VeriFone's New Management Transforms Fears into … · VeriFone's New Management Transforms Fears...

VeriF

one

VeriFone’s roller-coasteryear has been far fromamusing, but its fun mighthave just begun.

By the time Gores TechnologyGroup completed the purchase of theSanta Clara, Calif.-based equipmentprovider in July 2001, the consensusaround the payment-processingindustry was that previous ownerHewlett-Packard Co. had all butdestroyed VeriFone. Most of its sen-ior management had exited.VeriFone no longer was considerednumber one.

But the Gores-led VeriFone has anew focus – a focus couldn’t come ata more sensitive time.

"We’re now focusing on what we dowell and what customers tell us wedo well – and that’s the high-endpayment appliance market," saysDoug Bergeron, the new VeriFoneCEO.

Gores, a privately held internationalacquisition and management firm,pursues an aggressive strategy ofacquiring promising high-technolo-

gy organizations and managing themfor growth and profitability. It’sdetermined to do the same withVeriFone.

In a recent open letter to the industry,Bergeron wrote that one ofVeriFone’s key achievements in itsfirst 100 days under Gores was "arapid return to entrepreneurial man-agement and organizational struc-tures that competes more successful-ly."

Does this mean it was lacking underthe HP regime? Not exactly, accord-ing to Bergeron.

"What happened under H-P was notall bad," he says. "Some of the orderand process in engineering wasneeded … a maturity."

In this issue, The Green Sheet takesan in-depth look at how Bergeronmanaged VeriFone’s new maturityand company culture – and how it isperceived by others in the industry.

See Story on Page 9

The Financial Services Industry Source for Education, Inspiration and Actionable Advice

December 24, 2001Issue 01:12:02

I n s i d e T h i s I s s u e :

N o t a b l e Q u o t e :

FeaturesPayments And the Law: Looking for

Closure in All the Wrong Places by Patricia A. Murphy ....................3

Success Is All in the Family ................21Get Passionate About Passion

Driven Growth ..............................27

Company ProfilesVital Processing Services ..................33U.S Wireless Data ............................39

NewsVeriFone's New Focus is Reflected

in its Action Plan ............................92002 Conventional Wisdom..............19NCR Adds Windows XP

to EasyPoint ATMs ........................31

New ProductsCobra LS Coiled To Decode ..............47Keeping Track of Your Cash ..............49World of Wireless Solutions

in Your Hand ................................51

InspirationBack To Basics ..................................572002 To-Do List ................................58

DepartmentsForum ................................................6FYISOs ............................................53Datebook ........................................58Resource Guide ................................59

"Proper goals are set toinspire something more thanjust ‘last year’s performanceplus some’ effort. Such goalshave an impact on the indi-vidual, not just the business."

See Story on Page 27

VeriFone's New ManagementTransforms Fears into Cheers

So it’s final. Thefederal judgeoverseeing thefederal govern-

ment’s antitrust case againstMasterCard and Visa hasissued her final judgment:The bankcard associations

must rescind policies that bar banks from issuing cards onbehalf of American Express and Discover.

But nothing is ever what it seems, especially when it comesto payments and the law.

Visa, upon reading the judge’s final decision, promptlystated its intention to appeal. Visa also said it will seek tohave the judgment put on hold (a "stay" of the judge’sorder, in legal parlance) pending the outcome of its appeal.

Visa’s fears run deeper than the prospect of losing marketshare to Amex or Discover (as remote as that may seem tosome). There has to be some consternation at Visa’s head-quarters in Foster City, Calif. (as well as in Purchase, N.Y.,home of MasterCard’s headquarters) over the likelihoodthat the judge’s ruling will open the door to a flood of newlawsuits.

The bankcard associations have been embroiled in litiga-tion these last few years. Most recently, two companies thataccept credit card payments have filed a lawsuit chargingthat the Visa-MasterCard policies against banks issuingAmex and Discover cards, ruled anti-competitive by JudgeBarbara S. Jones of U.S. District Court in New York, havebeen bad for business.

The two companies – a food distributor based inPennsylvania and a publishing company in New Mexico –are seeking class-action status for the lawsuit. The compa-nies claim the disputed rules (known as the association’s"exclusionary" rules) have resulted in their paying higherfees for card network services than they would have paid ina more competitive issuers market. Also named in the law-suit are several of the largest credit card issuers, includingJ.P. Morgan Chase, Bank of America and MBNA, accord-ing to published reports.

Visa and MasterCard have been in court for several years

defending merchant challenges to their "honor-all-cards"rules. Many of the merchants involved in that lawsuit pre-sumably also would qualify for inclusion in the latest suitif class-action status is certified for that case.

The honor-all-cards rules require that merchants acceptingMasterCard and Visa brand credit cards accept all paymentcards issued under those brand names, including offlinedebit cards (or "check cards"). Merchants, led by giantWal-Mart, oppose paying the same interchange fees forcheck card transactions that they pay for credit cards. Theirargument is simple: Credit card transactions are initiatedagainst lines of credit and therefore carry more risk to cardissuers than do offline debit card transactions, which areposted against funds on deposit in a checking (or checking-like) account.

Payments And the Law: Looking forClosure in All the Wrong Places

By Patricia A. Murphy

It’s important to remember that interchange is just part ofthe fee structure in retail card payments, albeit a large part.More than 90% of the discount fees paid by merchants tonetwork processors pass through to issuers in the form ofinterchange fees.

Ostensibly, interchange compensates issuers for the risksof extending credit on card purchases. But over the years,card issuers have gotten pretty hooked on the revenueflows, and they’re not too keen about losing any.

Merchants, understandably, want to control card-accept-ance costs. That’s why many are training checkout clerksto encourage customers to pay for purchases using theoffline (direct debit) option on their check cards.(Remember, check cards often double as bank ATMcards.) It’s also why companies like National ProcessingCo. (NPC) have made it part of their jobs to help mer-chants manage interchange costs.

Visa and MasterCard, obviously, have vested interests inmaintaining the status quo. The banks that issue andacquire credit and debit card transactions are owners of thetwo associations.

But the sheer size of the complainant class (as many as 4

million merchants qualify as plaintiffs in the case) couldundermine any resolve to keep honor-all-cards rules on thebooks. Experts figure the case, if settled in favor of theretailers, could cost Visa and MasterCard as much as $100billion in damage awards alone. Pushed to the wall, Visamight have to consider an out-of-court settlement, but notwithout first putting up a fight.

Visa and MasterCard officials have said they will appealthe class certification of the case. No surprises there.Considering all the money at stake, Visa and MasterCardcan be expected to appeal this case all the way to the U.S.Supreme Court.

That’s a lot of time in court, with potentially whoppinglegal fees. But the longer these cases are tied up in court,the less likely it seems that there will be closure. It’salmost a guarantee when you’re dealing with paymentsand the law.

During the nearly 25 years that I have been involved in thepayments space, I’ve watched as charges of unfair compe-tition have been lobbed between banks and non-banks.Few of the legal challenges have had much of a lastingimpact, though. That’s because with appeals and counter-appeals the cases just drag on. By the time decisions arerendered, the market has moved on.

Payments is a changing market. Sometimes people havedifficulty adapting to change; but markets don’t.

Consider, for example, that back in the early 1980s, whenretail electronic payments were just beginning to catch on,a group of data-processing companies were tied up incourt with banks and federal regulators for years over reg-ulatory decisions allowing banks to offer data-processingservices. Today, data processing is a core competency forbanks active in the payments space.

In the early days of ATM cards, some banks sued to blockretailers from installing ATMs. Today, it’s rare not to haveATMs at certain types of retail establishments (like gro-cery and convenience stores).

So what’s to become of Visa and MasterCard and the mer-chants and the government’s antitrust case? Nothing any-time soon, I suspect. Posturing and logistics will keep allthe parties tied up in the courts for years.

In the meantime, banks will continue issuing check cards,consumers will increase the frequency with which they usethe cards, and merchants will keep accepting the cards.And in all likelihood, they’ll keep paying more in inter-change than they think they should. Don’t look for closureanytime soon on the core issues.

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Information and Other Gifts

I would like to thank you for publishingsuch a useful tool (The Green Sheet &GSQ). Over the years, The Green Sheethas become my number one source forleads, both at POS Portal and ResourceLeasing Corp.

I have been raving to everyone what agreat company you have. Again, thankyou. Great job!

Audrey BlackmonVice President of ISO Channel Sales

POS Portal Inc.

Canadian Processing, Part 2

In the Forum section of your Oct. 8,2001 edition (01:10:01), you respond-ed to Ray about processing in Canada.Unfortunately, your answer was notentirely complete or correct.

In Canada, there are four major institu-tions that offer merchant accounts. Theseinstitutions are:

• Moneris Solutions (a joint venturebetween the Royal Bank of Canadaand the Bank of Montreal)

• CIBC Global Payments (the formermerchant services group for theCanadian Imperial Bank ofCommerce)

• TD / Canada Trust• The Bank of Nova Scotia

There are a number of smaller compa-nies that offer merchant accounts tohigher risk merchants that cannot getapproved by the banks. InternetSecureand PSiGate are among that group.

As for credit card processors, there arethree major processors, including:

• Moneris Solutions• Global Payments• BCE Emergis

Gateway services that establish the con-nectivity between the merchant and theprocessor and financial institutioninclude:

• Paradata Systems• Moneris e-Select• E-Xact Transactions• PSiGate• Strategic Profits• Beanstream

I hope this information will help yourreaders gain a better understanding ofwhere to go for payment services inCanada.

If you need additional information,please do not hesitate to contact me at604-935-8994.

Maureen DaschukVice President, Corporate Strategy

Paradata Systems Inc.Whistler, British Columbia

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*Any Sales Professional who sells financial services to theretail merchant marketplace.

Any questions regarding information contained in TheGreen Sheet should be directed to the Editor in Chief at(800) 757-4441. The Green Sheet is a semi-monthly publi-cation. Editorial opinions and recommendations are solelythose of the Editor in Chief.

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Advanced Payment Services .............35American Credit Card Proc. Corp.....62Bridgeview Payment Solutions...........10Business Payment Systems ................36CardWare International ...................54CDE Services...................................29Certified Merchant Services ..............16Concord EFS ...................................18Cornerstone Payment Systems...........38CrossCheck .......................................8Cynergy Data..................................28DataCap .........................................37Electronic Cash Systems ...................58Electronic Data Resources...................4Electronic Payment Systems ..............30First American Payment Systems .........5First Data Merchant Services ............34Global eTelecom ..............................25GO Software...................................51Horizon Group................................64Humboldt Bank................................57Integrated Leasing Corp. ..................15International CyberTrans ..................50IRN/Partner America .......................42Linkpoint International ......................46Lipman USA....................................12MCV Global Systems .......................13Merchant First Inc. ...........................47Merchant Services Inc. .....................56Merchants’ Choice Card Services......31Money Tree Services Inc. ..................40Network 1 Financial ........................44North American Bancard .................14NOVA ...........................................17NPC ...............................................52One Stop Check ..............................49Online Data Corp............................32PayNet Merchant Svcs-Michigan.......23POS Payment Systems......................41POS Portal ......................................27Retriever Payment Systems................24RichSolutions ...................................26RLC Equipment Sales........................45Schlumberger ..................................22Signature Card Services...................19SyTec Inc. ........................................11Tasq Technology ..............................63Tasq.com.........................................48Tech Leasing ....................................55Teertronics.........................................3Thales e-Transactions .........................2U.S. Wireless Data ..........................20Worldwide Merchant Services ..........43

Contract for Sale

We have a contract to supply 5,000 POSdevices and merchant processingaccounts at 1.71% and 25 cents.

