The OLB Group Updates Shareholders on Risk Management Initiatives and Contactless Payments Capabilities

The OLB Group, Inc. (“OLBG,” “we,” “us,” “our,” or the “Company”), a FinTech company, issues a letter to shareholders from the Company’s chief executive officer, Ronny Yakov:

Dear Fellow Shareholders,

Over the last several weeks, we have taken initiatives to minimize the risks to our business and protect our shareholders as the COVID-19 epidemic expands across the globe. Our entire team is fully committed and working diligently to support our merchants through these difficult times. Most of our merchants have contactless payment acceptance capabilities through their point of sale solutions as well as ecommerce and mobile contactless payment acceptance capabilities to eliminate the need for physical payments to help reduce the spread of the virus. The following initiatives, including an extensive business continuity plan, have been implemented:

Risk Management:

  • Enhanced risk controls and safeguards have been put in place for merchants that sell products with an extended delivery time frame, products paid in advance, catering, ticketing, limo and travel related merchants
  • For those employees that will be working from home, we have implemented a “remote work” policy and provided employees with the technology necessary to do so
  • For those employees that require office attendance, we are taking significant steps to ensure seamless service delivery while safeguarding employee health

Contactless Payments: 

  • Most of our merchants have contactless payment acceptance capabilities through their point of sale devices from equipment manufacturers such as Ingenico, PAX, Poynt and Verifone which are fully integrated into ShopFast POS SecurePay-PaymentGatewy and OmniSoft platform.
  • We launched an initiative to deploy contactless payment acceptance equipment to merchants that don’t currently have it, as well as integration with Apple Pay and Android pay.
  • Mobile contactless payment acceptance is available through ShopFast, APPs which can be downloaded from Apple’s App Store and Google’s Google Play Apps.
  • Online e-commerce payments through shopping carts allow our merchants to sell their products and services to customers that prefer to shop from the convenience of their homes.

We will continue proactively managing the situation and providing support for our merchants moving forward, and we remain focused on our mission of building value for our shareholders as the world works its way out of this crisis. We believe that our experience, dedicated and talented staff, and our ongoing focus on our business will allow us to emerge stronger than ever. We wish our shareholders, partners, merchants, and their loved one’s good health during these difficult times.

Sincerely,

Ronny Yakov
Chief Executive Officer
The OLB Group, Inc.