UNITED STATES A GIFT THAT KEEPS ON GIVING FOR EMERCHANTS

Written on the 11 October 2016 by Chelsey Landford

UNITED STATES A GIFT THAT KEEPS ON GIVING FOR EMERCHANTS

PAYMENT solutions provider Emerchants (ASX:EML) has signed four B2B Virtual Card agreements with US companies seeking to improve their accounts payable processes.

Boasting optimised payment methods, payment terms and data management, the multi-year programs will enrol suppliers and pay them via a virtual prepaid debit card, with EML claiming a portion of the interchange fee generated on each transaction.

Participating businesses include air filtration provider BH Altair, metal recycling company Midwest Scrap Management, cable television giant WideOpenWest and telecommunication powerhouse Sprint.

CEO Tom Cregan says the agreements mark an exciting opportunity for further expansion in the US market following the company's acquisition of North American group Store Financial Services in May.

"The North American team identified B2B virtual payments as a future growth driver prior to the acquisition by EML and have continued to develop the solution over the last six months," he says.

"As we've seen from other parts of our business, the right technology and successful execution leads to more agreements, so we are very focused on these four programs and generating the results that our customers are expecting."

Suppliers are currently in the process of enrolling in the programs, which are scheduled to go live in January 2017.

Cregan says EML anticipates transaction volumes exceeding $100 million per year once such programs reach maturity in late 2017.

The announcement comes just days after the company finalised a major deal with Caesars Enterprise Service to provide cards to its 45 million loyalty program members.

The EML share price is on a solid upwards trajectory on the back of the string of positive announcements this year. This morning, the company is trading up 4.37 per cent at $2.19 per share, up from $0.675 per share one year ago.

Please note: Emerchants (ASX:EML) completed a changed of name to EML Payments (ASX:EML) in October 2016

 


Author: Chelsey Landford

Latest News

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

ACCODEX AIMS TO RAISE $5 MILLION CAPITAL, AWARD FOR CEO A CHERRY ON TOP

ACCOUNTANT Chris Hooper has never been one to shy away from voicing his opinion when it comes to the state of his ...

AVEO GROUP TO BUY BACK SHARES FOLLOWING MEDIA INVESTIGATION

FOLLOWING last night's Four Corners report which revealed accusations against Aveo Group (ASX: AOG) of financi...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

Related News

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter