Paymentech Scores Major Multi-Year Deal with InterActiveCorp

Paymentech L.P. today won the entire credit and debit card processing business of five operating units of IAC/Interactive Corp., parent company of a number of online businesses. The multi-year deal includes Ticketmaster, Hotels.com, Expedia, HSN, and Match.com. Dallas-based Paymentech, which processed 7 billion electronic transactions in 2003, will not say how much volume the agreement will bring to the company, nor what portion of its online processing volume it will represent. Of the IAC companies, Hotels.com and Match.com were already Paymentech clients. IAC officials cited technology, customer service, and reporting capabilities at Paymentech for their decision to go with the processor in preference to four other bidders. “Paymentech's existing relationships with Hotels.com and Match.com were also a part of our final decision,” Darryl Mikuni, treasurer at Ticketmaster, said in a statement. The IAC units Paymentech is adding are among the largest in their industries. Ticketmaster last year sold 100 million event tickets totaling $4.9 billion through its Web site. Expedia, an online travel service, ranks as the fourth-largest travel agency in the U.S. And HSN, a cable-TV shopping network, sold $2.2 billion worth of goods worldwide in 2003, delivering 50 million packages.