SOURCE: Festival Transaction Services, Inc

FTS, Inc.

September 16, 2013 16:20 ET

FTS and Visa® Team on Cashless Solution for Community-Wide Events

Prepaid Cards-as-Tickets Offers Events Savings, New Revenue and New Sponsorship Opportunities

SEATTLE, WA--(Marketwired - September 16, 2013) -  Festival Transaction Services, Inc. (FTS) based in Seattle, WA has teamed with Visa, a leader in global payments technology, to launch a cashless financial services solution for fairs, festivals and other community-wide events. The new service will use prepaid Cards-as-Tickets(SM) for entry and for making purchases at the events. The service cuts ticketing costs, reduces cash handling risks and offers event organizers new opportunities for revenue and sponsorship.

"The Visa prepaid platform allows cards to be used for applications beyond general purpose payment, and FTS has taken an innovative approach to integrate processing, payments and promotion for the event community," said Brian Triplett, head of North America prepaid products for Visa.

FTS has developed its service over the past two years through a series of Alpha, Beta and production deployments and is now selecting a handful of events to sponsor in exchange for agreeing to full scale cashless deployments. "Visa is the leader in its field and was the right choice for us to bring our prepaid Card-as-Ticket(SM) to market," said Charles Brown, CEO of FTS. "Going cashless requires trust, and Visa is one of the most respected brands in the financial services industry," said Brown.

FTS has integrated the prepaid card with the entry ticket sales process used by events. This integration allows FTS to provide ticketing services at very low to no cost, creating major savings for community events. "We recognized an opportunity to integrate ticketing with prepaid cards to eliminate cash and reduce service expenses for events," said Brown, "but events have harsh communications environments, so first we needed to develop a specialized communications platform capable of delivering reliable and secure processing services. FTS now offers the first and only guaranteed response time processing platform to the event marketplace."

FTS prepaid cards can also link promotional offers from events, sponsors, vendors and performers with the cards. "The ability to add promotions onto the cards-as-tickets provides value for consumers and gives the sponsors methods to measure the return on investment from sponsorship they have not had before," said Brown. "It also provides opportunities for the events to generate new revenue."

FTS is targeting 3-5 community events that sell admission tickets for significant sponsorship to assist with the change from cash, tokens or tickets to prepaid cards."

About Festival Transaction Services, Inc. (FTS)
FTS offers transaction services to the fair and festival industry including card processing, cashless event services and integrated promotion through FTS's innovative prepaid Card-as-Ticket offering. FTS also operates, the largest Internet resource for information on community festivals, fairs and events, with more than 40,000 events in 80-plus countries classified by Arts, Children, Culture, Motorsports, Music and Sports.

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