Heartland Payment Systems, a leader in the payments processing industry, has closed a deal that increases its strategic investment in Parcxmart Technologies, an electronics payments company.
The two companies also signed an exclusive marketing agreement whereby Heartland's national sales network has exclusive rights to sell Parcxmart's payment system to merchants nationally.
The Parcxmart Card and patent-pending payment solution is America's first fully functional parking and local merchant smart card payment system. The platform uses smart card technology that offers a convenient one-card alternative to coins and cash for small dollar transactions. The Parcxmart Card can be used at on-street and off-street parking locations as well as for retail purchases at participating merchants.
"Heartland's equity partnership investment in Parcxmart and our exclusive marketing agreement is good for both companies," said Robert O. Carr, chairman and CEO of Heartland. "Adding smart card technology - as well as Parcxmart's leading-edge solution to parking and micro payments - helps both of our organizations grow. Most importantly, though, as Heartland continues to expand our suite of efficient, cost-effective payments solutions, we continue to empower merchants to enhance their operations. Helping merchants advance their own businesses is one of our core principles."
Capitalizing on Heartland's national sales force of 1500, the two companies will market Parcxmart's smart card payments solution across the country.
"Following our discussions at the recent International Parking Institute show in Tampa, it is clear to us that cities are interested in adopting programs that are comprehensive in their approach and have the infrastructure to provide the necessary support," said John Regan, president and CEO of Parcxmart Technologies. "Parcxmart offers this - and together with Heartland - we'll be able to bring our leading-edge technologies to municipalities, merchants and consumers nationwide."
Currently, Parcxmart's smart card payment system is fully operable in Bridgeport, CT, New Haven, CT and Truckee, CA.
"In these cities, the Parcxmart Card acts as the municipality's card, providing people with an easy payment method that makes downtown shopping and parking convenient," continued Carr. "This, in turn, supports the economic development of these communities. The faster we are able to grow the merchant network, the more each city can benefit from the ease of use and convenience Parcxmart offers."