The paper can be written right from thebeginning on whoever purchases thiscontract’s "paper."

This is a commitment-level contract of5,000 accounts out of a 22,000 mer-chant base.

Do you have any recommendations as towhom I might talk to regarding sellingthis contract … both on the equipmentside and the processing side?

Thanks!

John B. Frank

Dear John,

Our view is that the highest value wouldbe to combine the equipment and theprocessing into a single transaction. Thequestion does not address the geograph-ic dispersion, the conversion options, thecontract length or the risk level of themerchant(s), and those are big factors.

Our recommendation would be to pre-pare an RFP and send it to the CFOs ofthe largest acquirers and to those listedin The Green Sheet "Resource Guide" asinterested in buying portfolios.

If you need help with drafting the RFP, werecommend that you contact MarcAbbey from First Annapolis at 410-855-8534.

Good Selling!The Green Sheet Staff

Neal AndersonPayformanceClinton BallerPayNet Merchant Services John BeebeGlobal eTelecomStacy BellAdvanced Payment Tech Audrey BlackmonPOS PortalJason BurgessArtaban Solutions Robert CarrHeartland Payment SystemsSteve ChristiansonTranspay ProcessingTodd DavisNobel Electronic TransferTom DellaBadiaNOVA Information SystemsSteve EazellSecure Payment SystemsMike EnglishIngenicoW. Ross FedergreenECSRSI

Jon FrankelCertified Merchant ServicesEd FreedmanTotal Merchant ServicesPatrick GainesLML Payment SystemsAlan GitlesMerchant First BankcardRuss GoebelHorizon Group-Hypercom Tom HaleasBridgeview Payment Solutions Larry HenryL. Henry Enterprises Holli HobbsThales e-Transactions Robert JoyceAlliance Payment SystemsAllen KopelmanNationwide Payment SystemsLee LaddLADCO LeasingGary LaTulippeSchmooze Mitch LauMoney Tree Services Dan LewisElectro-CheckDouglas MackCard Payment Systems

James MarcheseIRN Payment SystemsPaul MartausMartaus & Assoc.Craig MillingtonCompass BankPatti MurphyThe Takoma GroupSteve NorellUS Merchant ServicesChristopher O’HaraProfitscentricBill PittmanRichSolutions Brian RogersPurchasingPowerStuart RosenbaumU.S. Merchant SystemsPaul SabellaNext Day FundingDave SiembiedaCrossCheck Matthew SwinnertonMerchant Services DirectJeff ThornessACH Direct Scott WagnerHypercomDan WolfePhoenix Bankcard Services

The new buzzword at VeriFone? Streamline. Meetings, staff, expenses,research and development – you name it, and it has been subjected to theless-is-more theory. But the result certainly is more: more focus and morerevenue.

One of the first things new CEO Doug Bergeron did was change the managementapproach. Under Hewlett-Packard, VeriFone managers were not empowered to make the

changes they needed to make. Now that Gores Technology Group is in charge, Bergeronsays everyone at VeriFone can make things happen.

"If they have an instinct and know something needs to be done, then the marching orders areto go confer amongst themselves, make sense of it and then do it," says Bergeron. "Thisindustry is full of great ideas. When you are a leader, you assign one or two, have your man-agers monitor it, keep on top of it but don’t react too abruptly for fear of going down thewrong path.

"We are not going to penalize people for making mistakes. We will penalize for calling ameeting, sitting around and not taking action. Action is key."

Gores has taken action by downsizing the staff by 450 employees since July and flatteningthe management hierarchy. Managers were communicating, but not enough were acting – andtoo many people had not been fully educated about the business.

So Bergeron has thrown the keys to the car back to the people in the field. Some people havebeen promoted, others have been dismissed.

Other cost savings resulted from watching expenses more closely – particularly research-and-development expenses, which were cut from $45 million to $33 million. According toBergeron, there were too many science projects. Now VeriFone’s mindset is to avoid creat-ing big bureaucratic projects around ideas before traction.

The new traction – after contraction – is designed to lead VeriFone to the top of the high-endterminal hill. VeriFone needs applications and technology to drive the terminals that have itsname on them. According to Bergeron, VeriFone also needs to be the sponsor and agent of

"We are not going to penalizepeople for making mistakes.We will penalize for calling a

meeting, sitting around and nottaking action. Action is key."

– Doug BergeronCEO, VeriFone

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leveraging technology as well as theeducator of merchants about thevalue of the VeriFone name.

"VeriFone may have gotten a littleslow and sloppy in sales and distri-bution, but (it) never lost quality ofproduct and technology," Bergeronsays. "We acknowledge that the mar-ket share has gone to smaller com-petitors."

That acknowledgement has translat-ed into VeriFone leaving the ancil-lary payment type of marketplacethat didn’t directly leverage its posi-tion in the payment market. It issticking with what it does best.

"There are 20 million so-calledpoints-of-presence – places wherepeople can swipe cards," Bergeronsays. "There is a VeriFone enginerunning over 10 million of thembetween merchant and consumer.Our technology is resounding, andwe like it. We don’t want to changethat."

Bergeron also acknowledges that theInternet payment application spacewith large complex application soft-ware unrelated to point-of-saleallows corporations and large retail-ers to engage in alternative paymentprocessing. However, the last threeyears have shown that it is a difficultmarket and certainly is not growingat the expected rate.

Most retailing still takes place in per-son. Electronic trade may be increas-ing, but VeriFone is banking on thefact that more than 90% is person-to-person with an electronic engine inthe middle. "Alternative space isinteresting but not where VeriFone isgoing," says Bergeron. "It’s stilllacking in standards."

We now know where VeriFonewants to go. How is it going to getthe ISO community to embraceVeriFone and go down that path aswell?

"Lots of education," is Bergeron’s

answer. "Pre-acquisition, we were abit sloppy in talking and workingwith ISOs. In a competitive market-place, we have to get out in front.The ISO market just needs a chanceto see our new product."

The new product he’s referring to isthe exciting Omni 3700 series,encompassing cost-effective tech-nology that is comparable with itscompetition at every level.

Featuring EMV smart card compli-ance and multiapplication capabilityin a compact, all-in-one design, theOmni 3700 family of paymentdevices is geared toward combatingthe trials and tribulations of ISOs.Independent sales agents have majorhurdles, lots of attrition and relyheavily on residuals from customerportfolios.

"With the combination of our archi-tecture and cool, low-priced andsexy Omni family, we’ve created atool that will help attract new mer-

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chants as well as generate new revenue streams," saysBergeron.

Excitement seems to be building at VeriFone, starting withits CEO. "What excites me most is that ours is a fairlyvibrant business," says Bergeron. "People are still buyinglots of equipment. VeriFone is in an exciting place. Youcan’t buy the type of branding and customer satisfactionthat VeriFone has."

And that branding was a plus for VeriFone under its HPcontrol. "If we had to face everything we did and then, ontop of that, junky products or shrinking market, it wouldhave been difficult," says Bergeron. "We have phenomenalbranding and customer-satisfaction level. It makes my jobvery rewarding. We are doing a lot of work but not runninguphill."

As a result, even company officials were surprised whenVeriFone exceeded its goal of 10% margins for its first 100days under Gores management. They thought it was goingto be heavy lifting, but once they lifted out the extraexpenses, allocations and personnel, something much bet-ter was left – profits.

Comparing VeriFone’s profits to those of the other twofront-runners, HP and Ingenico, Bergeron emphaticallysays his company leads the pack.

"HP reported $72 million in its last quarter and Ingenicoreported $65 million," says Bergeron. "We did $101.3 mil-lion. When someone says they are the leader, the fact isfigures don’t lie. We are the only profitable (company) ofthe three. We thought it was important to bring our mes-sage out, not hide our numbers."

Yes, it appears VeriFone is back from its fall from grace –a fall that was stopped by a change in company culture.

"We run a company like you run a household," Bergeronsays. "We started at a grass-roots level, and we challengedevery prediction of an order."

VeriFone built a revenue budget of $95 million for thequarter and came in at more than $100 million. An expensebudget was created from the bottom up, following everynickel coming in and going out. That expense structurewas built around an expectation of $95 million in sales.VeriFone controlled its expenditures and insured that itdidn’t spend more than it allocated.

According to Bergeron, VeriFone actually spent $90 mil-lion dollars and sold more than $100 million worth ofproduct, a feat that HP couldn’t accomplish. During theHP programs, departments budgeted over sales predic-tions, hoping the sales force would just go out and sellmore to meet their expense demands.

In today’s market, that logic doesn’t fly. A depressed mar-ket won’t support inflated figures. VeriFone deflated fig-ures and inflated profits. "We got rid of a lot of low-hang-ing fruit," says Bergeron.

VeriFone is obviously doing business differently, hopingto maintain the same quality of product and increase cus-tomer satisfaction.

"We’ve always had great product. HP did great things withthe product, but there has been some customer concernabout attentiveness," says Bergeron. "With HP, we weretreated like the crazy aunt in the basement. As long asshe’s not making too much noise, they really don’t giveher much attention. HP didn’t really know how to runVeriFone, so it was easier to ignore it."

VeriFone has also made some changes in customer sup-port. Account-management teams have been created,delivering daily customer attention. "We are trying toimprove with a ‘we care’ attitude," Bergeron says."Physical customer satisfaction with the product is good.But the account managers need to engender that ‘we care’attitude."

Is that message getting out? What is the word on the street

about VeriFone’s new makeover?

Brian Beacom, Director of StrategicProducts for Paymentech, had this tosay:

"We’ve always had a good workingrelationship with VeriFone, develop-ing new products and platforms.Since the Gores acquisition, we havenoticed that they are taking a morestrategic approach to their platforms.That's something that Paymentechlikes to do. We are working withthem on the new Verix platform andthe new 3700 platform. We are excit-ed about that.

"We did not have significant prob-lems prior to the acquisition. I thinktheir willingness to communicatewas always there. Sometimes theability to communicate their strate-gic direction wasn’t. We now have abetter understanding of them."

