HENDERSON, Nev.--(BUSINESS WIRE)--3PEA International, Inc. (OTCBB:TPNL), a leader in payment processing and the creation and implementation of innovative prepaid card programs for corporate, consumer and public sector applications, today announced the launch of its PaySign® brand of prepaid debit cards.
The PaySign brand of prepaid debit cards is more than just a brand; it is a reflection of 3PEA’s commitment to providing innovative, cost effective, customizable payment solutions to a variety of industries, for a variety of purposes. With rapid time to market, PaySign solves the payment problems that businesses, governments and consumers encounter every day. Utilizing the robust PaySign Platform, 3PEA is able to quickly design and implement comprehensive prepaid debit card payment solutions to suit the unique requirements of our customers. With PaySign, corporations and public sector organizations no longer need to accept the “take it or leave it” payment solutions that are so common in prepaid.
3PEA’s expertise is the result of years of developing, managing and processing highly innovative prepaid debit card solutions for diverse corporate incentives, pharmaceutical co-pay assistance, plasma donor payments, survey rewards and clinical trials. Our solutions have been utilized by organizations such as Facebook, Novartis, Pfizer, Johnson & Johnson, Duke University, Shire, GlaxoSmithKline, Alcon, Novo Nordisk, Rutgers University, Allergan, Genzyme, and UCB, among others. As the Company broadens its product offerings to new markets under the PaySign brand, the experience and knowledge it has accumulated will be invaluable.
The prepaid card market has a compound annual growth rate of 21% and is expected to reach a value of $411 billion in the US in 2016. The PaySign brand is being positioned to enter new market segments and capture additional market share in the markets where the company has an existing presence.
Included in the launch are several PaySign solutions for both general and industry-specific applications including but not limited to:
- Corporate Incentives: In a market that is expected to grow to $26.5 billion by 2016, PaySign® corporate incentive cards are the perfect vehicle for corporations looking to engage and motivate their customers, employees, and trade partners. PaySign cards are perfect for customer rebates, employee bonuses and trade partner commissions. Examples of corporate incentive cards include prepaid cards used as incentives to purchase big ticket items such as automobiles, smartphones and major appliances.
- Payroll: PaySign payroll cards reduce administration costs and streamline operations for companies looking to provide an efficient payment method for unbanked employees. The overall market for prepaid debit cards for payroll is expected to reach $66.4 billion by 2016.
- Public Sector: Federal and local governments, educational institutions, and other public sector organizations are constantly looking to improve efficiency and reduce costs. The PaySign card for the public sector provides an effective way to reduce costs and inefficiencies, whether related to disbursements of public benefits or internal payments. The total prepaid card market for government payments is projected to reach $119.4 billion by 2016.
- Pharmaceutical Co-Pay Assistance: 3PEA’s Allegiance Rx card is now available under the PaySign brand. Our co-pay assistance cards have been utilized by major pharmaceutical companies for brands such as Viagra®, Vyvance® and Restasis® to name a few.
- Source Plasma Donors: Plasma collection companies nationwide can turn to the PaySign brand of cards for a customized payment solution for plasma donors. The PaySign solution offers either a customized Plasma Web portal solution or direct integration into donor management software.
The PaySign® solutions provide a cardholder Web portal, Interactive Voice Response (IVR) system, SMS alerts and a two-way SMS messaging feature that allows cardholders to set alerts and check their balances and history without the assistance of a live customer service operator. Our in-house customer service center provides the highest quality bilingual customer service experience for our clients and cardholders.
“We are excited to launch the PaySign brand as 3PEA continues to gain market share in our existing verticals and enters new markets. Bringing our current and future offerings under the PaySign brand is one of the first steps in marketing our payment solutions to a much wider audience,” explained Mark Newcomer, chairman and CEO of 3PEA International. “We have identified and targeted numerous opportunities within several large market verticals, and have begun to implement the PaySign solution for new customers within these verticals.”
About 3PEA International
3PEA International (OTCBB: TPNL) is an experienced and trusted prepaid debit card payment solutions provider as well as an integrated payment processor that has millions of prepaid debit cards in its portfolio. Through its PaySign brand, 3PEA designs and develops payment solutions, prepaid card programs, and customized payment services. 3PEA manages programs for many of the world’s largest pharmaceutical manufacturers with copay assistance products designed to maximize new patient acquisition, retention and adherence. 3PEA’s corporate incentive prepaid cards are changing the way corporations reward, motivate and engage their current and potential customers, employees and agents. 3PEA’s customizable prepaid solutions offer significant cost savings while improving brand recognition and customer loyalty. 3PEA’s customers include healthcare companies, major pharmaceutical companies and source plasma providers, large multinationals, prestigious universities and social media companies. PaySign® is a registered trademark of 3PEA Technologies, Inc. in the United States and other countries. For more information visit www.3pea.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. 3PEA International, Inc., undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.