6/24/2023 0 Comments Ensurebill cardworksParthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Merrick Bank is also a top-15 credit card merchant acquirer, clearing over $40 billion in transaction volume per year for more than 80,000 merchants and 40 independent sales organizations. Merrick Bank also provides installment finance options to consumers through marine and recreational vehicle dealers throughout the country, as well as personal installment loans through digital channels. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. CardWorks provides lending and merchant acquiring services through Merrick Bank. Carson Smithfield, LLC provides post-charge-off debt recovery services. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the premier independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. Parthenon was advised on the transaction by Kirkland & Ellis LLP and CardWorks was advised by Wachtell, Lipton, Rosen & Katz.įounded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring. The terms of the transaction are confidential. I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come.” “We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. “Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company,” said Golson. “I am confident that Brian’s perspectives and experience will be valuable as we work together to grow our business as a people-centric, compliance-focused organization enabled by data and technology.” “Furthermore, I am excited to welcome Brian Golson to CardWorks’ Board,” Berman added. I am pleased that Parthenon’s confidence in CardWorks has merited an additional investment.” In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors.ĭon Berman, CardWorks founder, executive chairman and majority shareholder, commented, “Everyone at CardWorks has benefited from having Parthenon Capital involved in our company as shareholders and partners over the last four years. It is widely supported in the United States, allowing MyTime Pay to automatically update most American Express, Visa, Mastercard, and Discover cards issued there.AUSTIN, Texas-( BUSINESS WIRE)-Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield. *Automatic card updates require card issuers (V,MC,D, AMEX) to participate with the network (TSYS/Global Payments) and provide this information. * NOTE EnsureBill will not update lost or stolen cards, the service only applies to expired cards. There is a fee for this feature of $5/mo per location. Avoid the hassle of contacting customers to update expired cards.ĮnsureBill can be added by MyTime to your payment processing account by emailing.Maintain customer loyalty due to convenienceīenefits of EnsureBill for your customers.When transactions on these accounts fail, cardholders can be inconvenienced and may terminate their relationship, potentially resulting in lost revenue, lost sales, and jeopardized customer loyalty.īenefits of EnsureBill for business owners This allows your business and your customers to continue using the card saved in their MyTime wallet without interruption and reduces the need for you to collect new card details whenever a customer card expires.įor business owners who accept recurring payments like memberships, maintaining accurate customer payment card data is one of the greatest and most costly concerns facing business owners today. MyTime Pay works with card networks and automatically attempts to update saved card details whenever a customer's card expires. Saved payment method details can continue to work even if the physical card has been replaced by the card issuer.
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