"A Jettis / Paycom Announcement - Important Industry News"
I am posting this announcement here and on other webmaster boards on behalf of Paycom and with Jettis' permission.
Replies will be from Kjell Petridis, Ken Lawson, Clay Andrews, Chris Mallick or me.
"A Jettis / Paycom Announcement - Important Industry News"
July 29, 2004, Marina del Rey, California… Paycom.net, LLC, a California based Internet Payment Service Provider (“IPSP”), announced today that it has completed the acquisition of certain credit card processing contracts from Jettis, Inc., another California based IPSP. The privately held companies did not disclose the details of the transaction. However, both company’s Officers commented on the transaction.
Christopher Mallick, CEO of Paycom commented, “We are pleased to announce that we have completed the acquisition of Jettis’ IPSP portfolio. This transaction brings to the marketplace the best services and systems available in online credit card transaction processing today and solidifies our role as an industry leader. We are also extremely proud to announce that Kjell Petridis and Ken Lawson have agreed to join Paycom exclusively as our IPSP Consultants. Kjell and Ken will assist Paycom and Jettis’ former clients in migration to our platform and will ensure continuity in our operations.”
Ken Lawson, the Jettis CEO commented, “Jettis has sold its IPSP business in the credit card processing space, on a going forward basis, to Paycom. We see this as a tremendous opportunity for our clients to go forward with a trusted leader in credit card processing services. We have been impressed with the quality of service Paycom provides to its clients and are confident that our clients will agree that this is a positive move. Jettis has seen very rapid growth in its ACH division over the last year and has recently developed several new technologies which will enable us to become leaders in that space. This transaction will allow us to focus 100% of our time and resources on our rapidly growing ACH and Credit Card Gateway services.”
Kjell Petridis, Jettis’ President commented, “Paycom’s Zero Reserve Policy will be considered an additional financial benefit to those Jettis clients that will now be processing through Paycom. Jettis will continue to provide ACH check processing and credit card gateway services to our valued clients.”
Clay Andrews, Paycom’s President commented, “We at Paycom have always held Ken, Kjell and the entire Jettis operation in the highest regard. We are therefore very fortunate to be welcoming Ken and Kjell as integral members of Paycom’s IPSP team of Consultants. The combination of our mutual talents and expertise will strengthen the marketplace through a focused attention to specific areas of expertise.”
Joel Hall, Paycom’s Chief Technical Officer stated, “Jettis’ former clients will not have any technical issues to deal with, nor will there be any interruption in processing of new sales or recurring transactions. Our system is robust and scalable and the technical integration process has been seamless – we are live now.”
Both companies confirmed that Jettis is still responsible for all aspects of any credit card transactions processed by Jettis prior to the date of sale to Paycom. Paycom and Jettis will continue to compete in the ACH check processing and credit card gateway markets. However, Jettis will no longer be an IPSP, as a condition of the sale.
Mallick further commented, “We believe that both our clients and the payment card processing industry will view this as a positive development. Today’s announcement is one which ensures long-term success to our clients and continues to provide the marketplace with the excellent service and financial strength they have come to know and trust from both Paycom and Jettis.”
Press Inquiries should be directed to Rand Pate, Corporate Communications Director, Paycom.net, LLC by email to rand@paycom.net
---Rand at EPOCH
