Spindle Signs Strategic Processing Relationship Agreement With C&H Financial Services
Spindle to Become C&H's Preferred Payment Gateway Service Provider
SCOTTSDALE, AZ -- (Marketwired) -- 10/13/15 -- Spindle, Inc. (OTCQB: SPDL), a leading provider of Unified Commerce solutions, today announced that C&H Financial Services ("C&H"), an international financial services firm that specializes in merchant services and data processing, has signed an agreement to begin using Spindle's recently acquired Catalyst gateway service. C&H's first project involves moving 1200 retail merchants to the gateway before year end, and to support EMV processing. C&H boards approximately 200-300 new gateway merchants each month, and is expected to deploy the Catalyst gateway for new merchant customers as well.
Based in Chicago, C&H currently has over 5,000 merchants in its network and is recognized as a top 50 payment processing company in the United States. C&H maintains offices in California, Illinois, Florida, Texas, and with the addition of Regal Payment Systems, Tennessee. C&H also has an international presence with operations in Canada, Australia, and New Zealand.
"Our relationship with C&H began with their purchase of our legacy residual portfolio earlier this year. Since then, we have continued to establish a mutually beneficial working relationship with them having entered into an ISO agreement, as well as a reciprocal gateway processing agreement," said Bill Clark, chief executive officer at Spindle. "We expect to continue to expand the relationship to include aggregation processing and the sale of Spindle's Unified Commerce solution to both their new and existing clients."
Clark continued, "This agreement, made possible by our recent acquisition of Catalyst and our largest potential revenue opportunity to date, represents another tangible example of the value of our new business model and our ability to monetize our Unified Commerce solutions. Based on current processing volume, our expectation is that this first merchant conversion alone has the potential to generate as much as $2 million in annual transaction fee revenue for Spindle, thus moving us to a cash flow positive position."
Anthony Holder, C&H Co-Founder and CEO stated, "C&H was in the market for a top merchant gateway solution which we were introduced to by Catalyst. Spindle's outstanding reputation and dedication to surpassing its customers' needs within the marketplace, along with a capable management team who we've come to trust, made us comfortable with proceeding with the gateway agreement. Spindle has a number of unique capabilities and an excellent vision of the market direction. Their delivery of the Unified Commerce solution is in line with our own plans, and it's a product we look forward to delivering to our clients and merchants."
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 C&H Financial Services, Inc.
C&H is ranked #236 on Inc. Magazine's 2015 List of the Fastest Growing Private Companies in the U.S. With over 50 years of combined industry experience in payment processing, and with over 100 sales associates representing thousands of merchants nationwide, C&H is on track to process over $1 billion in transaction volume. We specialize in several niche markets penetrating the healthcare, dental, service, municipalities, educational, petroleum, c-store, non-profit, associations, and restaurants industries. For more information, visit www.chfs.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 13, 2015