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PayStar acquires prepaid e-Commerce provider PAIDCard.Net
April 14, 2002
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ClaudeLODI, Calif. -- PayStar Communications Corporation (OTCBB:PYST) of Nevada has acquired PAIDCard.net, a prepaid anonymous Internet debit card platform.
PayStar owns and operates eight fully integrated divisions across the United States. These divisions include Internet Kiosks, management of cashless ATM and wireless bankcard machines, private pay phones, long distance voice and data services and multi-media advertising.
PAIDCard is a secure solution for online purchasing designed to benefit the consumer and the e-Commerce merchant.
"PayStar's nearly 8000 retail clients can now offer a prepaid Internet access and e-Commerce solution to the financially credit-challenged consumer who previously was unable to access the new economy," said W.D. Yotty, CEO of PayStar. "What we have here today brings e-Commerce capability to millions of Americans for the first time!"
The PAIDCard prevents the burden of charge backs from online merchants, while providing anonymity to the online consumer. Fraud is substantially reduced with this method of payment, PayStar claims, thus greatly lowering merchant fees and driving additional revenue to participating e-Commerce sites.
PAIDCard will be sold direct to consumers through PayStar's Web site, retail stores and linked affiliated Web sites. This mix of brick and mortar as well as online access will allow purchases of PayStar's PAIDCard by cash or credit card.
This acquisition continues PayStar's rapid expansion, which has allowed the company to grow at a rate of over 250 percent in 2000,Yotty said. PayStar expects to finish 2000 with revenues of $12 million. In 2001, the company anticipates revenue of $50 million, Yotty added.
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