Listen to what President/CEORobert Carr of Heartland PaymentSystems said:

"I do see a new energy and re-ener-gized VeriFone management team. Itis very welcome and much needed inour industry. VeriFone has been areliable, steady provider of qualityproducts, but it allowed a vision offuture products to drop into a sec-ondary position in our industry. Withthe new management team, they aregoing to be giving their competitorsa run for their money."

VeriFone has hit the track running.There is a sense of urgency and com-petitiveness within VeriFone’s salesforce that was lacking.

Bergeron has implemented newworkouts. A salesperson who wins adeal is encouraged to revel in it andwrite down all the elements of thatsales success. On the other hand, a

staffer who loses a deal is instructedto go back and find out how to win itback – or figure out what wentwrong and change it so Verifone canget that account back.

"My thinking was, during HP’s man-agement, the sales quotas were mere-ly a suggestion. In our organizationtoday, we give out a set of goals forthe year, and our sales force is goingto be made to explain why they did-n’t make it," Bergeron says.

Thus, Bergeron is setting the bar, andhe’s doing it with the savvy thatcomes from his experience.Bergeron has been involved in tech-nology turnarounds for the last 10years and has been a Group Presidentat Gores Technology since 2000.

Before joining GTG, he wasPresident and CEO of GeacComputer Corp., a $990 milliontechnology company based in

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Toronto. From 1990 to 1999,Bergeron was President/CEO ofSunGard Brokerage Systems Group,a $400 million division of SunGardData Systems.

Bergeron holds an M.S. in SystemsManagement from the University ofSouthern California and a B.A. inComputer Science from YorkUniversity, Toronto. He’s certainlybrings it all to the VeriFone table.

What did he find at the VeriFonetable? "Often when you take on aturnaround opportunity, you arefighting with internal and externalproblems," he says.

"The good news is that everythingwe found that needed to be addressedwas internal and organizational. It isthe most rewarding turnaround I’veever been involved in. However, thisturnaround was definitional, not duepersonally to me."

Bergeron doesn’t bring a lot of pay-ment-processing expertise toVeriFone, but he is hoping to bringenergy, focus and that sense ofurgency.

"By definition, a leader is 50% sym-bolic," says Bergeron. "People wantto see and hear from their leader. Ifpeople see the leader in a hurry, nottaking prisoners, intolerant of failure,focusing on three key things and not30 things, they tend to change andemulate and adopt the culture of theorganization and its CEO.

"The CEO largely delivers the valuesand cultural signposts. I am more afinancial than a tech guy, but the areaI add value to is becoming a bit of aposter child for a sense of urgencyand competitiveness."

The results:

• Revenues in Gores’ first 100 daysexceeded $100 million, and earnings

from operations, excluding interest,taxes, depreciation and amortization,exceeded 10% for the period.

• VeriFone scored key competitivevictories with substantial shipmentsto Ahold, CITGO, Concord EFS,Global Payments Inc., KFC, NationalProcessing Company (NPC), PizzaHut, Sunoco and TeleCheck.

• It redoubled its focus on the pay-ment appliance marketplace with thesale of the ePS business to Trintech.

Yes, it would appear that Gores’ newposter child is getting out the mes-sage loud and clear.

VeriFone is determined to re-estab-lish its historic role as the leader,innovator and largest provider ofpayment solutions worldwide. It iswelcoming back its customers andpartners to a new era of sustainedgrowth and profitability.

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At NOVA, we focus on what’s important toyour business – bringing together the bestexperience, tools and communications to helpyou implement innovative strategies that leadto profitable, lasting customer relationships.

That’s why you need a strong business partnerto help you cut through the clutter and maxi-mize your sales potential.

We offer a long list of customized services andprograms that you won’t find anywhere else.And we don’t make it complicated. Throughour MSP Bankcard Program, you make thechoices based on your specific business needs,and we service them. It’s that simple.

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An urge to travel the globe and see the worlddoesn’t have to be hampered by a serious workethic. The next year holds plenty of opportuni-ties for financial services industry professionals

to combine business with pleasure at conferences andexpos in locations both close to home and in farawaylands.

Sponsoring organizations offer a wide range of topics andactivities for conference attendees, from knowledgeablekeynote speakers, workshops and seminars, to receptionsand golf tournaments tailor-made to expand your networkof business contacts.

The increasing complexity of doing business in the globalmarketplace with an emphasis on technology requiresbusiness people to stay on top of the latest trends, infor-mation and equipment. The following events cover allaspects of the financial services industry.

NACHA/Assoc. for Financial Professionals EC 2002Jan. 13 – 16 New Orleanswww.nacha.org

National Retail Federation Annual Expo and ExchangeJan. 13 – 16 New York Citywww.nrf.com

ETA International SymposiumJan. 23 – 25 Coral Gables, Fla.www.electran.org

ATMIA Conference 2002Feb. 19 – 22 Hollywood, Fla.www.atmia.com

Electronic Retailing Spring ConferenceFeb. 23 – 26 Miamiwww.retailing.org

Comdex Chicago 2002March 4 – 7 Chicagowww.key3media.com

Comdex Vancouver 2002March 19 – 21 Vancouver, BCwww.key3media.com

ETA Annual Meeting and ExpoApril 10 – 12 Orlandowww.electran.org

NACHA Payments 2002April 14 – 17 Dallaswww.nacha.org

Retail Systems 2002 June 24 – 27 Chicagowww.retailsystems.com

Web 2002/Internet & Mobile Conference and ExpoAug. 12 – 16 San Franciscowww.web2001show.com, use link for ‘02

ETA Mid Year Meeting and ExpoSept. 17 – 19 TBAwww.electran.org

Computer Security Institute Conference and ExhibitionNov. 11 – 13 Chicagowww.gocsi.com

Comdex Fall 2002Nov. 18 – 22 Las Vegaswww.key3media.com

2002 Conventional Wisdom

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The Best just got Better!

Apples don’t fall too far from the tree – or, in EdFreedman’s case, the family tree. The founderand driving force behind Total MerchantServices was born into a family of entrepre-

neurs. Ed’s grandfather was an immigrant whose motiva-tion and vision propelled him from a dock loader to presi-dent of a manufacturing company. Following the death ofher husband when Ed was 8, Ed’s mother ran a publishingbusiness that she started at her kitchen table in New Jerseysurrounded by four kids.

That publishing business became Atlantic City Magazine,and for 20 years it was an invaluable source of inspirationand guidance for Ed. "My grandfather and mother weregreat role models, always talking to us kids about busi-ness," says Freedman."That’s how I got the spir-it."

Having received dailyinstruction on businessprinciples and philosophiesfrom an early age, Ed start-ed his first entrepreneurialendeavor at age 16. It wasboat cleaning.

He’d go around the docks of Atlantic City, cleaning andwaxing boats, setting up regular accounts. Ed grew thebusiness and hired friends to work for him. Through hiscollege years, Ed continued with his boat cleaning andsays he earned up to $40,000 by the end of each summer,a staggering amount for a student.

In his senior year of college, Ed went on his first job inter-view. When he was offered the pitiful starting salary of$20,000, he realized it represented a path he didn’t seehimself going down. Ed never went on another job inter-view again.

In 1993, Ed graduated from George WashingtonUniversity with a B.S. degree in psychology. He joined histwo older brothers, who also had started their own compa-ny, a telecommunications business in Washington, D.C.,and started reselling long-distance services to businesses.

Not surprisingly, he was successful during his first twoyears. He started training new employees, managingaccounts and staff as well as setting up independent salesagents and outside reps to work for the company

At age 21, Ed was creating single and multilevel compen-sation programs.

"I realized that salesmen knew what to say and what to do,but they needed marketing materials and guidelines," saidEd. "So I set out to spoon-feed them. I created structure forthem."

Through Ed’s programs, the company increased its cus-tomer base by 10,000 new accounts.

In ’96, Freedman started Total Merchant Services. Heexamined the telecommunications industry and saw theformula for sales success but didn’t like the shrinking mar-gins and difficulty in collecting money. Ed started lookingat another industry that would work with his businessmodel – the bankcard business. He applied his expertise toa business that offered greater margins, upfront money and

recurring revenue.

"What I liked about thebankcard business was therecurring-revenue modeland the upfront moneymade on leasing terminalequipment," Freedmansaid. "Back in ’96, I couldlease a terminal for $40-50a month and make money."

And make money he did. Starting Total Merchant Servicesby himself, Ed went out into the streets of Philadelphia,where he had relocated, and began setting up accounts,leasing equipment and developing relationships with mer-chants, trade associations and other networking outlets. Hecontacted banks, got leads from them and started closingaccounts daily.

"I started making a bunch of money. It was a great oppor-tunity," said Ed. "But I kept asking: How are these com-panies really making money?"

Ed turned to the industry for answers. He started readingpublications. One in particular stood out for him.

"I started reading The Green Sheet," said Ed. "Its Editor-in-Chief, Paul Green, was the quintessential advocate forsalespeople, constantly writing great articles on soundbusiness principles and good advice."

Ed found the writing and business philosophies in syncwith his. Coming across an article about an ISO that soldits business for a great deal of money, Ed continued to askquestions. How did they do it? What’s going on in thisbusiness? Where’s the real revenue?

ed freedman

Success Is All in the Family

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Ed looked for answers at Green Sheet seminars, where heconstantly questioned industry professionals. He searchedfor companies that wanted to share their information andtake him to the next level from sales to merchant acquir-ing. His entrepreneurial spirit motivated him to then studythe merchant acquiring business.

Relocating to Colorado, Ed expanded Total MerchantServices and continued meeting with industry leaders. Hefound a bank that offered him the opportunity to earn backrevenue and participate in merchant acquiring while stay-ing in point-of-sale equipment sales.

In ’97, Ed brought in a sales force to handle equipmentsales while he concentrated on merchant acquiring. Again,not liking what he saw in equipment sales/leasing prac-tices, Ed set out to change his world.

He would constantly ask salespeople, "Hey, guys, do youknow where all the money is? It’s not just in selling equip-ment; it’s in the processing side! We’re leaving differentrevenue streams on the table for the other guys to take."

Ed believed salespeople were being brainwashed intothinking the only money to be made was in equipmentsales and leasing.

"I started talking to agents like no one else had done," saidEd. "I offered them info on actual costs, where the profitsare. I laid it all out for them."

His idea was to share the revenue, splitting back-end prof-its that heretofore had been given away to the processors.For many, a consortium of agents was a new idea at thetime. Not many, if any, were sharing contracts down themiddle, owning all the revenue streams for the life of theaccount.

Ed’s vision was to change the marketplace so that theaverage guy on the street could make as much money asthe acquirers. He was all of 25 years old at the time.

"If salespeople do not start working in the same directionto build long-term revenue relationships, the profit mar-gins on equipment are going to get driven down andthey’ll be out of business if they’re not on the back end ofrevenue streams," says Freedman.

