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Payomatic

From Wikipedia, the free encyclopedia
PAYOMATIC
FormerlyPAY-O-MATIC (1970 - 2017)
Company typePrivate
IndustryFinancial services
Founded1958; 66 years ago (1958)
Headquarters160 Oak Drive, ,
U.S.
Number of locations
  • 148
  • (FY JAN 1, 2018)
Area served
New York metropolitan area
Key people
Jay Guskind
(President & CEO)
Products
  • Check Cashing
  • Business Check Cashing
  • inPOWER Prepaid Mastercard®
  • Western Union Money Transfers
  • Bill Payment
  • Western Union Money Orders
  • Prepaid Top-ups
  • Many Other Services
Number of employees
~1,000
ParentFEF Cash Inc. (2008–present)
Subsidiaries
  • Rapid Armored Corporation
  • POM Electronic Payment Systems
Websitewww.payomatic.com

PAYOMATIC is a consumer financial services retailer with 148 stores[1] located throughout the New York metropolitan area. The company was founded in 1958 and today is New York’s largest provider of check cashing and financial services,[2] handling nearly 20 million transactions annually.[1]

PAYOMATIC provides check cashing services, money transfers, money orders, bill payments, prepaid debit cards and a variety of other convenience services.[1] The company is headquartered in Syosset, NY.

History

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The Pay-O-Matic Corporation was founded in 1958, and was originally known as Paymaster Corporation. The name was changed to Pay-O-Matic in 1970.[3]

In 2008, New York-based private equity firm Founders Equity Inc.[4] acquired the outstanding shares of the Pay-O-Matic Corporation, and all assets of C.L.B. Check Cashing Inc., through an investment vehicle, FEF Cash Inc. The Pay-O-Matic and C.L.B. businesses were combined and operated under the Pay-O-Matic name, creating the leading check-cashing and related financial services company in the state of New York.[5]

PAYOMATIC also owns and operates Rapid Armored Corporation, an armored car carrier subsidiary[4] which has served banks, retailers, ATM networks and large businesses for more than 45 years.

PAYOMATIC is a member of Financial Service Centers of New York, the professional trade association representing New York’s licensed check cashing industry.[6]

References

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  1. ^ a b c "Western Union and Pay-O-Matic Renew Agreement with 7-Year Extension". businesswire.com. Retrieved 2017-01-03.
  2. ^ "Western Union (WU), Pay-O-Matic Renew Pact with 7-Year Extension". streetinsider.com. Retrieved 2017-01-03.
  3. ^ "Company Overview of The Pay-O-Matic Corporation". Bloomberg. Retrieved 2017-01-03.
  4. ^ a b "Founders Equity to Acquire Pay-O-Matic". New York Times. Retrieved 2017-01-03.
  5. ^ "Founders Equity Acquires Pay-O-Matic And C.L.B. Check Cashing". businesswire.com. Retrieved 2017-01-03.
  6. ^ "Financial Service Centers of New York". Retrieved 2017-01-03.