San Diego-based Global Payout Inc. posted record fourth-quarter sales in 2012 of $119,475, compared to $38,322 a year earlier, and expects a significant rise in 2013 revenue from business-to-business products and services.
The spike was attributable to the advance purchase of 11,000 international debit cards and bank accounts from foreign corporations located in Hong Kong and Canada.
The management consultant services company and program manager (OTC Pink: GOHE) offers companies electronic payment and prepaid card offerings.
The initial sale of cards and bank accounts will result in prepaid card transaction fees that will generate monthly revenue to Global for 2013 and beyond, said the company.
In the first quarter of 2013, the company will implement 1099 and payroll debit programs using MoneyTrac Prepaid Discover cards for several businesses located in the United States.
The company has three co-branded programs to launch in the United States along with a card program for 2012 Olympian and professional boxer, JC Ramirez.
Also, through its wholly owned subsidiary in the United Kingdom, Global Funding Ltd., the company will launch a "Chip and Pin" prepaid card to initially accommodate two new business clients with more than 100,000 members from the European Union.
The company's flagship payment platform, MoneyTrac Consolidated Payment Gateway (CPG), is being tested and is scheduled to launch next month.
The web-based payment system will be used by multinational companies that require an efficient payout mechanism for its employees, contractors and members in over 180 countries.
Management anticipates activating over 100,000 revenue-producing CPG accounts in 2013.
"We are fortunate to have developed technology partners and issuing banks that can provide both U.S. and international payment platforms," says Jim Hancock, CEO, Global Payout.