually for over 100,000 merchants nationwide. For more information, visit www.nabancard.com.
About Point and Pay
Point and Pay enables government agencies and utilities to accept electronic payments from consumers and businesses for taxes, registrations, licenses, utility bills, and other services and fees using credit and debit cards or electronic checks — anytime, anywhere. Point and Pay is a wholly-owned subsidiary of North American Bancard, one of the electronic payment processing industry's leading solutions providers. For more information, go to www.pointandpay.com.