From five U.S. locations, JetPay, an NCR company, operates as a payment processor and human resources/payroll (HRP) technology company, serving small, midsize and large businesses. The firm develops payment and HRP solutions for web, mobile and cloud-based environments, supporting thousands of clients nationwide. JetPay offers vertically integrated solutions for corporations and government entities in the form of credit card acceptance, payment processing, prepaid card services, and payroll/human capital management, available via card-present and card-not-present formats.
JetPay noted it is one of only 15 processors with both front-end and back-end systems connected directly to the card networks. The company employs 220 people and has an annual revenue of more than $56 million. In 2017, JetPay processed $6.8 billion in HRP, $5.3 billion in card payments and $5.2 billion in e-check volume. It specializes in building and enhancing strategic partnerships within the financial industry, with an objective of saving time and money for both clients and their customers.
"JetPay has always focused on taking great care of our customers, creating value for our stockholders, delivering innovative solutions and growing our market reach," said Diane (Vogt) Faro, JetPay chief executive officer.
JetPay LLC formed in 1999 and was acquired by Universal Business Payment Solutions in 2012. UBPS also acquired the payroll and tax filing company AD Computer Payroll Co. earlier that year. In 2013, UBPS rebranded to JetPay Corp. and later acquired ACI Merchant Systems, expanding its financial institution payment partnerships. JetPay then acquired CollectorSolutions Inc. in 2016, adding gateway technology and the government/utility verticals to its service portfolio.
In October 2018, NCR Corp., a self-proclaimed leader in banking and commerce solutions, acquired JetPay. NCR stated the $184 million acquisition was made to, "enable NCR to integrate a cloud-based payments platform into its enterprise POS solutions for the retail and hospitality industries, accelerating the company's strategy, and increase recurring revenue growth through an enhanced mix of software and services." Brian Hurdis, senior vice president and general manager, NCR Merchant Payments, added, "Together, NCR and JetPay bring tremendous value to our clients as a go-to enterprise solution that will deliver integrated products and services that are more cost-effective, stable and secure. We are now a single-source provider our customers can trust, end to end."
Faro assumed the CEO post at JetPay in May 2016, having served on the company's Board of Directors for two years. When Faro joined the company, she brought a new strategy for simplified business solutions that would unite the company's payment and payroll segments under the One JetPay umbrella. Through her leadership, JetPay has seen improved revenues and EBITDA (earnings before interest, taxes, depreciation, and amortization) for eight consecutive quarters.
Faro's strategy for JetPay includes continued investment in technology to meet changing demands of the payments and payroll industries, thereby delivering better, faster, scalable platforms. Faro has overseen significant investments in management, technology and products, inspiring new growth in each of the company's business segments, the company noted. "Our acquisition by NCR dramatically expands our capabilities in these areas and allows us to continue our promise to make the complex simple for businesses," Faro said. "Additional POS solutions and a full suite of human capital management solutions are strengthening the company's ability to cross-sell services and positioning JetPay for tremendous growth."
JetPay noted that over its 20-year history, its innovations have included everything from development of the first commercially used virtual terminal, to proprietary tokenization, multitiered networking, dynamic descriptors, split-payments, and more.
In recent years, the company has also positioned its digital solution set within the government payments arena, resulting in new payment contracts with state-level jurisdictions and release of a white-label mobile payments application for governments. As far as the future, Faro said, "NCR, with the addition of JetPay, will expand products and services bundled to include hardware, software, marketing, HRP and payment processing to meet digital demands first."
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