Remember the days, not so long ago, when people wrote checks to pay for purchases? Today most of us are grateful that there are many more options, thanks to such companies as Paymentech L.P., a new tenant at 250 West 57th Street.
Privately held, and majority-owned by J.P. Morgan Chase & Co., Paymentech is one of the largest electronic payment processors for businesses that accept payments through traditional point of sale, Internet, catalog or recurring billing. In 2004, Paymentech and its Canadian affiliate, based in Toronto, processed 8.5 billion transactions and $200 billion in card volume. More than half of the retailers and providers on the Internet use Paymentech's services.
"Our clients are businesses that accept electronic payments - credit, debit, and gift cards, electronic checks, international payments, PayPal, Bill Me Later, etc.," explains Laura Lambeth, Paymentech's public relations manager. "We're an end-to-end processor for merchants of all sizes and industries."
Paymentech's 1,700 United States employees work at the company's Dallas headquarters and offices in New York City; Salem, New Hampshire; Tampa, Florida; and Tempe, Arizona. In the New York City office, which occupies 6,750 square feet at 250 West 57th Street, there are 15 employees.
Several factors influenced Paymentech's decision to move its New York office into the building. "The location worked well for all of our employees, it met our space requirements, and it offered a build-to-suit opportunity," says Ms. Lambeth. "In addition, there is convenient access to public transportation, which is especially important since our employees commute from all five boroughs, Long Island, New Jersey and Westchester."
Today, the employees are enjoying their proximity to Central Park, nearby shopping, the Time Warner Building, and, as she says, "being able to see Columbus Circle from our windows." They also like "the easy access to many of the performing arts venues of New York, including Carnegie Hall, Broadway theaters and Lincoln Center."
Paymentech's new neighbors include: Al Roker Productions; RZO LLC, music accountants; First Southwest, one of the country's premier financial advisory and investment banking firms; and Teleport Communications, a unit of AT&T.
"Our tenant roster is pretty diverse," says Barry J. Zeller, executive director of Cushman & Wakefield, the building's leasing and managing agent. "We have a lot of major players in the arts and entertainment industries, but we've also been attracting prominent companies in other sectors, and Paymentech is a good example of the latter. We're delighted that 250 West 57th Street is its New York home."