News

First American Payment Systems buys Calif. ISO

October 14, 2002

FORT WORTH, Texas -- First American Payment Systems, a merchant bank card and ATM processing acquirer, has purchased California-based FirstCard Financial Services and its 636 ATM contracts.

FirstCard Financial Services, now operating as FirstCard ATM, has also signed a long-term agreement with First American to provide ATM, credit and debit processing as well as other First American products.

Neil Randel, president and chief executive officer of First American Payment Systems, said in a news release that the FirstCard Financial Services acquisition "increases First American's ATM division by adding a seasoned ATM distribution channel."

The acquisition is part of First American's broader growth strategy. Last February, First American hired Ellen Stebbins, the former director of marketing for Core Data Resources and an ATM Industry Association board member, as a vice president, responsible for growing the company's ATM-related businesses. (See related story First American hires Stebbins, outlines strategy)

In 2000, First American purchased approximately 170 ATMs and contracts from American Express. (See related stories First American Payment Systems buys more Amex ATMs and First American Payment Systems buys 75 ATMs from Amex)

First American's divisions include national ATM deployment, Secur-Chex™ check guarantee and conversion, FirstPay.Net™ e-commerce payment gateway, and Merimac Capital point-of-sale equipment and ATM leasing.