Loss of US embassy contract not significant, says Paymaster
PAYMASTER Limited, the multi-payment agency which lost the contract to the National Commercial Bank (NCB) to collect visa fees on behalf of the US Embassy in Kingston, said the financial loss is not significant.
“It’s always a loss if you lose a contract, but in terms of its financial impact it’s not too big a loss. The value of that contract was roughly an average of $300,000 per month or about $3.6 for the year so it wasn’t a big contract. The bigger value of it was that it brought people into our corridors who we could sell other services to,” Paymaster CEO Audrey Marks told Caribbean Business Report yesterday.
According to Marks, NCB got the edge over Paymaster not because of any breakdown in its relationship with the embassy, but because Paymaster was “not competing on price”.
“We continue to have and have always had an excellent relationship with the US embassy,” she said.
