Accesspoint Reports Another Record Month and Sets Sights on Profitability by Year-End
IRVINE, Calif.--(BUSINESS WIRE)--Oct. 9, 2001--Accesspoint Corp. (OTCBB:ASAP - news) today announced that the month of September was its strongest month ever for its Processing Source International credit card processing division, despite the tragic events that materially impacted almost every sector of the United States economy. Even though September proved to be a dismal month overall for retailers, Accesspoint experienced an 8.3% rise in daily processing volume and an almost 5% increase in processing volume over the month of August. Moreover, indications based upon the first week of the fourth quarter lead the Company to project that October will be another double-digit month of growth and that Accesspoint will have the potential to reach cash flow profitability before year-end.
``We are pleased to show growth for a month that presented enormous challenges for so many industries,'' stated Al Urcuyo, President and CEO of Processing Source International. ``With October setting up as yet another record month, we are excited to see a strong start in this quarter as we begin making the jump from a company with great technology and ideas, to one that could also see self sustaining cash flow by year end. Our strong management and sales team are poised to accelerate customer acquisitions as merchants search for new ways to cut costs in the current difficult economic environment. The price advantages we pass on to merchants as a result of our relationship with Chase Manhattan Bank as our sponsoring bank and our proprietary technology is a major strategic advantage in capturing additional market share,'' continued Urcuyo.
Accesspoint has not only experienced growth through customer acquisition, but it has also increased its revenue and processing volume as a result of the current customer base processing a greater number of transactions. Moreover, the Company has also begun to add several large-volume merchants to its customer base, which will continue to positively add to the Company's bottom line. The Company anticipates further significant transaction growth through the extremely active Thanksgiving and Christmas seasons.
About Accesspoint
Accesspoint has been serving thousands of merchants nationwide since 1995 and has combined its mature Application Services technology platform with its unique relationships with Chase Merchant Services LLC and First National Bank of Omaha to provide bundled payment acceptance and business management services.
These programs provide customers with multiple payment acceptance capabilities including credit card and check transaction, a fully operational e-commerce and business management Web site, and a central Web-based management system for servicing both the brick-and-mortar and Web-based sides to each business.
This news release contains forward-looking statements regarding Accesspoint's business strategies and future plans of operations. Forward-looking statements involve known and unknown risk and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital until the company can fund itself directly from operations, its ability to expand its ISO network and its ability to attract additional customers. The forward-looking statements contained in this news release speak only as of the date hereof and Accesspoint disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Accesspoint's expectations or future events. |
