Official Payments Corp. (Nasdaq: OPAY) rose 3/4 to 5 5/8 Tuesday after the company announced an expanded contract with the State of New Jersey.
The company, which provides electronic payment services to government agencies, said the New Jersey tax and revenue divisions will use its technology to collect and process credit card payments over the Internet. This fall, New Jersey businesses and employers will be able to file their taxes and pay their bills online. The state collects some $6.3 billion in withholding, unemployment and disability contributions each year, Official Payments said.
Official Payments obtains its revenue from the service fees taxpayers pay for processing transactions.