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Chase Paymentech Broadens Tempo Acceptance
Deal Accelerates Merchant Acceptance of Tempo's Debit Card Offering
SAN MATEO, Calif — April 24, 2007 — Tempo Payments, Inc., today announced an agreement with Chase Paymentech, the world's largest merchant acquirer, to enable acceptance of Tempo affinity debit cards by merchants using Chase Paymentech payment platforms .
Through this long-term agreement, Tempo will be able to provide incremental payment choices to consumers shopping at the more than 600,000 merchants that process more than 20 percent of United States PIN debit purchases through Chase Paymentech. According to Visa, debit cards are the world's fastest growing payment method, with consumer debit purchase volume exceeding $1 trillion in 2006 globally, up 19 percent from the year prior.
Tempo provides payment card-accepting merchants a low fee-per-transaction that is significantly less expensive than traditional credit and debit cards. Tempo integration requires no merchant changes at the point-of-sale because Tempo retailer-issued cards are accepted through existing payment terminals and processor networks. More than 200,000 merchant locations in the U.S. currently participate in the Tempo Payment Network.
"Our agreement with Chase Paymentech extends the reach of the Tempo Payment Network and provides us with a strong industry ally," said Mike Grossman, CEO, Tempo Payments, Inc. "Chase Paymentech merchants exhibiting Tempo signage at the point-of-sale, alongside other payment networks, will strengthen our national brand recognition. It is our aim to provide all merchants with lowered costs and consumers with increased incentives."
"Chase Paymentech is responding to the needs of our merchants who continue to demand more innovative and cost-effective card acceptance programs," said Diane Donoghue, executive vice president and general manager, Retail Network Service, Chase Paymentech. "With debit cards now eclipsing credit cards for everyday purchases, support of Tempo's payment card network demonstrates our commitment to meeting the needs of both merchants and consumers."
About Chase Paymentech Solutions
Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas, is the world's largest merchant acquirer. Chase Paymentech provides payment solutions for businesses of all sizes and in most industries. The privately-held company processed approximately 18.2 billion transactions in 2006, with more than $660.6 billion in annual bankcard and debit volume. Chase Paymentech's customer base reflects the most respected brands in the world and includes more than 600,000 merchants in nearly 1 million locations globally. Chase Paymentech is a joint venture between JPMorgan Chase & Co. and First Data Corp.
Tempo Payments, Inc.
As the only company offering bank-independent affinity debit cards, Tempo provides its partners (retailers, membership, and other issuing organizations) with the ability to build loyalty and improve bottom-line results, while delivering enhanced cardholder security and rewards. Tempo operates the Tempo Payment Network, a PIN-based bank-independent payment network, and is committed to lowering interchange fees for payment card transactions. Tempo is privately held and headquartered in San Mateo, CA. For additional information, visit www.tempopay.com.
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