News & Events

Pivotal Payments Completes Acquisition of POS Card Systems And National Credit Card Processing From Vision Bankcard

Canada's fastest growing payment processing company adds over 1 billion US dollars in volume and 4,800 new merchants

MELVILLE, NEW YORK - January 5th, 2010. Pivotal Payments announced today that they have completed the acquisitions of POS Card Systems and National Credit Card Processing, both divisions of Orem based Vision Bankcard, Inc. These acquisitions increase Pivotal Payments' merchant portfolio to 40,000 merchants and will add over 30 independent sales agents and 120 agent bank branches to its expanding sales channels.

Pivotal Payments has to date completed six acquisitions and grown to over 280 employees and 600 sales agents. The company now services over 40,000 merchants in both the U.S. and Canada and processes over $7 billion in annual transaction volume. Goldman Sachs is Pivotal's primary financial partner and was the exclusive provider of acquisition financing for this transaction.

"Pivotal is pleased to end the year on this positive note," said Philip Fayer, President and CEO of Pivotal Payments. "This acquisition will add to our strong organic growth and will increase our presence in the U.S. Pivotal will maintain both the offices of acquired divisions in Redwood City, California and Novi, Michigan and would like to welcome these Vision employees to the Pivotal family."

"We are very happy with the transaction with Pivotal. We are confident that we delivered value for our shareholders while assuring the long-term growth and success of our employees and sales agents," said Vision Bankcard, Inc President Jeff Knowles.

About Pivotal Payments

Pivotal Payments, a privately held company, is a leading merchant services provider with offices across North America. The company provides a full suite of merchant services to small and mid-sized retail businesses, mail order/telephone order merchants, e-commerce, chain stores, franchises, restaurants, and dealerships. Merchant services include credit and debit card processing, electronic check conversion, merchant cash advances, loyalty and gift card programs, as well as terminal management solutions.

Company and product information are available at www.pivotalpayments.com.

About POS Card Systems

POS Card Systems, a division of Vision Bankcard, Inc., was founded in 1992. Located in Redwood City, California, the company serves local, regional and national merchants. Their local sales partners work with regional financial institutions to offer merchant payment processing services through their agent bank programs.

POS Card Systems' sales partners are recognized within the industry for their high level of ethical and professional business practices. They have built a solid base of customers in their respective regions and their low merchant attrition rate can be attributed to their excellent merchant support, understandable pricing and full disclosure policies.

Company and product information are available at www.pos-west.com

About National Credit Card Processing

National Credit Card Processing (NCCP) provides reliable merchant services that enable merchants to accept credit, debit and gift cards. Other payment processing services include check guarantee, anti-fraud measures and Internet merchant accounts.

Founded in 1993, located in Novi Michigan, NCCP has 24-hour turnaround on merchant applications and in-house financing on all makes and models of point-of-sale terminals and equipment. NCCP provides 24/7 customer support and 24-hour replacement for equipment failure.

Company and product information are available at www.nccp-us.com

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