Sterling Payment Technologies, LLC Secures New Credit Facility from Comerica Bank
TAMPA, Florida, April 13, 2012 – Sterling Payment Technologies, LLC, (“Sterling”), a leading payment processor providing a complete range of merchant services, has secured a major new credit facility from Comerica Bank, one of the nation’s largest business banks.
The credit facility will be used for working capital to grow and diversify Sterling’s sales channels with value-added distribution channels, and for the continued development of technology to empower small and medium sized merchants to grow and prosper.
“We are pleased to enter into a banking relationship with Sterling Payment Technologies and to provide the company with a credit facility that will help foster its growth,” said Dan Roesner, Vice President of Comerica. “We understand the unique financial needs of payment companies and we have the resources necessary to help these businesses grow and prosper.”
Sterling is a market leader in combining point of sale (POS) technology and value-added merchant solutions such as cost-effective connectivity to networks, enhanced reporting and communication options, and the most innovative payment solutions for merchants in the industry. These solutions include Sterling’srevolutionary BRIDGE Back Office Technology™ for integrated electronic cash registers and PC based point of sale systems.
“We are pleased to have a financing partner the caliber of Comerica Bank,” said Paul L. Hunter, Sterling’s President and CEO. “Comerica’s team took the time to understand our business and provide a solution that fits our needs.”
“Comerica’s commitment to the electronic transaction industry and experience in financing payment processing companies was a major factor in selecting a partner,” said Stephen D. Kane, Sterling’s Senior Executive Officer. “Comerica truly understood and valued the nature of Sterling’s assets, our recurring revenue model, and the experience of our entire management team in growing a business to the next level.”
About Sterling – Fast, Affordable Payment Processing for Every Business
Founded in 2001, Sterling is one of the most innovative, customer-focused payment processors in the industry today, nationally recognized for bringing the latest payment technology, products and services to all types and sizes of businesses, quickly and affordably.
Sterling is a market leader in combining point of sale (POS) technology and value-added merchant solutions
such as cost-effective connectivity to networks, enhanced reporting and communication options, and he most innovative payment solutions for merchants in the industry.
These solutions include Sterling’s revolutionary BRIDGE Back Office Technology™ for integrated electronic cash registers and PC based point of sale systems. Sterling processes payment transactions for all major credit, debit and fleet card networks, including Visa, MasterCard, Discover and American Express. Sterling provides merchants with a complete range of electronic payment services, including credit, debit, PIN debit, fleet, gift card, proprietary rewards and loyalty programs, electronic benefits transfer (EBT), and check authorization and conversion. For more information, visit www.SterlingPayment.com.
About Comerica Bank
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company that is among the 25 largest U.S. banking companies, with assets of $61 billion as of December 31, 2011. For more information, visit www.comerica.com.