> In the third quarter of 2012, we signed an agreement to process credit and debit card payment transactions for all Starbucks-owned stores in the United States. The agreement was amended in August 2015 to eliminate the exclusivity provision in order to permit Starbucks to begin transitioning to another payment processor starting October 1, 2015. Under the amendment, Starbucks also agreed to pay increased processing rates to us for as long as they continue to process transactions with us. We anticipate that Starbucks will transition to another payment processor and will cease using our payment processing services prior to the scheduled expiration of the agreement in the third quarter of 2016, and, in any event, we do not intend to renew it when it expires.
In addition to the $150 million loss in 2014, looks like the revenue side doesn't look too good either. From their operating data,
Total revenue = $707.8 million
Starbucks revenue = $123 million
So they would likely lose > 17% revenue very soon.
In addition to the $150 million loss in 2014, looks like the revenue side doesn't look too good either. From their operating data,
Total revenue = $707.8 million
Starbucks revenue = $123 million
So they would likely lose > 17% revenue very soon.