Electronic Payments opens $5 million line from Super G Funding
Calverton, N.Y., and Newport Beach, Calif., Sept. 2, 2015 - Electronic Payments, Inc., an innovator in payment solutions today announced that it has raised $5 million in growth funding from Super G Funding. Access to ample capital will allow Electronic Payments to significantly ramp up the industry's only Clover™ Placement Program among other strategic initiatives of the company. Since February 2015 EPI has been providing merchants with the best in class Clover Station POS with zero upfront costs as part of its nationwide POS sales and training program.
“Since November 2006, our processing volumes have increased organically to over $6 billion with nearly 117 million transactions processed last year. Our last growth funding of $1.5 million was completed in 2008 and propelled EPI into a significant operation with offices in multiple states and over 80 employees. Now, with over 750 new merchants boarded per month, we want to ensure we continue to have access to capital should the need ever arise.
The $5 million in capital we now have access to will be vital to enabling our growth and ability to provide merchants and our partners with cutting edge technology,” said Michael Nardy, CEO of Electronic Payments.
Super G Funding, led by Founder and CEO Darrin Ginsberg, is the market leader in lending to merchant services Independent Sales Organizations (ISOs) with over 450 loans successfully made since 2008. “For six years we have met the growth capital needs of merchant services agents,” said Darrin Ginsberg. “In 2014 we raised institutional capital to provide larger financing and flexible structures to top tier ISOs such as Electronic Payments. Super G Funding now has the ability to lend up to $5 million per client and in longer term structures.”
"Mike’s operation was one of the few of his size that was debt free, profitable and has well below average merchant attrition. We were able to put together a great program for EPI that will be their backstop for any time-is-of-the-essence transactions such as buyouts, acquisitions, and will be there to fund their fast growth trajectory,” Ginsberg continued.
“When we looked at the next path for our company and new programs for our ISO and Agent base, our Point of Sale Program was a clear avenue to exponential growth. Offering POS Placement solutions, extensive POS training, an online forum and knowledge base as well as demos, sales training and cross-country roadshows is enabling our sales channel build their businesses and become immersed in new technologies, keeping them relevant as the industry changes,” said Michael Nardy.
Ginsberg continued, “Super G Funding is made up of payment industry veterans and immediately recognized the opportunity of working with Electronic Payments and Mike’s team.”
About Super G Funding
Super G Funding, based in Newport Beach, CA, is a national provider of entrepreneur friendly small business financing solutions with loans ranging in size from $100,000 - $5,000,000. Super G Funding specializes in residual based and traditional cash flow supported loans. Super G Funding is a pioneer and market leader in residual loans to a variety of industries such as merchant services, ATM and insurance brokers. The program enables companies with a recurring monthly residual or commissions to borrow against the life-time value of that cash stream. Visit www.supergfunding.com to learn more about the Company.
About Electronic Payments
With “Innovation through every transaction™”, Electronic Payments has distinguished itself as one of the fastest growing and highly regarded privately held payment and transaction processing companies in the United States. Electronic Payments currently serves businesses in all industry types and acquires new clients through a network of agent banks, sales agents and independent sales offices (ISOs). Visit http://www.electronicpayments.com for additional information or http://www.bankcardprogram.com to learn more about the company’s ISO and Agent programs.
Source: Company press release.