His philosophy is that long-term players need lifetimeresiduals and long-term relationships. In other words,long-term players need to be in the merchant acquiringbusiness.

Today, many are doing just that. But, according to Ed, "Westarted it." He says he started it because of his strong beliefthat if one helps enough other people get what they want,that person will also get everything he or she wants out oflife.

"I’ve dedicated my entire professional existence to help-ing salespeople get everything they want out of this busi-ness," he says.

And how does he view the business in 2001? Ed acknowl-edges there are fundamentally great things – great oppor-tunity to make upfront money by selling/leasing equip-ment and software, and even greater opportunity for recur-ring revenue streams vis-a-vis profitable merchantaccounts, thus increasing agents’ portfolios.

Ed is excited about emerging merchant markets throughthe Internet and electronic services to support those mar-ket expansions. For him, the sky’s the limit.

"Every month we’re in business, we get stronger," saysEd. "We’re in a very profitable business … can’t say thatabout too many other industries."

He does see one major negative: the treatment of sales-people despite the growth of the industry.

"Salespeople have been taken advantage of in the past,getting involved in contracts that didn’t protect theirrights," says Freedman. "Our contracts protect our sales-people, no matter what, for life. There are no loopholes at

Total Merchant Services."

Ed believes the industry needs moreeducation, more information, moretraining. That’s why he believes pub-lications like The Green Sheet areparamount.

He also stresses that Total MerchantServices is focused on protectingsales professionals and educatingthem on the fine print of contracts.As Ed says, "If I don’t want it formyself, then I know I don’t want itfor anyone else."

For example, he doesn’t believe inbuy-rate programs because hebelieves it assumes salespeople don’tknow what they’re doing, don’tknow where all the revenue is. TotalMerchant Services doesn’t do buyrates for the simple reason that theyinform their sales force where all therevenue is.

Another area that Ed is big on is

training. "Not only do we still do it,we overdo it," he says.

In addition to an in-house program oftwice-a-year education and training,Total Merchant Services goes outand conducts training seminars,leveraging its collective power andorchestrating not only better dealsbut also better sales agents.

By contracting with equipment man-ufacturers, terminal manufacturers,check guarantee companies, soft-ware developers, leasing companiesand the like to sponsor the seminars,including hotel rooms, airfare andmeals for sales participants, Edbrings both sides of the industrytogether under one roof.

General sessions deal with newopportunities, new products, etc.Training and breakout sessions aremore personal because they includeone-on-one interactions with suppli-ers and providers. Ed sees these

events as learning environments forboth vendors and sales agents whereeveryone is welcome.

In fact, Ed sees the lack of vendorrelationships as the biggest challengehe and other sales professionals facetoday.

The bankcard business relies heavilyon vendors. Trying to run a businesswithout total control can be difficult,and Freedman acknowledges that itwasn’t always easy selecting a viablepartner.

Total Merchant Services wentthrough its own minefield of badvendors and learned from it. But it isin a good place now, thanks in a bigway to its alliance with GlobalPayments.

"Our partner Global Payment is thebest vendor we have ever workedwith, by far. Their philosophy is sim-ilar to ours. They put our needs first,"

says Freedman. "Their value-addedsolutions give us what we need torun our business.

"Global has helped me meet thechallenges of providing great cus-tomer service, tech support – thingswe’ve outsourced in past but didn’talways get the quality we wanted."

Now that Ed has built a solid infra-structure for Total MerchantServices, where does he go next?Up, of course. Even though Ed hascreated a substantial amount of busi-ness and has been profitable for thelast five years, he is looking to scaleup production.

"We are ready to explode," saysFreedman.

With a solid infrastructure, greatvendor relationships, effective riskmanagement, great sales staff, greatpricing and quality customer service,Total Merchant Services is open towelcoming new salespeople who

want to share in its wealth.

Ed contends that in the next twoyears Total Merchant Service willtriple its business while continuingto provide good service with lowattrition and a higher customer base."I want us to be a leader in the ISOworld," he says. "We are really aflagship property with the best con-tracts."

For the industry in general, Ed antic-ipates the future will encompassmore mergers and acquisitions with alot of ISOs being rolled up.

"The bottom line for these mergersand acquisitions is that ISO accountsare so valuable not just because ofwhat they’re looking to buy fromyour portfolio today, but what it’sgoing to be worth tomorrow,"Freedman says.

He sees a snowball effect with small-er ISOs signing merchants and thenconsolidating into bigger ISOs.

According to Ed, the smart ISOs willbe the ones who procure the rightcontracts, scale and relationships.

What is Ed’s best piece of advice foragents who want to get smart? Itinvolves a formula.

"Before you write another deal, askyourself: Where do you want to be?"says Freedman. "Be sure the revenueis being shared with you. Be surethat you are protected in a contractfor the life of the account. Be sureyou’re getting a fair revenue stream.Be sure the level of customer supportis high. Be sure you share the sameexit strategy as well as business phi-losophy with the company you are inbusiness with.

"Don’t fall into the quick ID numberor quick approval trap. Don’t do ran-dom business. If you go out andwrite another deal like that, you’recheating yourself and leaving a lot ofmoney on the table."

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Get Passionate AboutPassion DrivenGrowth

At first glance, the guidingprinciples behind a companyemploying thousands of peopleall over the world might not

seem to have a lot to do with much smallerorganizations or even independent salesoperations. The concept of teamwork andfunctioning as part of a whole entity mightnot seem to have much in common with theidea of working alone and competing for busi-ness.

But "Clicks And Mortar: Passion Driven Growthin an Internet Driven World" offers plenty of inspi-rational examples to prove that there are principlesof doing business successfully in the "old" brick andmortar world as well as in the new virtual realm.Likewise, those same principles making big corpora-tions successful can be applied to businesses of any size.

There is a lot to appreciate, ponder and inspire in thisbook, co-written by David S. Pottruck, Charles SchwabPresident and CEO, and Terry Pearce, University ofCalifornia professor and leadership communication con-sultant. Between them, the two have many years of solidbusiness experience, and both share personal stories in thebook to illustrate their theories on what sets great compa-nies apart from all the rest.

The idea behind the book, first published in April 2000and reissued in its present edition earlier this year, is thatthere are essential elements in building a business suc-cessfully. Whether it’s a more traditional, physical opera-tion or a virtual e-business, the same ideas hold true ineither case for "igniting the fire that is necessary to gener-ate loyalty and commitment" in employees and customersalike.

Part 1 covers the idea of "culture" – what it is, how it’s cre-ated and maintained, and why it’s important. The authorsmaintain that in today’s business atmosphere, driven bythe rapid and continuous need – created by the Internet –to innovate to be able to compete, corporate culture is thefoundation, the central competitive advantage for anycompany.

Pearce defines culture "as a set of values, a shared pur-pose, a common language, and all the actions that makethe values real," and goes on to define values "as the non-

negotiable tenets againstwhich we measure the worthiness

of our choices."

When an inspiring corporate culture invites buy-in andparticipation by employees, that enthusiasm is passedalong to customers and clients. Pottruck is adamant that

"Clicks and Mortar: Passion DrivenGrowth in an Internet Driven World"David S. Pottruck and Terry PearceJossey-Bass, A Wiley Company350 Sansome Street San Francisco, CA 94104 www.josseybass.com314 pages $26 hardback, $17.95 paperback

incorporating values, responsibilitiesand integrity into all areas of life andwork is basic and begins by exampleat the very top. Diversity of peopleand ideas only adds to the discussion– and communication and the openexchange of ideas should be wel-comed from all in a culture.

Part 2 looks at leadership – leader-ship that inspires passion-drivengrowth. Leadership communicationshould be informative and clearlyreiterate the culture’s vision.Pottruck details the processes behindthe development of several ofSchwab’s internal and external cus-tomer-oriented programs to illustratesuccesses and failures in the corpo-ration’s communication style overthe years.

Listening skills – listening to hearrather than to answer – are critical toopen communication all the way upthe corporate chain. It’s very impor-tant to solicit comments from cus-

tomers and employees alike andreally hear what they’re saying.Pottruck points out that, ironically,those employees with the most clientcontact usually have the leastamount of contact with the CEO –and they’re the ones who often havethe best ideas.

Part 3 covers branding, marketingand packaging the business’ mes-sage. The company’s culture andleadership style are reflected in allcommunication, including advertis-ing and brand identification.

Pottruck says that marketing is anongoing conversation. In today’stechnology-based business world,everyone in the company, both onthe business side and technologyside, need to be involved in that con-versation.

The Internet has not eliminated theneed for interaction with customersbut has increased the importance of

What They Wrote About ...

Employee participation"When you can create a field wherepeople can contribute openly, you maybe amazed at the number of them thatwant to play."

Creating environment"Talent is insufficient to ensure the bestresults of a team. It takes generosity ofspirit to bring out the spirit of the collec-tive, and therefore the best results forthe team. A leader’s job is to make surethat atmosphere prevails by modeling itevery day."

The Internet"Customers want to be assured that

their Internet link to your business is as‘reliable as a dial tone.’ Because everycompany has to manage its own relia-bility, and because mistakes are nowimmediately obvious to customers, tech-nology management has become a crit-ical skill for a business leader."

having systems in place to provideexcellent and instant service. Thereis a thorough explanation of budget-ing, establishing ratios, setting goalsand measuring success with the bot-tom line and with personnel.

The book’s narrative style presentstwo distinct voices. Readers don’thave to wonder which of the authorsis saying what – they get a separateperspective from each withPottruck’s chapters and Pearce’srecapping of each one.

The book is really about Pottruck’sleadership style and philosophy,blending theory with his extensivepersonal experience. Pearce’s chap-ter summaries encapsulate thoseideas and add to them with lists andhow-to information.

Pottruck’s background includes serv-ing as a senior executive with IBM,Citibank and Shearson Lehmanbefore joining Schwab in 1984.

Pearce is on the faculty of theUniversity of California’s HaasSchool of Business and conductsbusiness-communication workshopsand presentations.

"Clicks and Mortar" is a fast read ina down-to-earth style but is full ofideas to inspire change and ignitepassion. It presents an interestinglook at how the Schwab Corp. hasgrown and evolved; Pottruck’sdescriptions of the culture at Schwabmight even inspire readers to applyfor a job there.

Other business visionaries and writ-ers, such as Tom Peters and PaulHawken, are quoted and well-foot-noted throughout for future refer-ence. The narrative gets muddled onoccasion, but there are enough usefultidbits to make wading through themworthwhile. The ideas put forth hereare useful for the biggest of corpora-tions as well as the one-person inde-pendent sales operation.

Goals"Proper goals are set to inspire some-thing more than just ‘last year’s perform-ance plus some’ effort. Such goals havean impact on the individual, not just thebusiness. … I try to use the budgetingand measurement process to stimulateinspiration, on my part, and on theirs.This is not always comfortable, and itrequires a high level of trust."

