SAN ANTONIO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced that the Mayor’s Fund to Advance New York City chose its proprietary prepaid card-issuing platform to distribute relief funds to those in need as a result of the COVID-19 pandemic.
The Mayor’s Fund to Advance New York City is the latest in a growing list of governmental and non-profit organizations that have chosen Usio’s prepaid card platform as the means to distribute much needed funds to affected individuals, families, and businesses in the greater New York City area.
“We are humbled that so many governmental and charitable organizations are confident our platform provides a valuable and effective way for them to get much needed financial relief into the hands of those who have felt, first hand, the economic impact of the COVID-19 pandemic,” said Houston Frost, Senior Vice President, Prepaid Products, of Usio. “Usio’s card issuing solution provided The Mayor’s Fund to Advance New York City with an intuitive and cost-effective way to get money into the hands of recipients quickly via a virtual or physical card that can be easily reloaded. Usio is proud to partner with The Mayor’s Fund to Advance New York City in this very worthy cause.”
The Mayor’s Fund to Advance New York City, a 501(c)(3) not-for-profit organization, works with 50 city agencies and offices, 300 institutional funders and 100 community-based partners to improve the lives of New Yorkers across all five boroughs. The Fund, which has already disbursed allocated funds with assistance from the NYC Mayor’s Office of Immigrant Affairs, provides monetary assistance to those who are experiencing financial hardship due to the COVID-19 pandemic. The monetary assistance was in the form of a prepaid gift card managed by Usio.
"As we continue living through and recovering from the COVID-19 pandemic, many New Yorkers are still without a paycheck. For members of our most vulnerable communities, food and shelter for themselves and their families is not a guarantee," said Toya Williford, Executive Director of the Mayor's Fund to Advance New York City. "The Mayor's Fund is proud to have partnered with Akimbo to ensure New Yorkers in need receive vital financial support quickly and easily."
Usio’s prepaid card-issuing platform, Akimbo, offers several key features useful for any community organization looking to provide financial relief:
- The cards provide cash access. The cards can be used everywhere, including ATMs and retail outlets.
- The cards can be reloaded, up to a maximum balance of $2,500 at any given time. Organizations can continue their support by adding funds as needed.
- The cards can have merchant category code (MCC) restrictions, allowing purchases to be limited to specific merchant types based on each individual partner needs and/or requests.
- The cards can be sent virtually via text or email. These days, each day can make a difference. Recipients can immediately collect and use a virtual card online. The virtual card can also be added to Apple Pay®, Samsung Pay™ or Google Pay™.
“Organizations are trying to reach individuals who need assistance immediately. Additionally, the organizations may not have a way of collecting bank account information or do not like the idea of issuing paper checks that have a chance of getting lost in the mail, sent to the wrong address, or returned,” concluded Frost. “Our prepaid cards streamline the disbursement of funds for the organizations we serve and provide the recipient with simple and time effective means to access the money received.”
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville. Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, and www.akimbocard.com. Find us on Facebook® and Twitter.
About the Mayor’s Fund to Advance New York City
The Mayor's Fund to Advance New York City, a 501(c)(3) not-for-profit organization, and its partners advance initiatives that improve the lives of New Yorkers from all walks of life and across all five boroughs. In particular, the Mayor's Fund has made strategic investments to promote mental health services, increase workforce development opportunities for young New Yorkers, and meet the needs of New York City's diverse immigrant community. Learn more at www.nyc.gov/fund, sign up for our newsletter, or connect with us on Twitter.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "continue," "look forward," "anticipate," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including risks related to the COVID-19 pandemic and its effect on the economy, failure to comply with Nasdaq regulations related to Board composition, risks related to the realization of the anticipated opportunities from the prepaid card business, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2019. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Contact
Joe Hassett, Investor Relations
Gregory FCA
joeh@gregoryfca.com
484-686-6600