PowerPay Announces 2007 Milestones; Sets Sights on Continued Growth
Banner Year Includes Record Number of Applications, Strategic Acquisition, Workplace Quality Award
PORTLAND, Maine — Feb. 12, 2008 — PowerPay, fast becoming the leader in electronic payments, today announced the highlights of a banner 2007. It saw the four-year-old company complete a major acquisition, achieve significant growth in customers and daily transactions, and earn a place on the list of best places to work in Maine.
“The company’s success in 2007 is a direct reflection of our wonderful staff. Attracting talented, energetic employees who possess outstanding strength of character and a superior work ethic has always been the key to our success,” said Stephen Goodrich, president and CEO of PowerPay. “The momentum we’ve gained speaks to our exceptional service levels and extensive industry knowledge, and brings us another step closer toward our goal of becoming one of the nation’s top 10 payment processors.”
According to Goodrich, an important factor in the company’s success is its role as a direct provider of most services, including in-house underwriting and risk management, customer service, technical support, information technology and product development. “PowerPay is not simply a reseller of another company’s payment product. By performing these functions internally we gain complete control over the quality of our customers’ experience,” explained Goodrich.
PowerPay’s 2007 achievements include:
Successful completion of e-onlinedata acquisition: the move added a full line of real-time credit card processing technologies for Internet, mail order, retail and auction sellers to PowerPay’s suite of payment offerings. It enabled PowerPay to offer e-commerce solutions to customers and value-added resellers (VARs).
Record single-month applications: the company received 1,800 new merchant applications in October, the largest to date. PowerPay expects to surpass 2,000 new applicants per month by mid 2008.
Significant growth across key performance indicators: the company achieved year-over-year growth of 50 percent in total merchants, 76 percent in daily transactions, 56 percent in daily transaction value and 51 percent in monthly merchant application volume.
Named one of Maine’s best places to work: the Society for Human Resource Management’s (SHRM) Maine State Council named PowerPay one of its 2007 Best Places to Work in Maine, an honor given to just 25 companies across the state. Criteria for selection included both company policies and procedures, and reports from employees.
PowerPay’s services include payment acceptance; credit, debit, loyalty and gift cards, business-to-business and government purchasing cards; electronic check verification; high-speed and wireless point-of-sale (POS) solutions, as well in-depth e-commerce payment capabilities. The company also offers unique risk monitoring and secure processing solutions to provide the utmost protection to businesses and customers.
PowerPay is one of the fastest-growing providers of integrated e-commerce and retail payment solutions, serving nearly 30,000 merchants nationwide. Founded in 2003, PowerPay offers a broad portfolio of payment processing solutions to merchants through several acquisition channels including: e-commerce, software developers, financial institutions and direct merchant-level sales. Additionally, PowerPay is not a reseller of most services but a direct provider performing in-house underwriting, risk management, customer service, technical support, information technology and product development. The Portland, Maine-based company supports a variety of card-based and other payment types including all major credit and debit cards, electronic benefits transfer (EBT), e-commerce, recurring bill payment as well as ACH products such as remote draft capture (RDC). PowerPay’s wholly owned subsidiary, e-onlinedata, is the nation’s most trusted Internet-based merchant account provider and one of the largest resellers of the Authorize.Net payment gateway. Together, PowerPay and e-onlinedata deliver comprehensive, innovative solutions that help merchants grow their businesses and improve bottom lines. In 2007, the Best Companies Group, in partnership with the Maine Department of Labor, recognized PowerPay as one of the Best Places to Work in Maine. For additional information about PowerPay, please visit www.powerpay.biz.