Commitment"Filling a need is not just the way to makemoney, it is the way to create commit-ment to any organization."

"People who are deciding to make acommitment to a leader need some fun-damental information, and they look forconstant reinforcement of that informa-tion throughout the life of the enterprise.Among their questions are ‘Who areyou?’ and ‘Where are we going?’ Iwould add a third question that makes asignificant difference in the potential forpeople’s commitment. It is ‘Why are wegoing there?’ "

NCR Corp. has addedMicrosoft Windows XPEmbedded, successor toWindows NT 4.0 Embedded,

to its software options for the self-serv-ice industry, expanding business oppor-tunities for the convenience banking sector.

XP Embedded will be available on NCR’s EasyPoint prod-uct line. XP Embedded will allow customers to move fromusing older platforms or those not widely supported with-in the industry.

XP Embedded is a version of the operating system that hasbeen broken into thousands of pieces that hardware mak-ers can mix and match to suit their specific needs.

XP Embedded consists of 10,000 components, as opposedto 300 for NT 4.0 Embedded. The greatly increased num-ber of components adds versatility in meeting the needs ofdevice manufacturers like NCR.

The advantage for NCR customers will mean "best-in-class development, security and implementation," accord-ing to Jim Piggot, Vice President of Software and Servicesat NCR’s Financial Solutions division. "Within ourAPTRA platform, customers will now have investmentoptions in terms of new business opportunities and flexi-

ble technology choices."

Keith White, Senior Director ofMarketing for Microsoft’s Embeddedand Appliance Platforms Group, said,"As devices become more intelligent

and reliant on rich applications and services, they must bebased on a powerful platform that will allow them to attainthe highest levels of functionality and connectivity.

"NCR is taking advantage of the enhanced functionality ofWindows XP Embedded to deliver a superior computingexperience to the self-service channel and to provide itscustomers with increased revenue-generating opportuni-ties."

NCR’s APTRA platform currently allows customers toaccess new deposit automation capabilities, marketingcampaign management, personalization, cross-channelselling and compliance with legislative requirements likeencryption and audio assistance.

No lion . . . you’ll love this program!Merchants’ Choice Card Services-the industry king of Customer Service &Tech Support- Competitive discount rates

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NCR Adds Windows XPto EasyPoint ATMs

What do you get whenyou put a front-endspecialist togetherwith a back-end

expert? You get Vital ProcessingInc., an outstanding merchant pro-cessing joint venture of Visa USAand Total System Services Inc.(TSYS) that burst upon the market-place in 1996.

Historically, Visa has focused onbanks, members and Visa issuersdeveloping Visa-branded paymentvehicles. TSYS, on the other hand, isa major player on the cardholderissuer-processing field.

Neither had end-to-end full-servicemerchant solutions. Together, theymade a good fit with a marketplace-oriented agenda of merchant-centricservices.

As for its fitting name, Vital waschosen for the power and competi-tive strength the new companybrought to the marketplace, repre-senting the heritage and brandstrengths of VIsa and ToTAL.

In a world of many merchant proces-sors, the lines can get blurred. VitalProcessing enjoys a unique position,a singular focus. Delivering onlythrough its acquiring clients, VitalProcessing is neither clouded norconflicted within its channel space.

Its mission is to provide a full rangeof services for merchant acquirers,meeting the needs of merchantsacross all retail industries.

Opening its doors with a large,established network and marketshare of the business, Vital based itsbusiness model on sound, reliablesolutions. That business model has-n’t changed since.

"Business doesn’t change, only theworld does," says Jonathan Palmer,President and CEO of VitalProcessing. "Our real strength –product and services as well as qual-ity of service – are scale. This goesto the kernel of our business."

That core is "offer, capture, clear,settle" while remaining price sensi-tive, almost commoditized.However, Vital doesn’t stagnate inits model. Rather, it’s committed togrowth and leverage of scale.

"We’re always improving, whetherit’s more product or better servicewhile lowering price," says Palmer."The winners in this business arethose who help merchants create aswell as process their transactions."

What has Vital improved and howhas it helped? At present, Vital hasfour lines of business:

• Terminal management services.

• POS services – authorize, capture,process, either physical or virtual.

• Back-end services.

• Information services – value adds,risk management, loyalty.

A Lifeline for ISOs

Vital Processing Services Inc.

ISO contact: Keith Smith, Executive Vice PresidentPhone: 480-333-7771E-mail: keith.smith@ vitalps.com

Company address:P.O. Box 64084Phoenix, AZ 85082-4084Phone: 480-333-7600Web site: www.vitalps.com.

ISO benefits:• Full range of services for merchant

acquirers – terminal management,POS, back end and information

• Price sensitive• Same-day service on terminal deploy-

ment, replacement and repair• Twice-a-year survey of client base to

make sure needs are covered

These four avenues do focus on cre-ating more value for the merchant.Which one really heats up the mer-chant community? "All of our serv-ices work together," says Palmer."Our clients tell us what our hottestproduct is."And not one of those clients is exclu-sive to Vital, which recognizes this isa broad market with hundreds ofplayers in the merchant acquiringspace. Vital continually explores thespace, partnering often and certify-ing software developers on its sys-tems.

"We are not their only provider, butour acquiring clients' lives are madeeasier," Palmer says. "They don’thave to deal with as many vendors."

Vital also recognizes the importanceof its client base and intelligently hasset its sights on the target.

"The top 10 acquirers in NorthAmerica own more than 85% of mer-

chant volume," says Palmer. "If youare going to be a provider, you needto meet the needs of the top 10."

Vital provides merchant processingsolutions for more than 300 financialinstitutions, including the top 25acquirers in the industry – e.g., USBank, Bank of America, HeartlandPayment Systems and Citibank.

Vital has more than 400 clients, andthe largest pursue different strategiesand therefore have different needs.

Vital meets those needs with physi-cal and virtual pre-purchase, pur-chase and post-purchase merchantservices on behalf of acquirers andmerchant service providers. Vitalconsiders itself the only pure third-party merchant processor in theindustry.

In 2000, this pure third-party mer-chant processor authorized morethan 5 billion electronic payment

transactions at the point-of-sale andsettled 2 billion transactions. Morethan 1 million merchants benefitfrom Vital's processing solutions.

Those solutions include merchantPOS services such as authorizationand capture of credit, debit, EBT,check payments and smart Visa cred-it-debit chip cards. All POS servicesare provided via dial, leased line,wireless or Internet access with 24/7year-round merchant support.

Another solution is acquirer services– systems and solutions that assistthe management of merchant portfo-lios.

Association clearing and settlement,merchant settlement, merchantaccounting, billing and statements aswell as risk reporting, profitabilityreporting and fraud monitoring areall part of Vital’s acquirer-focusedservices.

Then there are terminal-management services exclusivelyprovided by Vital’s latest subsidiary, Vital MerchantServices. Incorporating full life-cycle sales, service andsupport of merchant POS payment devices and supplies,Vital Merchant Services offers same-day service on termi-nal deployment, replacement and repair. It provides forinventory management as well as supply replenishment.

Vital Merchant Services even offers merchant trainingand, of course, 24/7 merchant support with a single pointof contact.

Don’t forget Vital’s reporting, risk and loyalty services –information-based solutions to support merchants’ card-based customer acquisition and retention programs. Theseservices incorporate customized reporting and data-analy-sis solutions to aid acquirers in managing and monitoringmerchant risk

Even with this impressive array of acquirer product andservices, Vital is not content.

"We spend a lot of money developing new services andsolutions," says Palmer. "We also partner with companiesthat have integrity, someone who we can recommend con-fidently to our clients. We look for reliability, capability.

We look for solutions that will resonate with our clients.We want value adds and time-to-market advantage. Wemay not always build it in-house, but we always want tobe the only sticker on a merchant terminal."

Consider its latest partnership: Vital recently announcedthat it had signed a multiyear agreement with CertegyCheck Services Inc., a subsidiary of Certegy Inc.

Certegy’s agreement with Vital is for full POS equipmentmanagement and help-desk support for its merchant cus-tomers. Vital will provide the full range of POS equipmentmanagement and related services to Certegy CheckServices, including terminal equipment procurement, pro-gramming and deployment; inventory management;replacement and repair services; and merchant suppliesreplenishment.

As part of its services, Vital will support all of Certegy'snew and existing merchants on its 24/7 merchant helpdesk, which supports more than 800,000 Vital merchants.

It is quality and range of service that Vital values highly,the confidence all those clients have in Vital doing it rightthe first time. To support that confidence, Vital has imple-mented a balance scorecard system by which it managesits workings by its clients.

"We have established measures and standards for eachclient, and then we compare notes," says Palmer.

Twice a year, Vital surveys its client base with specific,granular questions and then appropriately responds to theirobservations and comments. The message to its clients isthat Vital is listening.

Is anyone else out there listening as intently?

"Everyone and no one are our competitors," Palmer says."Some of our largest clients have achieved market positionand level of scale that would allow them to go in-house soevery alternative is our competition."

Vital keeps the alternatives at bay every day because itsclients trust Vital’s continuous investment in products andservices to provide quality, achieve economies of scaleand supplement growth.

"I consider everybody a prospective competitor," saysPalmer. "There is no telling where the competition willcome from. Because of that, we continue to build on ourrecord, continue to focus on providing strategic leader-ship."

According to Palmer, many of Vital’s clients look to thecompany for advice on where the industry is going. Vital

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is active in trade associations andnumerous other marketplace eventsand activities. It is interesting to hearthat Vital’s clients invite this solu-tions provider to participate inredefining strategies. Why? "We arenon-threatening," says Palmer.

Does that non-threatening positiontranslate to the ISO community? Itwould appear so.

"We don’t look at them as a commu-nity. We look at ISOs one at a time,"says Palmer. "Because we are verycompetitive and have achieved lev-els of scale, economies of scale inour core transactional and informa-tion processing, we make it thatmuch more effective for ISOs to buyfrom us rather than do it them-selves."

And what does it cost to do businesswith Vital? A figure wasn’t quoted.Costs are variable, depending on

ISO merchant volume and numberof services provided. And thoseservices can be customized. ISOscan take the whole pie or just theslices they need to satisfy their mer-chants' appetites.

"Long ago, we learned that the mar-ketplace sets the price, we don’t,"Palmer says.

Vital does want to satisfy theappetite of the marketplace. Palmerbelieves the secret lies in five keyingredients – product, price, quality,leadership and capacity. "But there isalso a sixth – people," says Palmer.

Vital continues to develop talent aswell as technology. Headquarteredin Tempe, Ariz., with facilities inColumbus, Ga., as well asSacramento and San Diego, Vitalboasts more than 850 employees, anumber sure to increase in thefuture.

What else may the future hold forVital? Palmer sees a three-part plan:"First, we want to stay in front of themarket and improve our core trans-action processing. Secondly, infor-mation services will come into playas we continue to develop and deliv-er value-added services.

