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Payment Data Systems inks multi-year deal with insurance firm

Integrated payments solution company Payment Data Systems has entered into a multi-year agreement with a premier, unnamed, insurance firm which is listed as a member of Standard and Poor's Mid-Cap 400 Index and traded on the New York Stock Exchange.

Under the terms of the auto-renewing agreement, the electronic payments firm will provide payment processing services for the insurance company. The transaction is expected to generate more than $750,000 in gross revenue for Payment Data each year.

We are extremely pleased to have this foremost insurance carrier as part of the Payment Data family of more than 12 other insurance companies, said Michael Long, Payment Data’s CEO. They have clearly established themselves as a market leader and believe their offerings will be enhanced by taking advantage of the PDS solution set for merchant processing.