Official Payments Corporation is marching toward profitability as it reported a 2Q/01 loss of $3.6 million compared to $8.9 million for second quarter 2000. OPC also reported yesterday that collection of federal balance-due, estimated and extension tax payments in the quarter grew 15% over the year prior period. The company captured 87% of all of the $711 million of taxes paid to the IRS by credit card during the April tax season. This year OPC faced a direct competitor, PhoneCharge, Inc. In the second quarter, the company added 103 new government clients and 206 payment services. As of June 30, the company had 910 government clients, compared to 555 for 2Q/00. During 2Q/01, the company processed over 436,000 transactions totaling over $786 million., representing growth of 31% and 23% respectively over the second quarter of 2000.(CF Library 2/13/01; 3/21/01; 4/18/01; 4/26/01) For complete details on OPC’s current and past performance visit CardData ([www.carddata.com]).
OPC CREDIT CARD TAX PAYMENTS
Tax Type Dollars Processed % Change
Federal taxes $628 million +15%
State taxes $94 million +104%
Property taxes $35 million +47%
Local taxes/fees $8 million +19%
SOURCE: CardData (www.carddata.com)