September 24, 2013
There are a few companies who offer turnkey solutions. Tracking financials, acceptance of card, recurring payments, filling the payroll. It is also a one vendor solution for payments, security, customer support, and gift cards acceptance. JetPay LLC (Limited Liability Corporation), a credit and debit card processing company, is one such company. JetPay LLC, claims to impact both front end and back end of business operations to provide such solutions.
Jetpay was founded in 1990 by four members - Trend Voiget (Chairman), Michael Gage (CFO), Cyndi Wagner and Dave Chester (COO). It was acquired by UBPS on July 9, 2012 and renamed JetPay LLC to Jetpay Corp. Bipin Shah is the Chairman and CEO of Jetpay Corp. On August 2013, Flexpoint Ford signed an agreement to invest $40 Mn on Jetpay Corp. The funds will be used to repay up to $16 Mn debt. The remainder would be used to invest in JetPay’s growth. The deal is expected to close in September, 2013.
JetPay has partnered with Oracle, Cisco, IBM, Merchant Partners, eProcessing Networks to name the few. JetPay hass also registered with ISO/MSP of Wells Fargo bank, Symovus bank, and BMO Harris bank.
Jetpay clients have variety of options to make their payments, which includes making a payment through phone, faxing, email and online. The company has its own app called MyMobileMoney. The app is designed to support smart phones like iPhone and other android enabled phones. The app has a special feature which is to encrypt the data that is fed in the reader and doesn’t save data on the mobile device.
The major competitors for JetPay include Merchant Warehouse, Intuit GoPayment, Payline Data, and ProPay. These companies hold A plus rating; whereas, Jetpay has a B plus rating.
LTP View: Competitors such as Intuit have established greater market share in the merchant processing sector. JetPay might find it difficult to compete with the likes of Intuit considering its weaker ratings right now (which can improve).