[June 30, 2004] Official Payments Corp. Unveils New Product Offering; Company Adds Electronic Check Payment Method STAMFORD, Conn. --(Business Wire)-- June 30, 2004 -- Official Payments Corp.(R), a wholly owned subsidiary of Tier Technologies, Inc. (Nasdaq:TIER), today announced the introduction of its new electronic check payment option. This represents the next step in Official Payments' continuing effort to make electronic payment processing faster, easier and more secure through the use of cutting-edge technologies. Official Payments offers a wide variety of electronic payment alternatives including electronic checks, Internet and telephone-based credit and debit card payment processing services. Electronic check capability allows anyone with a U.S. bank account to make electronic payments from anywhere in the world, at any time, through the Internet. The system moves funds securely through the Automated Clearing House (ACH), the same safe, electronic system used by the nation's financial institutions for processing paper checks. To the user, electronic checks provide the satisfaction of knowing that the payment was securely received by the right organization, at the right time, without the time spent writing and mailing paper checks, and the potential for delays and misrouted mail. For the institution receiving payment, accepting electronic checks means a reduction in the administrative handling of paper checks, leading to streamlined remittance and account reconciliation, and the potential for associated administrative cost savings. "We're very excited to offer this new payment capability and the additional functionality, flexibility and convenience it represents to our clients and their constituents," said James R. Weaver, Tier's Chairman and Chief Executive Officer. "Launching this important electronic check service, and offering our customers more payment types to choose from, is a testimony to our ongoing commitment to meeting our customers' needs. We have been very pleased with the positive response we've received since introducing this product." Launched in December 2003, Official Payments has already brought 34 government agencies live on this new service. If you are interested in learning more about adding electronic checks as an online payment method, please contact Kevin Connell at (203) 969-0310, extension 106, or [email protected]. Official Payments provides electronic payment services for the Internal Revenue Service, 22 states, the District of Columbia and more than 1,500 local government clients nationwide. Official Payments' principal business is processing electronic payments on behalf of government entities via its Web site, www.officialpayments.com, and its toll-free telephone number, 1-800-2PAY-TAX(SM). Official Payments charges citizens a convenience fee for the service. Citizens using credit or debit cards with bonus rewards programs may, depending on their card's program, earn reward points, airline frequent flyer miles or cash back for paying their taxes and fees. About Tier Tier is a leading provider of transaction processing and packaged software and systems integration services for public-sector clients. We combine our understanding of enterprise-wide systems with domain knowledge enabling our clients to rapidly channel emerging technologies into their operations. We focus on sectors that we believe are driven by forces that make demand for our services less discretionary and are likely to provide us with recurring long-term revenue streams. Tier is included in the Russell 3000(R) Index. More information about the Company is available at www.Tier.com. Statements made in this press release that are not historical facts, are forward-looking statements that are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Each of these statements is made as of the date hereof based only on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including but not limited to the timing, initiation, completion, renewal, extension or early termination of client projects; the potential loss of funding by clients, including due to government budget shortfalls or revisions to mandated statutes; failure to achieve anticipated gross margin levels with respect to individual projects, including due to unanticipated costs; failure by end consumers to make payments with credit or debit cards or electronic checks through Official Payments Corporation; impact of lower transaction volumes than anticipated; and unanticipated claims as a result of project performance, including due to the failure of software providers or subcontractors to satisfactorily complete engagements. For a discussion of these and other factors which may cause our actual events or results to differ from those projected, please refer to the Company's annual report on Form 10-K for the year ended Sept. 30, 2003, Form 10-Q for the quarter ended March 31, 2004, as well as other filings with the SEC. [ Back To TMCnet.com's Homepage ]