Source: Heartland Payment Systems
Heartland Payment Systems Inc. (HPS) (NYSE: HPY), the seventh largest credit card processor in the United states and 15th in the world, announced today that it is making a strategic investment in Parcxmart Technologies Inc., an electronics payments company.
The investment will further solidify HPS' and Parcxmart's existing marketing alliance, which provides Heartland limited exclusivity as Parcxmart's merchant acquirer to offer credit/debit card processing services to merchants that adopt the Parcxmart payment solution.
The Parcxmart card and patent-pending payment solution is America's first fully functional parking and local merchant smart card payment system. The Parcxmart Card solution offers drivers and consumers a convenient one-card alternative to coins and cash for small-dollar transactions at on-street and off-street parking locations, as well as for micro ticket retail purchases at participating merchants across the United States. The Parcxmart payment solution is already operational in New Haven, Conn., and San Jose, Calif.
"We believe in the Parcxmart payment solution and feel that it is a superior smart card small-dollar transaction option for municipalities and their local merchants," said Robert O. Carr, HPS founder and chief executive officer. "We have watched in New Haven how successful Parcxmart can be, and are ready to promote it aggressively along with our credit and debit card processing services."
"We are very excited about the growing partnership between Heartland Payment Systems and Parcxmart Technologies," said John Regan, president and CEO of Parcxmart Technologies. "Offering HPS limited exclusivity benefits our merchant customers because Heartland fully understands the advantages of offering multi-function smart cards to merchants and to municipal parking systems. As we grow and offer Parcxmart Cards to new cities, we can be assured that merchants and parking operators will be well supported by Heartland's national sales force of over 970 local Relationship Managers and 24/7 bilingual customer support."