National Processing Company , a leading provider of merchant credit card processing and a wholly owned subsidiary of National Processing, Inc., reported significant gains in merchant card services and corporate outsourcing solutions transaction and sales volumes for 2000.
Merchant card services volumes reached record levels. This business unit authorized and settled approximately 2.8 billion transactions resulting in approximately $127 billion in card-based sales volume. This represented 26 percent and 22 percent increases respectfully. In 1999, merchant card services authorized and settled more than 2.2 billion transactions resulting in more than $104 billion in card-based sales volume.
The corporate outsourcing solutions business unit also achieved record volumes as settled funds totaled approximately $85 billion in 2000. This represents a 15 percent increase from $74 billion in settled funds for 1999.
“We definitely took it up a notch in 2000,” stated Thomas A. Wimsett, president and chief executive officer of NPC. “The total sales volume that we processed and settled on behalf of our clients increased by 19 percent to well over $200 billion in annual sales volume. Clearly, NPC plays a significant role in the payment processing industry. In addition, NPC is well positioned for another year of strong growth — with consolidated revenues projected to increase in the 11 to 14 percent range and EPS projected to increase in the 15 to 20 percent range.”
About National Processing Company
NPC is a leading provider of merchant credit card processing. NPC is 87 percent owned by National City Corporation (NYSE: NCC) ( [http://www.national-city.com] ), a Cleveland based $89 billion financial holding company, supporting over 500,000 merchant locations, representing one out of every six Visa(R) and MasterCard(R) transactions processed nationally. NPC’s card processing solutions offer superior levels of service and performance and assist merchants in lowering their total cost of card acceptance through our world-class people, technology and service. Additional information regarding NPC can be obtained at [http://www.npc.net].