Press Release


Pacific Mercantile Bank Helps Companies Reduce Payment Processing Costs with eConnect Pay

Company Release - 5/24/2018 8:00 AM ET

COSTA MESA, Calif., May 24, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced the introduction of eConnect Pay, an end-to-end accounts payable and payments solution for mid-sized businesses.  A significant advancement in cash management efficiency, eConnect Pay automates invoice and payment processing by integrating with a company’s accounting system while processing check, ACH and credit card payments directly with Pacific Mercantile Bank.

“The accounts payable function for most businesses is a highly inefficient process requiring significant manual labor to enter invoices, chase approvals, wait for authorizations and track payments,” said Paul Happach, Senior Vice President and Senior E-Channel Product Manager at Pacific Mercantile Bank.  “With eConnect Pay, Pacific Mercantile puts an end to the manual nature of accounts payable by automating the entire invoice-to-payment process.  By integrating seamlessly with existing accounting packages and linking payments directly with Pacific Mercantile Bank, eConnect Pay can help businesses save significantly on their payment processing costs.  eConnect Pay takes integrated payable solutions to a new level of efficiency and is another tool in our suite of state-of-the-art treasury management solutions that helps businesses reduce operating expenses and improve cash flow.”

Hyperikon, a leading LED lighting manufacturer, was an early adopter of Pacific Mercantile Bank’s new eConnect Pay cash management solution.

“We have found eConnect Pay to be great software to streamline the invoice approval process and accounts payable cycle. It integrates well with QuickBooks Enterprise and saves a lot of time for our business,” said Dmitry Budanov, Senior Accountant of Hyperikon.  “Multiple tiers of vendor specific approval rules, automated data recognition, convenient search options for archived bills all make accounting easy and fast! Payments are quick and timely with automated checks and recurring ACH. This is a powerful solution for managers who want to keep expenses under close control.”

Find out more about eConnect Pay from Pacific Mercantile Bank.

About Pacific Mercantile Bank

Pacific Mercantile Bancorp (NASDAQ:PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients. The Bank is headquartered in Orange County and has seven locations in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. The Bank offers tailored flexible solutions for its clients including an array of loan and deposit products, sophisticated cash management services, and comprehensive online banking services accessible at www.pmbank.com.

Forward-Looking Information

This news release contains statements regarding our expectations, beliefs and views about our plans to continue to build our loan portfolio and supporting systems and processes.  These statements, which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These risks and uncertainties include, but are not limited to, the following: the impact of interest rates and other external economic factors and competition among financial services providers. We undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" in our most recent Form 10-K and 10-Q reports and to our most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.

Pacific Mercantile Bank Contact:
Robert Anderson
EVP & Chief Banking Officer
714-438-2500

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Source: Pacific Mercantile Bancorp