Accesspoint Announces Successful Beta for Credit Card Processing Platform; Subsidiary Partnering with Leading Acquirer.Business Editors and High-Tech Writers IRVINE, Calif.--(BUSINESS WIRE)--Sept. 27, 2000 Accesspoint Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASAP (chat) asap - As soon as possible. ), a leading Application Service Provider (ASP), Wednesday announced that it has successfully completed the beta-test for its credit card processing platform, paving the way for its subsidiary, Processing Source International (PSI) to launch its merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or processing operations and pursue its share of an industry that exceeds $1 trillion in processing volume annually. "We're quite pleased that PSI is entering an arena that we project to be a very strong revenue producer for the company," said Tom Djokovich, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Accesspoint. "This is an exciting time. We've been focused on achieving this goal and now we're ready to go. In the last week alone, we've not only completed our ramp-up phase, but also have signed one of the nation's premier merchant acquiring banks to serve as our sponsoring bank," said Djokovich, who added that formal announcement of PSI's national banking partner is expected shortly. "This new platform will provide us with a solid and stable revenue source as it seamlessly serves both brick and mortar See bricks and mortar. retailers as well as the online merchants of the new economy," said Al Urcuyo, president and CEO of Processing Source International. "By providing merchants and sales organizations alike state-of-the-art real-time merchant application, credit scoring Credit scoring A statistical technique that combines several financial characteristics to form a single score to represent a customer's creditworthiness. and account management tools we have uniquely positioned ourselves in an industry that, until now, has not fully utilized cutting edge technology," added Urcuyo. PSI will maintain its risk and underwriting offices in Chicago, with sales, marketing and administrative offices located in Woodland Hills, Calif. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Accesspoint Corp. (the company) to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission.) |
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