Corporate Founders
Founders (left to right) John Barone and Irving Wolf pose for a magazine article picture in the early days of the Pay-O-Matic Corp.
John Barone opened his first check-cashing store in the early 1950s. Irving Wolf later joined John as the accountant for his check cashing business. The two decided to become partners and create a chain of check cashing locations. Irving became the company’s first President and John served as Chairman of the Board when the business was incorporated in 1968 as Paymaster Corp.
In the early days, the business was simply check cashing, money orders, ConEd and telephone bill payments-a far cry from the wide variety of products and services offered by Pay-O-Matic today!
The company name was changed to The Pay-O-Matic Corp. in April of 1970 and the first public shares of stock were issued in October of 1970.
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Financial Services Since 1950 at over 100 locations throughout New York
The Pay-O-Matic Corp. is licensed as a Money Transmitter by the New York State Banking Department. Pay-O-Matic Check Cashing Corp., a wholly-owned subsidiary of The Pay-O-Matic Corp., is licensed as a Check Casher by the New York State Banking Department. Rapid Armored Corp., a wholly-owned subsidiary of The Pay-O-Matic Corp., is licensed as an Armored Car Carrier by the United States Department of Transportation and the New York State Department of State. The Pay-O-Matic Corp. and its subsidiaries do not disclose any nonpublic personal information to anyone, except as permitted by law. The excella™ Visa® Prepaid Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The Bancorp Bank; Member FDIC. Obtaining Your Card: The USA PATRIOT Act is a federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to reasonably identify you. We may also ask to see your driver’s license or other identifying documents at any time.
