Source: Heartland Payment Systems
Heartland Payment Systems, Inc. (NYSE:HPY), a leader in the payments processing industry, today announced it has signed a letter of intent to increase its strategic investment in Parcxmart Technologies, an electronics payments company.
The two companies will also develop an exclusive marketing agreement whereby Heartland's national sales network will have exclusive rights to sell Parcxmart's payment system to merchants and municipalities nationally.
The Parcxmart Card and patent-pending payment solution is America's first fully functional parking and local merchant smart card payment system. The platform uses smart card technology that offers a convenient one-card alternative to coins and cash for small dollar transactions. The Parcxmart Card can be used at on-street and off-street parking locations as well as for retail purchases at participating merchants.
"Adding smart card technology - as well as Parcxmart's leading-edge solution to parking and micro payments - aligns with our strategic approach of continually expanding our suite of efficient, cost-effective payments solutions that empower main-stream merchants to enhance their operations," said Robert O. Carr, chairman and CEO of Heartland.
Capitalizing on Heartland's national sales force of 1500, the two companies plan to market to local and regional merchants and municipalities nationwide.
"Our partnership with Heartland will enable us to bring our leading-edge technologies to municipalities, merchants and consumers nationwide," said John Regan, president and CEO of Parcxmart Technologies. "Our goal is to have one merchant for every 25 installed meters in each city. While Parcxmart usage has increased substantially during the past six months, having Heartland's sales network invested in our success will accelerate our growth and expand our service capabilities."
Currently, Parcxmart's smart card payment system is fully operable in Bridgeport, CT, New Haven, CT and Truckee, CA.
"In these cities, the Parcxmart Card acts as the municipality's card, providing people with an easy payment method that makes downtown shopping and parking convenient," continued Carr. "This, in turn, supports the economic development of these communities. The faster we are able to grow the merchant network, the more each city can benefit from the ease of use and convenience Parcxmart offers."