"Global is the third part of our futureplan. As commerce becomes globalfor us, we’ll devote more investmentto multicurrency, multilanguageglobal services.’

Palmer says Vital also is looking toacquire more companies, both inacquisition as well as partnerships,to meet future plans.

"Neither is more important," he says."It depends on where the marketgoes. Our future is more of the sameand getting better every day."

From its arduous beginningas a provider of battery-powered, wireless, stand-alone terminals to its cur-

rent status as a leading player intransaction delivery and gatewaysolutions for the payment-processingindustry, U.S. Wireless Data hasweathered the wireless storm.

In the early ’90s, U.S. Wirelessdelivered the first true POS wirelessterminal to a reluctant marketplace.Beset by numerous limitations, thecompany didn’t do well financially.The unit itself was costly, in partdriven by the price of wirelessmodems. Not many merchants wereready to shell out $3,000 for a newterminal.

Remember, this was before the daysof PDAs, wireless laptops and wide-ly accepted use of cell phones. Thiswas pre-packet data technology, atrue cellular analog environment.

Merchants had to buy full 60-secondmessage bites, whether the transac-tion took five or 50 seconds. Movingtransactions was expensive. It waspurchased only by businesses thatabsolutely had to take credit cardsand had the financial wherewithal toafford it – a small universe.

U.S. Wireless changed course at thattime and sailed into a recurring-rev-enue business model. In other words,it became an acquirer. For the nextfour to five years, this ISO-orientedcompany started building portfoliosbut found itself competing withcompanies to which it was trying to

sell wireless services. The seas goteven rockier for U.S. Wireless.

Enter Dean Leavitt. He came aboardas Chairman and CEO in 1999, at atime when the company was in obvi-ous trouble. Dean confidently tookthe helm. He discontinued the ISOmodel as well as all equipment-man-ufacturing efforts. He set U.S.Wireless on a course to become amiddleware player. Instead of utiliz-ing technology housed in devices,U.S. Wireless migrated its technolo-gy to platforms.

Just how did Leavitt accomplishthis? He first raised $1.5 million incapital. He then continued to rewritethe business plan and set out to findeven more money. In March 2000,U.S. Wireless received $56 millionin additional financing, which wasmuch needed because U.S. Wirelesshad gone public in ’95 and subse-quently accrued massive debts.Those debts were paid off in 2000,and a new vessel was built –Synapse.

Synapse was the brainchild ofLeavitt. His vision was to create amiddleware host that could taketransactions from any devicethrough any wireless cloud anddeliver per required specs to anyfront-end processor. The vision wasrealized in-house, and U.S. Wirelesswas headed back out on the highseas.

In October 2001, U.S. Wirelessacquired its first company –Cellgate. That set in motion the

U.S. Wireless Data Inc.

ISO contact:Heidi Goff, President/COOPhone: 212-750-7766E-mail: [email protected]

Company address:750 Lexington AvenueNew York, NY 10022Phone: 212-750-7766Fax: 212-750-7836Web site: www.uswirelessdata.com

ISO benefits:• Line displacement capability• Merchant is fully activated within

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Wireless Voyagers

beginning of its line displacement campaign, designed toenhance what U.S. Wireless was now offering.

"The first thing we think of is mobility," says Leavitt. "Thekey attribute is speed. Cellgate offered us the ability to goafter an existing tethered retail market and displace thoseexpensive, dial-up phone lines even though they were in afixed environment."

Through its acquisition of Cellgate, U.S. Wireless simplycould convert landline technology to wireless. Like theexplosive cordless phone experience in homes acrossAmerica, U.S. Wireless was counting on that same phe-nomenon happening in retail.

U.S. Wireless could convert existing dial-up phones byunplugging them from a wall jack and plugging them intoa wireless-enabled Cellgate unit.

In the process of this promising campaign, Cellgate’sbrand became non-existent, physically as well as cultural-ly. What was once known as the Cellgate CBF2000became the Synapse Adapter, an extension of the Synapseplatform.

Under Leavitt’s guidance, U.S. Wireless continued itsshopping spree. The second and most recent purchase hasbeen NXT, a large host facility that processes in excess of600 million transactions per year.

Serving micro-transactions, message reformatting andprotocol conversion, NXT did nothing in the wirelessindustry but concentrated efforts similar to U.S. Wirelessin the integrated point-of-sale market. NXT met the front-end processor demands of such notable entities asPaymentech, NPC and Global Payments. U.S. Wireless’ship had come in.

The combination of combining NXT’s core competencyand Synapse with Cellgate’s technology has resulted in arestructured payment transaction offer core for U.S.Wireless. "We’re the one-stop shop if you are a merchant,acquirer or ISO needing wireless, SAT, lease line, dial-up– virtually any type of telecommunication needs," Leavittsays.

U.S. Wireless’s most dynamic services center around itsSynapse platform and its Synapse Adapter solution.

"Line displacement capability is our hottest product," saysLeavitt. "The focus should not be just on mobility. It isalso about speed. The acquirers and processors are veryinterested in line displacement technology. For the firsttime since the ’80s, the acquirers and ISOs can participatein a new stream of revenue – telecommunication.Everyone had done it the same way – through phone lines.

We are changing that whole paradigm."

U.S. Wireless would rather migrate to you the dollars yourmerchant pays to the phone company. Its products enableISOs and acquirers to participate in the merchant side ofcredit card processing revenue via telecommunicationchannels.

According to Leavitt, the average revenue stream gener-ates $10 a month. With an extra $5 per month fromSynapse, that’s a 50% increase in revenue. Who wouldn’twant that percentage increase?

U.S. Wireless has become the new vehicle of choice forcredit card processors, acquirers and ISOs who recognizethe advantage of telecommunication cost reduction whileenjoying increased speed.

Leavitt offers the following scenario: "Someone orders anATM for a supermarket, convenience store or lobby butdoesn’t really know the foot traffic. They order a phoneline for $200, wait two weeks for installation and then pay$50 per month for the line, a line no one is using becauseof the lack of traffic. The beauty of our wireless products– there’s no phone line order, no installation, no high costs.You merely just plug into our wireless device. Don’t like

the lobby? Simply move to anotherlocation."

The appeal of that scenario is work-ing for U.S. Wireless. Its businesshas greatly improved.

"We’ve enhanced the industry dra-matically," says Leavitt. "It’s nolonger just POS terminals."

U.S. Wireless recently got certifica-tion with EFT Logix, Concord EFSand Core Data, a Class A certifica-tion for all dial-up ATMs on thesenetworks. Off-premise ATMs arenow certified on Synapse adapters,and U.S. Wireless is in the earlystages of rolling them out.

With its primary R&D division,located in Colorado, U.S. Wirelessstrives to keep everything in-house –developers, code writers, etc. A linedisplacement instrument that worksfor integration of non-POS deviceshas been developed in-house. The

Synapse Enabler is a serial port inter-face, not a dial-up unit, for use insuch items as vending machines andtaxi meters.

"We can take data off the cab’smeter, and our unit creates a creditcard transaction that is wirelesslyenabled and sent to the appropriateprocessor," Leavitt says. No need tofumble for cash in the back seat of aChecker anymore!

Which ports of call is U.S. Wirelesssailing toward? All land-based retail-ers are its target markets. And U.S.Wireless is not worried about whichother ships are sailing in that space.Leavitt believes that there’s reallynot anyone else doing what U.S.Wireless is doing. He acknowledgesthat other companies are handlingcertain facets, but U.S. Wireless putsit all together for the processors.

U.S. Wireless is concerned about itsperception among processors. It

views itself as a neutral carrier.

"Making it comfortable for all theprocessors we serve to do businesswith us makes them comfortable,"says Leavitt. "We play Switzerlandin this scenario."

Leavitt suspects others will be com-ing into the scenario, but he’s confi-dent U.S. Wireless is miles ahead ofthe fleet. Leavitt believes no oneunderstands wireless like U.S.Wireless, with its more than 10 yearsof experience in the industry. Hewelcomes the competition, though.

"When you’re inventing a newindustry, competition serves to vali-date your efforts," says Leavitt. "Themore wireless players that come in,the more buzz generated, and at theend of the day it sits better for all ofus."

As for the ISO community, Leavittbelieves education is the rudder that

We also had to give our merchants a tool that was easy to use(less training and customer support time means more salestime). Our virtual terminal incorporates all our merchant services – bankcard – virtual checking – recurring payments – consumer authentication - shopping cart – account management – product management – AVS and CVV2 – tax and shipping options – branded merchant banners – all centrallylocated to make shopping cart and website integration a breeze.

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The Network 1 Financial Story

No one made a system that securely exchanged financial transaction data overthe Internet that was flexible or risk oriented enough to suit our business needs– so we developed the EFTSecure payment gateway. As an MSP (merchantservice provider) and acquirer we are responsible for merchant risk and have tosee the big picture view of merchant activity quickly and make decisions accordingly. To easily manage merchant account status (including processinglevels and services, fraud parameters, sales limits, user access, card types,batch methods, and much more) all the elements had to be housed in one interface. We also wanted to sell our own product with our branding – not someone else’s. We figured you’d want that too, so EFTSecure is completelybrandable – it will look and feel just like your website.

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will steer them to success. U.S. Wireless is hoping to intel-ligently infiltrate sales channels with the message thatwireless is better for ISOs.

"Increasing your menu will reduce your attrition," saysLeavitt. "Help your merchants be more efficient and savemoney, and they’ll be loyal to you."

U.S. Wireless is working with 160 sales channels, andnearly 50,000 merchants are using its services. Productsand services can be ordered a la carte or in the full dinnerpackage. Within four hours of selection, a merchant getsfully automated online activation and can start processingtransactions.

Once activated, merchants also can take advantage of U.S.Wireless’ quality level-2 customer support. Because all ofits products are Class A certified, the first line call goes tothe processor. U.S. Wireless is second-tier support, but it is24/7 out of Colorado Springs.

U.S. Wireless’ partners include Data Mark, NPC, ConcordEFS, Merchant Services, First Hawaiian Bank andPaymentech. What does it value most in a partner?

"We make sure our partners are strong. We look to them asreliable distribution partners since we’re in the business ofselling products and services to expand both fixed andwireless technology’s reach," says Leavitt.

However, U.S. Wireless doesn’t get too excited aboutInternet-based merchant market partners. It basically isbrick and mortar and mobile – not too much click.

Headquartered in New York, U.S. Wireless is down to acomfortable and workable 55 employees, having recentlylaid off 50 staffers after it merged with its two recentacquisitions.

But U.S. Wireless did make one important hire – HeidiGoff, its new President/Chief Operating Officer. When thecompany needed a solid President/COO and heard throughthe grapevine that Goff, a former MasterCard executive,was available, it didn’t take long to close the deal.

