|By Business Wire||
|March 18, 2014 10:10 AM EDT||
JetPay® Corporation (“JetPay” or the “Company”) (NASDAQ: JTPY), through JetPay Card Services, is pleased to introduce the MAC (Money Access VISA® Prepaid Card). The first phase of the MAC rollout begins today and will focus on employees and employers that are clients of JetPay’s payroll processing business, JetPay Payroll Services. Employees, friends, and families of these businesses will be invited to make MAC the card that they use to help them with their everyday shopping, budgeting, bill payment or other financial services needs.
MAC is a general purpose reloadable (GPR) prepaid card that behaves much like a checkless checking account with a compelling value proposition that will have broad appeal to consumers with or without a bank account. MAC has two pricing options which are being offered through JetPay’s payroll processing channel; MAC One and MAC Choice. MAC One is intended for those individuals that do not have a bank account and are in need of a payment card that can meet their every day purchasing, bill payment and financial services needs. MAC Choice is a perfect choice for those consumers that may have a bank account but need a great tool for budgeting, helping to manage household expenses, saving for that special need, or occasional funding for students. Both cards are reloadable and can accept deposits from employers, tax refunds, government payments and cash through the GreenDot network. Both cards also offer all the features today’s consumers expect from a leading prepaid card and can help cardholders save check-cashing and money transfer fees as well as give them a safe place to store and spend their money. With pricing at $1 a month or free depending on the option chosen and no swipe fees, MAC is the lowest-priced general purpose prepaid card of its kind available today.
MAC is a vision fulfilled for JetPay’s founder and Chairman, Bipin C. Shah. Mr. Shah describes his idea for the card as follows: “I wanted to make banking and purchasing services available equally to everyone in America. As long as the cardholder has access to any of the methods we offer to add funds to the card, they can realize the benefits of having MAC and have the convenience of using MAC anywhere Visa debit is accepted. This saves the cardholder unnecessary check cashing expenses and provides anyone who wants it with a bill payment and shopping card that is safe and secure.”
Ralph Bianco, Executive Vice President and General Manager of Card Services for JetPay, explains: “We are focused on developing and launching products that are designed for the takers and not the makers. MAC, as a brand, stands for social responsibility, a firm commitment to offering consumers a high value, high quality and low cost product and an equal commitment to customer service and support. Additional MAC programs are in development that will address the needs of consumers and businesses outside of our payroll processing channel and on a national scale. We have thoroughly tested MAC over the past few months with our employee, friends and family launch. We are very excited to make this initial announcement and look forward to future announcements on the expansion of the MAC program to additional segments and distribution channels.”
Existing customers of JetPay Payroll Services can learn more about the MAC program by calling 1-800-DO-MY-PAY or by going to: www.jetpaycard.com. Look for the additional announcements shortly on the expansion of the MAC program to include going direct to consumers, business-to-consumer, and business-to-business applications.
About JetPay Corporation
JetPay Corporation, based in Berwyn, PA, is a leading provider of vertically integrated solutions including card acceptance, transaction processing, payroll, payroll tax filing and other financial transactions. JetPay provides a one vendor solution for payment services, debit and credit card processing, ACH services, and payroll and tax processing needs of businesses throughout the United States. The company also offers low-cost payment choices for the employees of these businesses to replace costly alternatives. Its vertically aligned services provide customers with convenience and increased revenues by lowering payments-related costs and by designing innovative, customized solutions for internet, mobile, and cloud-based recurring payments. Please visit www.jetpaycorp.com, www.jetpay.com, and www.jetpaypayroll.com for more information.
About JetPay Card Services
JetPay Card Services provides MAC prepaid Visa services to businesses and their employees and to the general public nationwide. With 106 million consumers unbanked or under banked in the U.S. and more than 25 million having no credit at all, there is a widespread need for a financial tool that meets the requirements for a card that can be used for payments, purchases, taking care of family members. For those with plenty of credit, MAC can be another financial tool to meet family needs. MAC has been designed to be the most versatile and inexpensive prepaid debit card on the market. Find more information at: www.jetpaycard.com.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. JetPay’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside JetPay’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, those described under the heading “Risk Factors” in the Company’s latest Annual Report filed with the Securities and Exchange Commission (“SEC”) on Form 10-K, as amended, for the transition period ending December 31, 2012, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, and the Company’s Current Reports on Form 8-K.
JetPay cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in JetPay’s most recent filings with the Securities and Exchange Commission. All subsequent written and oral forward- looking statements concerning JetPay or other matters and attributable to JetPay or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. JetPay cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. JetPay does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
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