We plan on integrating the cloud-based management portal into our core platform and offering PayPartners’ solution to our network of over 260 financial institutions.
Chattanooga, TN (PRWEB) September 19, 2013
TransCard LLC, the leading provider of prepaid debit cards to financial institutions announces that it is acquiring the operations of PayPartners, Inc., a provider of payroll cards to small and medium sized businesses. This will mark the third acquisition made by TransCard in less than a year.
The acquisition of PayPartners will enhance TransCard’s offering to its financial institution partners through a combination of platform and expertise. PayPartners’ platform and cloud-based Back Office Portal will further compliment TransCard’s offering to financial institutions, making it easy to on-board, issue, and manage payroll card portfolios.
“PayPartners has developed a unique model that allows financial institutions to benefit from offering payroll cards to their employers without the added expense of creating their own infrastructure,” stated Craig Fuller, CEO of TransCard. “We plan on integrating the cloud-based management portal into our core platform and offering PayPartners’ solution to our network of over 260 financial institutions.”
Current clients of PayPartners will benefit from an enhanced cardholder experience, 24/7/365 US-based customer service, and many additional platform benefits that are unique to TransCard. In addition, by combining TransCard’s award-winning cardgisitcs portal, PayPartners’ commercial clients will be able to offer employer-branded cards, marketing materials, and video content intended to educate and promote payroll cards to employee user groups.
“We are excited to join the TransCard team and believe that an integrated processor-program manager provides a complete paycard solution to our commercial clients and cardholders,” said Jack Anthony, VP of PayPartners. “We also believe our Back Office Portal is unique to the industry and will allow TransCard to grow its paycard portfolio much more aggressively, particularly in the small and medium sized business market.”
TransCard also announces the formation of TransCard Ventures, a division of TransCard strategically focused on acquiring prepaid program managers, portfolios, teams, and technology that can benefit from being part of a processor with a large bank issuer network.
“We’ve made three acquisitions and one minority investment in the prepaid space in less than twelve months,” stated Greg Bloh, President of TransCard. “We are searching for program managers who focus on very specific market segments and bring with them a combination of technology, focused distribution, and management teams. We are interested in speaking with companies that service the prepaid space and meet this profile.”
Chattanooga-based TransCard is the leading provider of prepaid products to financial institutions of all sizes. The company’s platform enables financial institutions of all sizes to grow deposits and fee income, deepen their treasury relationships, expand product offerings to the underserved, and turn unprofitable customers from cost items to contribution items. Financial institutions interested in offering prepaid programs should visit our website and follow us on Twitter.