"Heidi is a star and a wonderful addition to the team," saysLeavitt. "Part of my attraction to bringing her aboard wasthe ‘been there, done that’ experience she has. Heidiunderstands all the anomalies related to building and run-ning a processor. We started seeing fruits of her labor injust a few weeks."

What’s in store for the future of U.S. Wireless?

According to Leavitt, many things will align. The maturi-ty of its products and the manner in which they are being

sold are going to grow exponentially. U.S. Wireless isbanking on the growing acceptance in the marketplace ofwireless technology as a fireball alternative to landlinetechnology."The ultimate end user, the merchant, has to be responsiveand comfortable to changing from wires to wireless," saysLeavitt. "We are here and offering them the apple withoutthe line or the pits."

U.S. Wireless also is interested in acquisitions. Mostappealing are companies that are unable to secure financ-ing despite having interesting business concepts targetingwireless services.

"Regarding our M&A activity, we focus on companies thatenhance technology or generate transactional revenue …or a combination of the two," says Leavitt.

U.S. Wireless recently announced a record quarter. It’s sit-ting on a lot of cash with no debt and is beautifully posi-tioned with technology and a skipper whose periscope issearching the wireless seas for prospects.

"2002 will be a rocket trip," says Leavitt.

LinkPoint

The LinkPoint AIO is a sophisticated, all-in-one payment solution with a sensible,user-friendly design. The AIO deliversquick transaction times and superior reliability, with support for a full range of payment needs, including multipleapplications and merchant IDs.

An intuitive user interface makes the AIOeasy to learn and easy to use. Its high-speed, integrated thermal printer stream-lines installation and everyday operation.

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Cobra LS Coiled To Decode

Abar code reader that can decode the emergingReduced Space Symbology (RSS) has hit themarket.

Available in triggered and triggerless configurations foroptimized "aim and scan" or contact bar code reading, theCobra LS 1900 will come with a host of features usuallyfound in higher-end offerings, including Advanced DataFormatting (ADF), flash memory and RSS decode capa-bilities. Introduced by Symbol Technologies Inc., theCobra readers are compatible with Symbol's universalcables, which ensure connectivity to any host.

Featuring one of the broadest connectivity and flexiblerange of interface options on the market, the Cobra LS1900 offers design elements and features previously foundonly in more expensive products, according to BrianViscount, Vice President of the Scanning Product Divisionat Symbol.

"For example, by adding RSS, the new bar code driven bythe UCC/EAN standards organizations, customers are ableto read extended product information, such as variableweights, prices and dates," says Viscount. "Customersinvesting in new Cobra products today won't need toupgrade their hardware in six months to accommodate theemerging RSS codes."

The Cobra LS 1900 Series will showcase design enhance-ments, such as a large, bright two-color LED andadjustable volume beeper for strong visual and audiblefeedback on decodes. Detailed attention to the handheldergonomic includes a curved rubber nose for easy scanbeam orientation – even when scanning on contact – aswell as a lightweight balanced form maximized for opera-tor comfort.

The Cobra LS 1900 will come with a five-year warranty

against defects as well as a lifetimewarranty on the patented Mylar scanelement.

"The Cobra LS 1900 expands ouralready deep product offering to ourbusiness partners," said Stanley P.Jaworski Jr., Vice President andGeneral Manager, SymbolWorldwide Channels and Alliances."Indirect sales have been an increas-ing part of Symbol's overall revenue,and with products like the Cobraseries, we increase the competitive-ness of our product portfolio andultimately increase our sales to sec-ond- and third-tier retail customers."

Symbol Technologies, winner of theNational Medal of Technology for itsbarcode/laser advances, is a leadingprovider of mobile data transactionsystems, providing innovative cus-tomer solutions based on wirelesslocal area networking for data andvoice, application-specific mobilecomputing and bar code data cap-ture.

Today, 10 million Symbol bar codescanners, mobile computers andwireless LANs are utilized world-wide in markets ranging from retail-ing to transportation and distributionlogistics, manufacturing, parcel andpostal delivery, government, healthcare and education.

For more information on the Cobra,visit www.symbol.com.

Keeping Track of Your Cash

APG Cash Drawer, a divi-sion of Upper MidwestIndustries and one of theleading manufacturers of

cash drawers and cash drawer-relat-ed products, has unveiled its latestconfiguration offering – the POS-Podium elevated point-of-sale inte-gration solution.

Designed for over-the-counter place-ment in multilane applications, POS-Podium terminals allow parallelplacement of the POS workstation inrespect to the customer and the lane.

This new, elevated podium neutral-izes many of the problems associatedwith the traditional placement ofpoint-of-sale peripherals at a check-out lane. Its design eliminates thetime needed for clerks to turn backand forth between the workstationand the customer. Each transactiontime is shortened, and the clerk isable to maintain face-to-face contactwith the customer throughout thesale.

APG utilizes a patented platform sta-bilization technique along with aninnovative cash draw design andmolded peripheral supports to pro-vide these sturdy, low-profile organ-ization solutions.

"POS-Podium solutions are the nextstep in front-end design. Not only are

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POS-Podium solutions reliable, indi-vidualized and fully feature worksta-tion integration systems, but also, forthe first time, a solution has beenfound for maximizing sales contact,decreasing theft opportunities andreducing ergonomic-related stress,"says Bob Daugs, Senior ProductManager.

"Elevating the POS worksta-tion above the checkoutcounter provides flexibilityand space conservation thatsimply can’t exist with otherPOS configurations."

To achieve such versatile integration in a compact foot-print, APG developed a reduced-depth cash drawer.Complete with media slots, cable routing, coin roll storageand a five-coin by five-bill till, the cash drawer serves asthe cornerstone of the POS-Podium system. Each POS-Podium is individualized to support customer-specificperipheral configurations.

Maximizing front-end display space, the POS-Podium ele-vates the workstation off the counter and over the check-

out lane, freeing up additional floor space. Increased floorspace and the reduced opportunity for theft

from unattended tills make the POS-Podium an attractive asset to retailers.

Also recently introduced by APGis its new Vasario cash drawer

line, officially markingAPG’s entry into the stan-dard-duty cash drawer mar-ket. Each of the Vasariodrawers is competitivelypriced and includes featurestypically found in moreexpensive equipment.

Its flagship, the 1915, includes a four-function center-drawer lock, dual media slots, drawer compulsion switchand the proven reliability of 1 million cycles.

Merchants can choose black or beige, painted or stainlesstill fronts, a variety of till configurations, interface stylesand sizes.

The entire Vasario line is supported by a two-year warran-ty. For more information about the Vasario line and thePOS-Podium, visit www.apgcd.com.

If you are looking for a long term partner with a proven background

CALL US TODAY! 1-877-804-3300 ext. 236

International

CyberTransDefining the future of transaction automation

We have been providing Automated Payment Solutionsto merchants nationwide since 1980. ICT is a FinanciallySound, Well Capitalized, Rapidly Growing Company withan impeccable reputation, founded on integrity and run bya sales oriented management staff. ICT continues to create

relationships with Agents, Sales Offices, and ISO’s offering:

• Aggressive equipment pricing and leasing programs

•Revenue sharing at interchange plus

•Internet/e-commerce and all other traditional markets

•Loyalty/gift card, check conversion

•We provide the best sales support in the industry

APG POS-Poduim

World of WirelessSolutions in Your Hand

Anew all-in-one mobile device is just right for thewireless business world. With the ability to scanbar codes, read magnetic card stripes as well assmart cards, this handheld wireless device han-

dles many kinds of electronic transactions and processing.APRIVA Inc. introduced the x57, an important central ele-ment among the company’s recent innovations and part-nerships.

The x57 is a versatile tool for conducting wireless busi-ness. With the x57, businesses have the ability to run anearly unlimited number of wireless applications. It canbe customized and configured to fit a business’ particularneeds and can be connected to the RIM 857/957 WirelessHandheld devices.

The APRIVA x57 is an all-in-one unit, filling a variety ofbusiness functions.

"Depending on the companies’ needs, they can conductwireless credit card transactions, transmit bar codes or

accept gift cards, among other applications, all with onedevice," said Kevin Hickey, President and CEO of APRI-VA.

The multi-use device includes a magnetic card reader,smart card reader, barcode scanner and infrared port forprinting receipts and reports.

"For instance, the x57 is perfect for service representativesrepairing appliances in homes who may want to trackinventory or accept credit card transactions," Hickey said.

Among its versatile uses, the x57 reads credit cards, dri-ver’s licenses and other standard magnetic stripe cards;allows merchants to conduct credit card transactions vir-tually anywhere; enables freight companies to track pack-ages in real time; and instantly transmits barcode infor-mation.

The x57 also can be configured to suit specific require-ments for businesses; for example, the device can bedelivered with just a bar code reader and magnetic cardreader if needed.

APRIVA recently received certifications from NOVA,Paymentech and Vital. The company also released itnewest POS software.

Bat With The BestJoin our Winning ISO Program and Get:

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• NPC Access offers on-line Internet reporting forboth ISOs and your merchants.

Does your processor go to bat for you?

For over 30 years, NPC has been ranked in the top twoof all merchant acquirers. Our reputation is built on thetradition of service we provide to both merchants andIndependent Sales Organizations.

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Acquisition

Equitex Inc. closed acquisition ofChex Services Inc. into escrowpending approval of closing docu-ments. Equitex Inc. is a holdingcompany operating through itswholly owned subsidiaries, NovaFinancial Systems and KeyFinancial Systems, who design andservice credit card products for con-sumers who need to build or rebuildcredit. Chex Services’ FinancialService Centers allow casinopatrons to access cash through vari-ous methods like ATMs and checkcashing and enable the companies tocompile detailed demographic infor-mation for marketing purposes.

Alliances

Fiserv Inc. has renewed its contract with ConsecoFinance Corp. to continue providing the Fiserv PLUSSystem credit processing services. The agreement willextend the longstanding partnership between the two com-panies for five more years. Fiserv also provides Consecowith loan origination and plastic card personalization andfulfillment; Conseco Finance has processed with Fiservsince entering the private-label business as Green TreeFinancial Corp. Fiserv Inc. is an independent data pro-cessing and information management service with morethan 10,000 financial service provider customers world-wide. Conseco Finance is one of the largest finance com-panies in the U.S. in home equity, home improvement andprivate-label credit card businesses.

Fiserv Inc. also announced it has completed acquisition ofNCR Corp.’s bank processing outsourcing operations.Fiserv will take on NCR’s account processing and itemprocessing businesses, which provide daily transactionservices for approximately 300 banks, savings and loansand credit unions. Fiserv has added nearly 600 people toits staffs in locations nationwide and in Canada andArgentina.

Equifax Consumer Services announced a multiyear part-nership with Intersections Inc. The partnership will resultin a comprehensive information services packagedesigned for consumers who want to take a more proactiverole in managing their information privacy and credithealth. The partnership will expand both online and offlineinformation services. In addition to direct marketing toconsumers, the companies will broaden distribution chan-nels for co-branded and private-labeled services targeted

to financial institutions, largeemployers and large consumerassociations.

