PAYOMATIC is a consumer financial services retailer with 148 stores[1] located throughout the New York metropolitan area. The company was founded in 1958 and today is New York’s largest provider of check cashing and financial services,[2] handling nearly 20 million transactions annually.[1]
 PAYOMATIC's logo since 2018[update] | |
 Customer waiting area and teller windows inside PAYOMATIC store located at 590 Eight Ave New York, NY 10018 | |
| Formerly | PAY-O-MATIC (1970 - 2017) |
|---|---|
| Company type | Private |
| Industry | Financial services |
| Founded | 1958 |
| Headquarters | 160 Oak Drive, , U.S. |
Number of locations |
|
Area served | New York metropolitan area |
Key people | Jay Guskind (President & CEO) |
| Products |
|
Number of employees | ~1,000 |
| Parent | FEF Cash Inc. (2008–present) |
| Subsidiaries |
|
| Website | www |
PAYOMATIC provides check cashing services, money transfers, money orders, bill payments, prepaid debit cards and a variety of other convenience services.[1] The company is headquartered in Syosset, NY.
History
editThe Pay-O-Matic Corporation was founded in 1958, and was originally known as Paymaster Corporation. The name was changed to Pay-O-Matic in 1970.[3]
In 2008, New York-based private equity firm Founders Equity Inc.[4] acquired the outstanding shares of the Pay-O-Matic Corporation, and all assets of C.L.B. Check Cashing Inc., through an investment vehicle, FEF Cash Inc. The Pay-O-Matic and C.L.B. businesses were combined and operated under the Pay-O-Matic name, creating the leading check-cashing and related financial services company in the state of New York.[5]
PAYOMATIC also owns and operates Rapid Armored Corporation, an armored car carrier subsidiary[4] which has served banks, retailers, ATM networks and large businesses for more than 45 years.
PAYOMATIC is a member of Financial Service Centers of New York, the professional trade association representing New York’s licensed check cashing industry.[6]
References
edit- ^ a b c "Western Union and Pay-O-Matic Renew Agreement with 7-Year Extension". businesswire.com. Retrieved 2017-01-03.
- ^ "Western Union (WU), Pay-O-Matic Renew Pact with 7-Year Extension". streetinsider.com. Retrieved 2017-01-03.
- ^ "Company Overview of The Pay-O-Matic Corporation". Bloomberg. Retrieved 2017-01-03.
- ^ a b "Founders Equity to Acquire Pay-O-Matic". New York Times. Retrieved 2017-01-03.
- ^ "Founders Equity Acquires Pay-O-Matic And C.L.B. Check Cashing". businesswire.com. Retrieved 2017-01-03.
- ^ "Financial Service Centers of New York". Retrieved 2017-01-03.