Chase Commerce Solutions and USA Technologies Form Strategic Relationship
April 28 2015 - 7:00AM
Business Wire
Businesses in the Self-Serve Retailing Industry
Can Obtain Expanded Services and Enhanced Security, Reliability and
Flexibility As Consumers Move To Wireless and Cashless Payments
Key Points:
- Relationship continues to broaden USA
Technologies’ reach for products and services domestically as well
as outside the U.S.
- Increases scale, adds security, and
provides one-stop, end-to-end processing for customers
- USA Technologies provides Chase access
to new customer base via the unattended self-service retail market
space
- Broadens mobile payments footprint and
allows for service enhancements for all customers via better data
and market offerings
USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless,
cashless payment and M2M/IoT solutions for small-ticket, self-serve
retailing industries and Chase Commerce Solutions, the global
payment processing, merchant acquiring and offers business of
JPMorgan Chase & Co., today announced a new strategic
relationship. Through a multi-year agreement, self-service
retailers can benefit from USAT’s best-in-class cashless payments
and M2M/IoT service with the added strength, security and expanded
reach of Chase Commerce Solutions’ market-leading payment
processing.
“There is an evolution happening in the way that both consumers
and merchants handle money and it begins with mobile and cashless
payment technology,” stated Dave DeMedio, chief financial officer
of USA Technologies. “We have helped thousands of small-ticket
self-serve retail merchants to seamlessly make a transition to
cashless payments, and there is still much growth opportunity in
the space. This strategic relationship represents the first step
with Chase Commerce Solutions toward expanding our footprint
through leveraging inherent economies of scale.”
With payment options such as credit card, debit card and mobile
payment options available to consumers, USAT’s portfolio of
cashless payment, telemetry and consumer engagement services help
self-serve retail businesses’ transition to cashless acceptance
easy and frictionless.
The companies believe that this strategic relationship brings
greater opportunities for USAT to scale more rapidly, and to expand
its product lines into new domestic and global verticals and
markets, while providing Chase Commerce Solutions inroads into the
self-service retail markets. USAT estimates the market size at more
than $120 billion in annual transaction volumes, and 13-15 million
potential "merchant locations” in the U.S.
“We continue to enable commerce through a simple, secure payment
experience for consumers and for our business clients,” said
Kimberly Fitzsimmons, U.S. Market President for Chase Commerce
Solutions. “We are pleased to work with USA Technologies, a market
leader in this important and rapidly emerging space to accept all
types of payments easily and securely.”
About USA Technologies, Inc.:
USA Technologies is a leader of wireless, cashless payment and
M2M/IoT telemetry solutions for small-ticket, self-serve retailing
industries. ePort Connect® is the company's flagship service
platform, a PCI-compliant, end-to-end suite of cashless payment and
telemetry services specially tailored to fit the needs of small
ticket, self-service retailing industries. USA Technologies also
provides a broad line of cashless acceptance technologies including
its NFC-ready ePort® G-series, ePort Mobile™ for customers on the
go, and QuickConnect, an API Web service for developers. USA
Technologies has been granted 87 patents; and has agreements with
Verizon, Visa, MasterCard, and customers such as Compass and
others. Visit the website at www.usatech.com.
About Chase Commerce Solutions:
Chase Commerce Solutions is the global payment processing,
merchant acquiring and offers business of JPMorgan Chase & Co.
The business is comprised of Chase Paymentech, its global merchant
acquiring business, Chase Pay, its proprietary online digital
wallet and ChaseNet, its customized closed-loop proprietary
payments platform. Commerce Solutions is a leading provider of
payment, fraud and data security for companies large and small and
capable of authorizing transactions in more than 130 currencies.
The business enables integrated solutions for all payment types,
including credit, debit, prepaid stored value and electronic check
processing; as well as alternative and mobile. In 2014, Commerce
Solutions processed 38.1 billion transactions with a value of
$847.9 billion, and in March 2015, was ranked as the No. 1 wholly
owned U.S. Merchant Acquirer by The Nilson Report.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: All statements, other than statements of
historical fact included in this release, are forward-looking
statements. When used in this release, words such as "anticipate",
"believe", "estimate", "expect", "intend", and similar expressions,
as they relate to USAT or its management, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of USAT's management, as well as assumptions made by and
information currently available to USAT's management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors,
including but not limited to, business, financial, market and
economic conditions; the ability of USAT to predict future or any
market conditions and consumer behavior; the extent to which the
Chase contract would help USAT to increase scale and broaden its
mobile payments footprint; and the possibility that all of the
expected benefits from better data and market offerings will not be
realized by all of our customers, or will not be realized to the
extent predicted and/or within the expected time period. Readers
are cautioned not to place undue reliance on these forward-looking
statements. Any forward-looking statement made by us in this
release speaks only as of the date of this release. Unless required
by law, USAT does not undertake to release publicly any revisions
to these forward-looking statements to reflect future events or
circumstances or to reflect the occurrence of unanticipated
events.
USA Technologies:ANW NetworksMelissa Hourigan, +1
720-872-8807melissa@anwnetworks.comorANW NetworksEmily F. Porro, +1
347-960-3603emily@anwnetworks.comorInvestor
Relations:BlueShirt GroupMichael Bishop, +1
415-217-4968mike@blueshirtgroup.comorChase Commerce
Solutions:Edward Kozmor, +1
302-282-7170edward.kozmor@chase.com
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