FSV Payment Systems’ Growth in Payroll Cards Spurs Entry into New Markets
8/24/2005 01:24 PM GMT (TransWorldNews)
HOUSTON, TX—August 8, 2005—FSV Payment Systems today announced that the rapid growth that led to its No. 9 ranking in 2004 among the Houston Business Journal’s Fast Tech 50, which represents companies engaged in providing technology services and equipment, has continued into 2005. FSV provides prepaid and stored value ePayments solutions directly to large employers, financial institutions, third-party benefits administrators, and other businesses faced with difficult payments disbursal challenges. According to Tony Wilson, chief financial officer, “FSV revenue grew 78 percent in 2004 compared to 2003. This rapid growth continues the trend represented by FSV’s 99-percent revenue growth in 2003 compared to 2002.” Wilson continued, “And this increase persists throughout 2005. Year-to-date revenues through July have already exceeded 2004 amounts.”
Eric Miller, president and chief executive officer, said, “We attribute FSV’s phenomenal growth to our continuing leadership in the ePayroll industry. That pioneering role has also propelled us into additional payments-automation opportunities and stored value markets.”
Businesses and large employers now use FSV prepaid debit card technology to automate and fund payments such as payroll, healthcare and insurance benefits, commissions, employee awards and incentives, and expense reimbursements.
Mr. Miller continued, “Beyond ePayroll, new channel growth in 2005 includes electronic funds delivery for healthcare, retail and check-cashing applications, as well as redefining and deepening distribution for the turnkey offering of branded, open-loop gift cards, travel cards and general-purpose spend cards with existing financial institution relationships.”
FSV offers FLEXFUNDS™ stored value technology to large employers and third-party administrators to manage their tax-advantaged, FSA, HRA, HSA and other flexible-spending or benefits accounts programs, and featuring automatic plan-year rollover.
GiftIT™ is a stored value solution that empowers financial institutions to sell gift cards to their retail customers, small business clients and bank employees on a turnkey basis.
“With greater recognition of what our platform can do, more and more businesses are turning to FSV to provide both turnkey and customized solutions for their unique payments automation needs,” Mr. Miller added.
ABOUT FSV PAYMENT SYSTEMS
FSV Payment Systems offers a robust suite of unique, host-based FSA, payroll card, and other MarketReady™ stored value ePayments solutions directly to businesses, financial institutions, large employers and third-party benefits administrators as a strategic business partner of Fiserv, Inc. The patent-pending CouraStar™ processing platform from FSV is proprietary, and features infinite configurability and unlimited pursing capabilities. This functionality allows for the delivery of both standard and customized programs developed to support customer requirements. For more about FSV, visit www.fsvpaymentsystems.com.
FLEXFUNDS™, GiftIT™, MarketReady™ and CouraStar™ are trademarks of FSV Payment Systems, Inc.
FSV Payment Systems
Gary L. Tyler, 832-201-6507