NEW YORK, Sept. 24, 2020 (GLOBE NEWSWIRE) — The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-size merchants, has been selected to provide comprehensive merchant services solutions to National Sports Services (NSS), an operator of minor league baseball and hockey teams across the United States. NSS plans to initially deploy OLB’s solutions at its baseball properties in Lafayette, Indiana; Johnstown, Pennsylvania; Spartanburg, South Carolina; and Wilmington, North Carolina. The technology will be implemented in each home stadium the upcoming season.
Headquartered in New York, OLB is one of the nation’s leading providers of omnicommerce services for the fast growing small and mid-size sector. OLB currently serves more than 8,500 merchants across industries that include retail, restaurants, hospitality, professional services, and other markets. At the heart of OLB’s omnicommerce offering is its ShopFast platform, a cloud management portal that enables merchants to seamlessly integrate multiple business functions that occur on-site, online, and via mobile devices. Through this technology, merchants can accept and fulfill orders, process payments through both traditional and contactless interfaces, launch customized data-driven marketing campaigns, and initiate and manage loyalty programs. OLB’s technology is PCI DSS secure and follows the guidelines of data privacy mandates.
Topeka-based NSS will use OLB’s technology to take advantage of the profound economic and operational efficiencies associated with omnicommerce. The company plans to initially deploy this technology to sell and fulfill ticket orders electronically and at the box office, manage food and beverage concessions, and sell team merchandise at the stadium, and online. Each of NSS’s participating teams can configure the solution to manage their specific operating needs. The teams can also incorporate the platform’s analytics into specific promotional and marketing campaigns over the course of the season.
“Our partnership with OLB represents an important strategic initiative for NSS that should have a profound effect on our ability to lower costs, improve profitability, and, most importantly, create a delightful experience for all our customers,” said Bill Davidson, NSS’s chief executive officer. “OLB’s proven management, point-of-sale, and data solutions will enable our teams to engage with their fans through multiple touchpoints that are safe, secure, and intuitive. Through our partnership with OLB, we are confident that our teams will be able to build deeper relationships with their respective fan bases, which will translate into increased revenue and greater profits.”
According to Ronny Yakov, chief executive officer of OLB, the decision of NSS to leverage digital commerce technology mirrors the growing demand for these solutions among small- and mid-tier merchants.
“Many legacy merchants recognize that digital commerce technology can have a transformative impact on their ability to generate revenue and improve profitability, but do not have the budgets or technical skills in-house to take full advantage of these capabilities,” explained Yakov. “Today, the advancements in cloud computing have made these services much more affordable and accessible to small- and mid-size merchants—especially those that need safe and reliable options to conduct business in social distance environments. As more businesses seek new strategies to engage with customers, lower operating costs, and reignite their sales efforts, we are confident that many will follow the lead of NSS, and integrate these capabilities into their own business processes.”
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Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce applications to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit www.olb.com.
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