SAN ANTONIO, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), a tech-enabled payment solutions provider, announced today that it had entered into partnership agreements with property management software companies TenantMagic and propVIVO, whereby the companies have completed an integration to Payment Data Systems’ proprietary PayFac-in-a-Box platform, demonstrating continued expansion into one of its targeted verticals.
Vaden Landers, EVP and Chief Revenue Officer at Payment Data Systems, said, “We are pleased to be working with TenantMagic and propVIVO to offer a myriad of mechanisms through which landlords and property managers are able to provide tenants flexibility in terms of making routine or recurring payments. From virtual terminals and hosted payment pages to invoicing and recurring billing, our tech stack allows TenantMagic and propVIVO software users to quickly and easily facilitate electronic payments of all forms in a secure, compliant environment. Because our robust API’s offer ISV’s both flexibility and scalability, it can be implemented by companies serving small to very large customer portfolios.”
Jay Apple, COO of TenantMagic, added, “By adopting Payment Data Systems’ proprietary technology, we can now offer our wide range of landlord and property manager customers a simple and easy way to digitally accept rent and other payments within our software platform. By providing a variety of convenient ways for tenants to pay rent, landlords, property managers and real estate agents are able to significantly reduce their administrative burden while improving their ability to quickly gain access to valuable information to better manage their operations.”
propVIVO Director of Operations Anna Timasheva commented, “We are beyond thrilled to solidify this partnership with Payment Data Systems. While we are selective in choosing our partners, Payment Data Systems’ unparalleled technology, top-notch customer service, and breadth of electronic payment capabilities made this an extremely easy decision.”
Having a combined customer universe in excess of 4,000 individual property and association managers, TenantMagic and propVIVO are now working with Payment Data to drive large scale adoption of the card and ACH payment functionality across each existing customer base in addition to ensuring a smooth and near immediate enrollment and onboarding for new users of the respective platforms.
TenantMagic provides online rental applications with the most comprehensive tenant screening reports available (credit, criminal and eviction, including a credit score) to landlords, property managers and real estate agents. The company is 5 years old and has customers in all 50 states.
propVIVO is building the new paradigm in community association management. While nurturing great communities, we aim to set new industry benchmarks for the community association management. Our business foundation is based on three core pillars: Trust, Transparency & Excellence. Based on our experience of the community association management needs, we have enabled our business to bring this core proposition in our daily operations and deliver a high-quality service.
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (Nasdaq: PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data Systems is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.
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Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2017. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.