IRVINE, Calif., Nov. 19, 2013 (GLOBE NEWSWIRE) -- General Payment Systems, Inc. (OTC:GPSI) (the "Company") - a payment processing technology company that specializes in the $500 billion government payment space, is pleased to announce that the Company will license a new technology called SAFE (Secure Automation of Financial Events) for use in the private sector marketplace. The Company is currently in discussions with various commercial licensees that wish to deploy SAFE in various markets.
With the introduction of SAFE, the Company's proprietary technology, which is currently deployed in over fifty government agencies and municipal jurisdictions nationally, has been adapted to provide transactional support, accounting, age and identity verification, and reporting for a wide variety of commercial applications.
"We have been repeatedly asked to provide a version of our battle-proven government agency software for environments where cash handling creates abundant risk issues," stated General Payment Systems CEO, Ron Hodge. "We now have created an industry agnostic, commercial transaction system that can be modified for a wide variety of verticals. With our focus on our core market of municipal payments and payment automation for government agencies, our Board of Directors and management believe that the opportunity to service the vast and diversified commercial industry is executed best through a licensing model."
SAFE allows for a variety of commercial enterprises to automate their on-site payments, deploy proprietary work flow and reduce transactional risk and fraud. Potential markets include collection of donations by charities and churches, collections of patient payments by hospitals, food and beverage purchases at sporting events and concerts, layaway payments at department stores and prepaid tabs at hospitality locations that serve wine and spirits where cash loss from the consumer to the cash register has been a historic concern. Additionally, tobacco sale locations that have suffered similar deficiencies can also be serviced while using real-time tools to verify age or identity as appropriate.
SAFE can also deliver unparalleled "Safety and Soundness" for transactions that require an additional layer of identity verification, transactional awareness or payment automation when compared to traditional POS (Point of Sale) systems. Importantly, for retail industries that are compelled to report to the State for taxation and other regulatory purposes, SAFE can be configured to provide necessary accounting and other pertinent data to the State or other agency, thus reducing the risk of fines, penalties, and suspensions.
"We're bringing the accountability that has worked so well in the corrections and municipal space to commercial operations that require accountability," added Hodge. "There is no substitute for the security and peace of mind our technology provides to all involved."
About General Payment Systems
General Payment Systems Inc. (dba EZ Card and Kiosk) is a technology company that provides government agencies with proprietary hardware (Kiosks) and cloud based software systems that automate the process of collecting payments from the general public (Cash, Debit and Credit). These systems deliver payment acceptance, real-time accounting and payment risk-mitigation services. The company distributes these technologies through direct sales, channel partners, and various licensed entities.
For more information visit www.ezcardandkiosk.com
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Forward-Looking Statements
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