City of Virginia Beach Authorizes Official Payments Corp. to Provide Electronic Payment Processing Services; City Residents Can
September 19 2005 - 8:22AM
Business Wire
Official Payments Corp.(R), a wholly owned subsidiary of Tier
Technologies, Inc. (Nasdaq:TIER), today announced that it has been
authorized by the City of Virginia Beach to process electronic
credit and debit card payments for personal property tax, real
estate property tax, utilities and parking ticket obligations. City
of Virginia Beach residents may now make any of these payments
online by visiting www.officialpayments.com, or www.vbgov.com. City
residents wishing to make payments via phone for personal property
tax, real estate property tax and parking ticket obligations may
dial 866-515-8162. City residents wishing to make payments via
phone for utilities bills may dial 800-874-3384. "We are pleased
that the City of Virginia Beach selected Official Payments to
deliver these trusted, secure electronic payment processing
services to its residents," stated James R. Weaver, Chairman and
Chief Executive Officer of Tier. "Virginia Beach is one of the
fastest growing cities on the East Coast, and is the largest in the
Commonwealth of Virginia with nearly half a million residents. The
City collected approximately $447 million in these payment types
last year." "This office is charged with collecting revenues and
tax receipts due the City in the most efficient and effective
manner, and we believe that making these convenient electronic
debit and credit card payment options available to our residents
will assist us in carrying out this important responsibility," said
John T. Atkinson, City Treasurer. "Our residents have asked for
this payment alternative, and after carefully evaluating
alternatives, we are pleased to partner with Official Payments
Corp. in meeting the needs of our residents by providing these safe
and reliable payment options." Official Payments provides
electronic payment services for the Internal Revenue Service, 25
states, the District of Columbia and more than 1,800 local
government clients nationwide. Official Payments' principal
business is processing electronic payments on behalf of government
entities via its Web site, www.officialpayments.com, and its
toll-free telephone number, 1-800-2PAY-TAX(SM). Official Payments
charges citizens a convenience fee for the service. Citizens using
credit or debit cards with bonus rewards programs may, depending on
their card's program, earn reward points, airline frequent flyer
miles or cash back for paying their taxes and fees. About Tier Tier
is a leading provider of transaction processing and packaged
software and systems integration services for public sector
clients. We combine our understanding of enterprise-wide systems
with domain knowledge enabling our clients to rapidly channel
emerging technologies into their operations. We focus on sectors
that we believe are driven by forces that make demand for our
services less discretionary and are likely to provide us with
recurring long-term revenue streams. More information about the
Company is available at www.Tier.com. Statements made in this press
release that are not historical facts are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. The Company
undertakes no obligation to update any such forward looking
statements. Each of these statements is made as of the date hereof
based only on current information and expectations that are
inherently subject to change and involve a number of risks and
uncertainties. Actual events or results may differ materially from
those projected in any of such statements due to various factors,
including but not limited to failure by end consumers to make
payments with credit or debit cards or electronic checks through
Official Payments Corporation; impact of lower transaction volumes
than anticipated; the potential loss of funding by clients,
including due to government budget shortfalls or revisions to
mandated statutes; the timing, initiation, completion, renewal,
extension or early termination of client projects; the Company's
ability to realize revenues from its business development
opportunities; and unanticipated claims as a result of project
performance, including due to the failure of software providers or
subcontractors to satisfactorily complete engagements. For a
discussion of these and other factors which may cause our actual
events or results to differ from those projected, please refer to
the Company's annual report on Form 10-K for the year ended Sept.
30, 2004, our most recent quarterly report on Form 10-Q for the
quarter ended June 30, 2005, as well as other filings with the SEC.
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