Spindle Signs Strategic Processing Relationship Agreement With Pay Cell
Spindle to Provide Payment Aggregation Processing for Pay Cell Systems
SCOTTSDALE, AZ -- (Marketwired) -- 10/05/15 -- Spindle, Inc. (OTCQB: SPDL), a leading provider of unified commerce solutions, today announced that Pay Cell Systems, Inc., a leader in providing ecommerce solutions for cellular stores, political campaigns, non-profit organizations, salons, and retailers, has signed an agreement to begin processing under a payment aggregation model to leverage the advantages of the benefits of Payment Facilitation (PF) for Pay Cell's business lines. The first implementation will be the Cell Pay solution which currently supplies technology and payment processing to 300 cellular retail stores.
Based in Pensacola Florida, Pay Cell supplies services in a variety of verticals. The Company has recently experienced significant month-over-month growth, and anticipates more than $10 million dollars in processing volume over the next twelve months. Pay Cell needed a payment aggregation solution in order to deliver simplified boarding, pricing, and supports the roll up of individual businesses into a streamlined process while delivering split funding, the separation of the embedded independent business, and compliance with the card association aggregation rules for sub-merchant identification and reporting.
"With the ever evolving rules associated with payment facilitation, we are engaging with more and more companies, in order to assist them in supplying optimum payment solutions for their downstream business, while simultaneously providing the transparency required by the card associations." said Bill Clark, chief executive officer at Spindle. "Spindle can provide a full service payment facilitator platform to companies like Pay Cell, to embed with their existing turn-key solutions, to comply with required transparency of the aggregated merchants."
Clark continued, "This is a good win for both companies. Pay Cell will move their payment processing service to Spindle, while maintaining their current business model and margins. To further our focus on growing revenue, Pay Cell will also become a reseller for Yowza!! branded solutions to their customers and resellers."
"We're delighted that we were able to forge this relationship with Spindle in order to support the needs of the 300 Business-to-Business customers that we currently support. We now have the ability to plug in a simple, yet powerful payment solutions for our other product lines. We anticipate that this will help us to both build, and retain our client base more quickly with the integrated solutions and services through this relationship with Spindle," said C. Jibril Sulaiman II, CEO of Pay Cell Systems, Inc.
Sulaiman continued, "This agreement allows us to strengthen our product lines with the confidence of a reliable and secure payment processing platform behind, offering flexibility to customize processes and pricing for each of our four product lines in order to meet our market needs. When delivering software solutions to our clients, we feel it is essential for us to work with a savvy, and trusted partner such as Spindle, we couldn't be happier about our direction."
Spindle is an innovator of unified commerce solutions for consumer-facing merchants of all sizes. It is focused on pioneering new ways for businesses to rapidly integrate mission critical business services, payment acceptance, and mobile marketing services -- while empowering location-based merchant discovery, fulfillment and frictionless consumer engagement. Spindle is dedicated to offering cutting-edge solutions that surpass traditional boundaries and allow clients, partners, merchants and consumers to take full advantage of the rapidly emerging mobile economy. Spindle's extensive proprietary intellectual property portfolio -- which includes patents pending -- encompasses networks, mobile payments, and security. For more information, visit www.spindle.com.
About Pay Cell Systems, Inc.
Pay Cell Systems provides eCommerce solutions for niche markets by combining IVR and SMS messaging with the traditional web checkout process. "Cell Pay", Pay Cell's premier platform, provides prepaid wireless retailers with a user profile that contains a virtual phone # and [name].cellpay.us subdomain. With these tools retailers can accept prepaid refills/payments even if a subscriber can't make it back to the store. Cell Pay essentially adds additional ways retailers are able accept refill payments, thus increasing their ongoing residual revenue earned from these transactions. For more information visit www.paycellsystems.com.
Forward Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements, as described in our reports filed with the Securities and Exchange Commission which are available for review at www.sec.gov, to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Executive Vice President
Source: Spindle Inc.
Released October 5, 2015