Online Resources Corporation develops and supplies its proprietary Digital Payment Framework to enable ePayment choices between consumers and financial institutions, creditors, and billers in the United States. The company offers Web-based bill payment services, account presentation, and remittance services for financial institution clients; a suite of consumer payment options, including acceptance of payments made by credit card, signature debit card, automated clearing house, PIN-less debit, flexible payment scheduling, convenience payments, bill presentment, and other payment and collection services, as well as Web-based collections support for biller clients; and services that enable cre...
4795 Meadow Wood Lane
Chantilly, VA 20151
Founded in 1989
Online Resources Corp.(NasdaqGS:ORCC) dropped from NASDAQ Composite Index
Mar 11 13
Online Resources Corp. will be removed from NASDAQ Composite Index
Online Resources Corp. Announces Virtual Collection Agent 5.0 Service to Automate Lenders' and Billers' Debt Collection Process
Feb 27 13
Online Resources Corp. announced the launch of Virtual Collection Agent (VCA) 5.0, the latest version of its web-based debt collections tool for financial institutions and billers of all types. The 5.0 version provides a host of new features that benefits lenders and billers as well as the consumers they serve. VCA's 24x7 collections environment helps companies to reduce operating costs, maximize collections, and reduce loan losses for overdue auto loans, mortgages, credit card bills, and other personal debt. At the same time, it gives consumers a better way to restore their good account standing and eliminate the hassle of debt collection. They can be offered payment programs and settlement arrangements online based on each biller's own eligibility rules, which can be based on existing account data or on information supplied in real-time by consumers. New features of VCA 5.0 for lenders and billers include: Access to detailed consumer behavior data and new, intuitive tools to control automation of online offers; The ability to handle multi-account relationships with each consumer so that a single sign-on will take customers to any of their accounts that need resolution; Support for promotional codes that enable tracking of marketing campaigns and previous interactions with call center agents to arrive at repayment offers specific to each consumer; Consumer experience in virtually any language; once consumers sign on to the site and specify their preferred language, each subsequent visit is automatically set to use that language; and Addresses Americans with Disabilities Act (ADA) accessibility concerns with the option to certify as WCAG 2.0 Level AA compliant. VCA is currently collecting at a rate of $2.4 billion per year, and West points out the additional benefits to billers and lenders.
Online Resources Corp. Announces the Extension of Maturity Date of $7,500,000 Revolving Credit Facility to May 31, 2013
Feb 26 13
Online Resources Corp. entered into a credit agreement by and among the company, Bank of America, N.A., and the guarantors and lenders. The agreement is structured as a $7,500,000 revolving credit facility which matures on March 31, 2013, subject to an extension of the maturity date to May 31, 2013, if certain conditions are satisfied. Proceeds from the credit facility may be used to finance working capital and capital expenditures and for other general corporate purposes. Interest is due and payable in arrears (i) for each Eurodollar rate loan, on the date one month after disbursement, conversion or continuation as a Eurodollar rate loan and the maturity date and (ii) for each base rate loan, on the last business day of each calendar month and the maturity date. At the Company’s election, the loans will bear interest at the British Bankers Association LIBOR Rate plus 3.50% or the base rate plus 2.50%. The agreement contains representations, warranties and covenants that are customary for similar credit arrangements, including among other things covenants related to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with applicable laws and (iv) notification of certain events. Financial covenants will also require the Company to maintain (i) a leverage ratio no greater than 2.75 to 1.0, (ii) a fixed charge coverage ratio of no less than 1.2 to 1.0 and (iii) a receivable ratio of no less than 1.25 to 1.0. The agreement contains various customary restrictive covenants, subject to certain exceptions, that prohibit the company from, among other things, incurring additional indebtedness or guarantees, creating liens or other encumbrances on property, entering into merger or similar transactions, selling or transferring certain property, making certain restricted payments and entering into transactions with affiliates. The failure to comply with the foregoing covenants will constitute an event of default under the Agreement. Other events of default under the agreement include, among other things (i) the failure to timely pay principal, interest, fees or other amounts due and owing, (ii) a cross-default with respect to certain other indebtedness, (iii) the occurrence of certain bankruptcy or insolvency events, and (iv) the occurrence of a change of control (other than with respect to the previously announced transaction with ACI Worldwide Inc.). The company’s obligations under the agreement are guaranteed by the company’s existing and future domestic subsidiaries, subject to certain limitations.