Payment Data Systems’s Subsidiary FiCentive Expands Relationship With C2Go, Inc.


SAN ANTONIO, Feb. 09, 2016 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS), an integrated payment solutions provider, today announced that it has expanded its relationship with its customer C2Go, Inc. (“C2Go®”), an innovative electronic payment solutions provider to businesses and individuals participating in today’s increasingly variable workforce. The parties have entered into an agreement whereby Payment Data Systems will provide funding to C2Go for expansion of its B2B commissions services in the Las Vegas market. As part of the agreement, C2Go will co-brand the Akimbo Prepaid MasterCard® and FiCentive will launch a C2Go-branded mobile and web application by leveraging the existing Akimbo platform.

The addition of C2Go’s cardholders could more than double the number of Akimbo Card users by the end of 2016. Payment Data will issue to C2Go a $200,000 18-month loan at 10% interest rate, with the debt to be repaid monthly from gross profits on the C2Go-Akimbo cards.  Upon repayment of the debt, Payment Data will receive a 5% equity stake in C2Go.

“We are thrilled to be able to provide this funding to the C2Go team and to have them partner with us on a co-branded card. Their innovative solution is aligned with our goal to provide businesses and individuals with speed, mobility and anywhere, anytime access to payments,” said Louis Hoch, CEO of FiCentive.  “We have built an outstanding relationship with C2Go’s leadership over the past few months and we look forward to a long and profitable business relationship together. This agreement underscores the opportunities ahead for additional co-branded relationships with our customers.”

“We admire Payment Data’s 17 years of experience in the payment processing space and commitment to addressing unmet needs in the rapidly growing prepaid card market,” said Andrew DeMaio, President of C2Go, Inc. “We are looking forward to benefitting from Payment Data’s financial support and the Akimbo platform to help accelerate our growth into new workforce solutions.”

Through an online mobile-friendly platform, C2Go addresses the inefficiencies of how businesses compensate today’s variable workforce by connecting businesses that routinely make payments to a group of recipients, and helping recipients who routinely receive payments from multiple businesses.  C2Go’s solution collects the recipient’s taxpayer information, complies with Form 1099 reporting and filing requirements and sends real-time payments to the recipient’s reloadable prepaid card, making it easier for businesses to pay and recipients to get paid.

C2Go originated as “Commissions2Go®” with a solution targeted to the hospitality and attractions industry in Las Vegas, leveraging the C2Go management team’s extensive experience in this area. Using the C2Go Platform, restaurants, attractions, night clubs, shows and special events can compensate concierges, street marketing teams, event planners and taxi drivers for referrals to their venues. The venues move funds directly to members’ C2Go cards. C2Go plans to expand its services by launching a new workforce solution targeted at the independent contractor and freelance worker segments later this year.

About C2Go, Inc.

C2Go® is an enhanced electronic payment solution for businesses that routinely make compensatory payments to a variable group of recipients, and recipients who routinely receive payments from multiple businesses. C2Go uses a proprietary business portal and reloadable, open-loop debit cards to not only facilitate the payment, but also to collect and report cardholder taxpayer identification data and transaction data. The resulting “C2Go Network” makes it easier for each to engage with the other, for the businesses to pay, and for the members to get paid. C2Go focuses on solving currently inefficient transaction scenarios, such as the payment of commissions, freelance worker compensation, tip-sharing, and other allocations of revenue or proceeds of business activity. C2Go recently launched in the Las Vegas nightlife, attraction and hospitality market, where millions of dollars are distributed monthly by a large number of businesses to a variable pool of thousands of recipients. C2Go has significant experience and relationships in this segment, and has secured agreements with a growing list of prominent business clients.

For more information, please visit c2gocard.com

About Akimbo

Akimbo is a consumer-facing social payments provider and prepaid card program manager. Akimbo strives to reinvent the prepaid card and offers a novel way to stay on budget, manage allowances and share money with friends and family. Akimbo Now, launched in November, is a simple yet powerful payment solution and API that allows businesses and third-party applications to send rewards, incentives, and other payments to employees. Akimbo Now introduces a new and unprecedented disbursement method – a virtual card account that is sent via email and can be used immediately for online purchases or added to a mobile wallet.

For more information, please visit akimbocard.com

About FiCentive, Inc.

FiCentive, Inc. is a turn-key prepaid card solutions provider that quickly and securely delivers customized prepaid card programs for corporations, financial institutions, affinity groups or any organization that needs to deliver a financial incentive to their customers, vendors, or employees.

Our proprietary platform boasts the highest level of security, encryption and card association compliance. We process prepaid card programs for many industries.

For more information about FiCentive, please visit www.ficentive.com or email info@ficentive.com.

FiCentive is a wholly owned subsidiary of Payment Data Systems, Inc.

About Payment Data Systems, Inc.

Payment Data Systems (NASDAQ:PYDS), 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 service 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. Payment Data is headquartered in San Antonio, Texas, and has offices in New York, New York; Long Beach, California; and San Francisco, California.

For additional information please visit www.paymentdata.com. Websites: www.streamprepaid.com, www.akimbocard.com, www.ficentive.com, www.paymentdata.com, www.zbill.com. Find us on Facebook®

Issuer Statements

The Akimbo Prepaid MasterCard® is issued by Sunrise Banks N.A., St. Paul, MN 55103, Member FDIC, pursuant to a license from MasterCard International Incorporated. The Akimbo Prepaid MasterCard is marketed and administered by FiCentive, Inc. (NASDAQ:PYDS). FiCentive, Inc. is a registered agent of Sunrise Banks N.A.

About Sunrise Banks, N.A.

Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation given to approximately 109 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Sunrise Banks is Member FDIC.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. 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 our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.


            

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