Global credit-card and payment processor TSYS said Tuesday it has entered a long-term contract with Monetary LLC, a Denver-Colo.-based company that offers payment and marketing services for the point-of-sale industry.
Terms of the agreement were not released, but Columbus-based TSYS said it will be handling payment processing services for Monetary’s software developers and small- to medium-sized merchants. The company, founded by financial industry veterans Jeff Katz and Shelley Plomske, helps those merchants set up Internet and mobile phone “experiences” that reach out to customers and help retain them.
“Monetary offers a single, integrated platform which includes their own payment gateway,” TSYS said in its release. “TSYS will provide processing services to help bring this new solution to market, including authorization and capture, clearing and settlement, and chargeback functionalities. Monetary will also be integrating additional TSYS services and payment capabilities into the overall platform, including merchant onboarding tools.”
Plomske, Monetary’s chief executive officer and president, in a statement lauded the “distinguished history” of TSYS in the payment processing sector. “Monetary is pleased to be working with this respected resource for payment processing services,” the executive said. “Together we offer best-in-class solutions for the dealers and developers we work with.”
TSYS is scheduled to release its second-quarter earnings report Tuesday (today) after the New York Stock Exchange closes. The company’s stock has been on an upward ride of late, reaching successive all-time trading highs. That includes trading today, with the stock hitting $62.83 early on, up from Monday’s close of $62.62 per share.