10th Jun 2008 09:00
10 June 2008
Earthport plc ("Earthport" or the "Company")
Agreement with ProPay Inc ("ProPay")
Earthport, the global payments utility, is pleased to announce that it has signed a rolling 2 year agreement with ProPay, the market leading payments solution for the direct sales industry based in the USA. The agreement has been generated through Earthport's newly opened USA joint venture sales office.
This agreement is expected to produce in excess of $2.6m of transactional revenue during the first two years if operational targets are met. Additional revenue building blocks are also being identified to grow this further. ProPay will provide Earthport's global payments solution on a "white-label" basis to both its existing base of transacting customers and new clients.
The ProPay Payment Gateway will integrate to Earthport's Universal Payments Network (UPN) for deployment to the substantial ProPay merchant base globally. ProPay will deliver a 'bank payments' service, using Earthport's UPN, to major clients and their distributors in the direct sales industry. Utilising Earthport's unique business model and international coverage will afford ProPay a key competitive edge in the provision of services to existing and new clients who adopt their service.
James Bergman, Chief Executive Officer, Earthport Plc, said: "This agreement from our newly opened USA joint venture sales office demonstrates the future growth opportunities available to Earthport in the territory and what can be achieved through local presence. We look forward to further client wins being realised from the strong pipeline that the USA team has developed."
Jon Lear, Vice President, Earthport USA, said: "We are delighted with this first major contract win for Earthport USA. Partnering with ProPay enables us to deliver innovative payments and collections services to the global direct sales industry."
Gary Goodrich, Chief Executive Officer, ProPay, commented: "We have awarded the delivery of an International Payments solution to Earthport and we would like to achieve an early live date. This is a very exciting project for ProPay and we hope that this is the beginning of a long term relationship."
-Ends-
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Earthport plc James Bergman, CEO |
+44 (0)20 7220 9700
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Earthport USA Ltd Jon Lear, Vice President |
+1 801 707 2719
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Dawnay Day Investment Banking Ltd Nick Lovering, Corporate Finance Adam Pollock, Sales |
+44 (0)20 7630 4140 |
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Financial Dynamics Jonathon Brill / Annie Evangeli |
+44 (0)20 7831 3113 |
Notes to editors
About Earthport
Earthport (www.earthport.com) specialises in the international transactional marketplace by providing a highly secure, high volume global collection and payment capability. It has been making national and international payments and collections since 1998.
Earthport own, provide and host an international money movement platform called the Universal Payments Network. Using this platform, Earthport makes secure, low cost international bank payments and collections worldwide.
About ProPay
ProPay (www.Propay.com) provides innovative payment solutions to both direct selling companies and their independent sales representatives. These services have led to increased sales and reduced cost for corporate and individual customers. ProPay enables customers to accept credit card payments without the traditional expense of special equipment, monthly fees or long term commitments or contracts. ProPay's product offering, combined with exceptional customer support, has enabled it to develop relationships with many leading direct selling companies including Advocare, Creative Memories, Herbalife, Mary Kay, NuSkin, Oxyfresh, Tahitian Noni, TARRAH Cosmetics, Tastefully Simple and Unicity.
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