Restaurant Data Concepts Inc.(RDC), and Givex Corp.announced the integration of theGivex gift certificate managementapplication with RDC's POSitouch,a touch screen hospitality point-of-sale software product. Integrationtesting between POSitouch andGivex was successfully completedthis fall, and certification wasissued for POSitouch version 5.22.POSitouch customers can now con-duct real-time gift card and e-giftcertificate transactions directlythrough their POSitouch system.POSitouch is an open-architecturehospitality application installed inmore than 12,000 locations

throughout the United States, Canada, South America andEurope. Givex integrates point-of-sale devices – LAN-based registers, credit card terminals, kiosks and the tele-phone – with the Internet to create a secure real-time giftcertificate management system.

Vital Processing Services extended its contract withHonolulu-based First Hawaiian Bank to include POSequipment, terminal management and other related servic-es for the bank’s 6,500 merchant customers in Hawaii andGuam. Vital has provided merchant processing services toFirst Hawaiian for more than 10 years. First Hawaiian is asubsidiary of BancWest, with $7.5 billion in assets and 56branches in Hawaii, two on Guam and two on Saipan.Vital offers technology-based commerce-enabling servic-es to customers, including acquirers and merchant servic-es providers.

Vital Processing Services also launched a new fully host-ed online management tool, in conjunction with HNCSoftware Inc., that will speed up the processing of newmerchant account applications and automate their creditreviews and enrollment operations. The new program,called Vital Express, creates operational and cost efficien-cies for acquirers by avoiding the time-consuming pro-cessing of paper and a long waiting period. Utilizing VitalExpress with a laptop and wireless modem enables ISOs toget approval for a new merchant account in minutes. VitalProcessing provides POS products and services. HNC’ssoftware analyzes business and consumer information forreal-time recommendations.

PayStar Corp. and Worldwide Marketing Solutionshave teamed up to launch the PayStar "MAXCash," a pre-

paid debit card. The MAXCash card is a stored-value cardcombining debit POS capability, ATM cash access andmoney-transfer features. MAXCash cards will be avail-able for sale at thousands of retail client locations acrossthe country; PayStar merchants earn a commission for theinitial MAXCash sale as well as residual income each timethe cards are used. The prepaid cards can be used by themore than 28% of Americans who don’t have bankaccounts or relationships with financial institutions to paybills, make purchases and ATM transactions. Parents withkids in school or traveling abroad also might find theMAXCash cards convenient. PayStar provides wirelessbanking, ATM devices and services, prepaid telecom serv-ices and Internet Kiosks. Worldwide Marketing Solutionsprovides e-commerce solutions.

First Data Corp. has signed a multiyear, enterprise-wideagreement to provide Wachovia Corp. with a variety ofpayment services. First Data will provide a wide range ofsupport services, including check and money order pro-cessing, credit card transaction processing and loan pay-ment servicing. Wachovia, the nation’s fourth-largestfinancial holding company after its recent merger withFirst Union, has 19 million retail and corporate customersin the U.S. and has 30 offices internationally. First Databack-office processing products and services are utilized

by 1,400 card issuers and approximately 2.6 million mer-chant locations across the country.

RichSolutions, MagTek and Global eTelecom haveteamed up to provide the first end-to-end e-check pay-ment processing solution designed to integrate checkdeposit, capture check image and provide check retrievalservices for retail point-of-sale – all electronically.Electronic Check Capture and Retrieval Service (ECCRS)utilizes RichSolutions’ and Global eTelecom’s check con-version solutions with MagTek’s image-reading capabili-ties. The integrated process eliminates paper and savesmerchants time because the check is read, verified, con-verted for transfer and automatically deposited to the mer-chants’ accounts electronically.

Appointments

CardSwipe.net LLC announced that Jack Walton hasbeen named President of the merchant card servicesprovider. Walton’s experience includes working in finan-cial services as well as other areas of business. He previ-ously was with Guaranteed Electronic Check Approvaland Great Western Business Services; before that, he heldpositions with Baldwin Fairchild and Masters Tours.

Alogent Corp. appointed April Love-Fordham as VicePresident of Customer Services. Love-Fordham will beresponsible for all client service-related functions, includ-ing managing software solutions teams, on- and off-sitecustomer service, problem resolution, quality control andrisk mitigation. Her background includes extensive expe-rience in the financial services, software and technologyindustries at WebTone, Syntellect, IBM and LogisticsManagement. Alogent Corp. develops Sierra Solutionopen-architecture item processing software and tailorseach package for the specific needs of their clients, includ-ing banks, financial institutions and remittance processors.

Merger

Allied Leasing Corp. of Destrehan, La., announced amerger with Allied Leasing Group Inc. of Miami. Themerger was expected to be complete by the end of the year,and beginning in 2002 operations are to be headquarteredin Miami. Among changes planned with completion of themerger are new rate structures and a new Web site featur-ing a list of terminated vendors. All ISOs, leasing compa-nies, equipment vendors and other organizations associat-ed with the financial services industry can post their ter-minated vendors as well as access the list with a passwordprovided by Allied Leasing Corp.

Recognition

Lynk Systems Inc. has been named one of the fastest-growing technology companies in the U.S. and Canada onDeloitte & Touche Technology’s Fast 500. Lynk’s rankingis 470th. Rankings are based on five-year percentage rev-enue growth from 1996 to 2000. Lynk grew 926% duringthis time period. Lynk also ranked 16th on the 2001 FastTech 50 list of rapidly growing high-tech companies inAtlanta. Previously, Lynk was ranked 324th on the Inc500, the Inc magazine list that ranks America’s fastest-growing private companies. Lynk is a provider of integrat-ed electronic payment, cash dispensing and e-commerceservices, controlling the entire processing sequence,including payment transactions and authorizations, mer-chant POS and Internet store hosting.

Miscellaneous

To help combat increasing fraud losses, HNC SoftwareInc. has expanded its Fraud Consulting Group throughoutEurope and the United Kingdom. The team, comprised offraud managers and strategists from around the world, willfocus payment card and e-commerce consulting efforts inseveral areas, including health checks and fraud reduction

workshops, reports and partnerships. As people becomemore reliant on cards, fraud losses in the U.K. and Europeare rising at more than 50% a year, according to RuudNijs, HNC Managing Director for Europe, the Middle Eastand Africa. HNC launched its fraud-reduction consultingservice in 1999. Efforts initially were concentrated inCanada, where fraud rates have since declined by morethan 25%. HNC designs risk- and decision-managementsoftware packages for governments and financial services,telecommunications, insurance and health industries.

Federal regulators have restricted Providian FinancialCorp.’s growth to 2.5% per quarter, compared to lastyear’s increase of 31%, or 3.9 million new customeraccounts. In an agreement to manage the company’s capi-tal and growth, banking regulators imposed the restric-tions, which will help ensure the safety of the company’s$15.9 billion in federally insured deposits. Providian maynot solicit any new high-risk borrowers, as well as sell $3billion in loans and its international credit card business,with $188 million in loans and $585 million in deposits inthe U.K. and Argentina, in a turnaround effort to correct itsprior lending mistakes. Providian began the year as thenation’s fifth-largest issuer of Visa and MasterCard creditcards. The company has more than $32 billion in managedreceivables and more than 18 million customer accounts.

Back To Basics

At a time when we all areremembering and re-energizing basic tenetsof humanity, one area of

our professional life that will bene-fit greatly is the reinforcement ofgood selling fundamentals.

As every productive sales agentknows, such obvious skills as lis-tening and needs analysis are thedifference between a deal and a polite decline. Masteringthese skills takes awareness, understanding and practice.It’s a mastery that is easily within your reach.

Listening involves an 80/20 ratio – spending 80% of yourtime listening and only 20% actually talking. How willyou meet your customer’s needs if you don’t take the timeto uncover them? Are you hearing your merchants? Areyou asking a lot of questions? Are you taking a lot ofnotes? That all-important sale rides on their every word.

Your presentation may be letter-perfect, but if it doesn’taddress specific business needs, it will not hold the mer-chant's interest. Questions that reveal the merchant'sneeds, expectations and feelings about your products andservices will increase your chances of hitting a hot button.

Showing that you’re more interested in putting theprospect's needs before your desire to make a sale willbuild trust – a key to any lasting and prosperous relation-ship.

Make sure you don’t assume beforehand what theprospect's business is all about. A good doctor performs athorough examination before making a diagnosis. As amerchant's "physician," an ISO is obligated to follow thattenet. Ask your "patient" to share knowledge before youtry to prescribe an effective payment-processing treat-ment.

As you listen and ask questions, be sure you’re listeningand questioning the right person, a task whose difficulty isin direction proportion to the size of the merchant. Your

presentation involves precious timeand energy. Wasting it by dis-cussing your offerings with some-one not in power to reward yourefforts with a commitment doesn’tfit in a good sales equation. Investthat extra effort and time garneringcritical information. It will guideyou to the decision-maker.

These last few months have been atime when people have strived forunderstanding, acknowledgementand comfort. Extending that atti-tude to your business persona and

sales presentations surely will translate into successfulsales.

2002 To-Do List

How many times have you heard it at a salesseminar? The guest lecturer or speaker almostcertainly will say, "Write down your goals!"Now is the season for making resolutions and

setting goals for the New Year. The following guidelineswill help create achievable aims, so grab your pad andpencil and start scribing.

• Be specific. If your goals aren’t clearly defined, how willyou know when you’ve reached them? Use exact figuresand include actual merchants’ names.

• Get real. If your goals aren’t reasonable, they won’t beattainable. Why set yourself up for failure with a fantasy?

• Hide in plain sight. Put your goals in a prominent placewhere you’ll eyeball them daily. Out of sight is out ofmind.

• Take little steps. Write down mini-goals on your dailycalendar. These small achievements will lead your towardyour ultimate goals, provided they’re on the right path.

• Prioritize. Make certain your courses of action makesense. Cold calls precede prospecting. Presentations pre-cede closings.

• Monitor. Regular checkups are not just for the doctor’soffice. Keep personal tabs on which goals you’re closingin on and which goals you’re not. Find out what’s notworking and fix it.

• Share. Involve your associates, friends and family inyour efforts. Their support will motivate you to stay ontrack and help you celebrate when you achieve your goals.And above all …

• Stay positive. Focus on the good things you’re doingevery day. Commend yourself on accomplishments, nomatter how small. Great structures are built one brick at atime. Successful sales are made one smile at a time.

Good Selling!

National Retail Federation 91st Annual Expo and Exchange

Highlights: This is a challenging time for retailers and the worldeconomy, demanding tough decisions of industry executivesdespite the tremendous uncertainty in the marketplace. NRF2002 will capture every aspect of contemporary retailing.Master business continuity and crisis management, multichannelmarketing, global brand positioning, changes in managementstrategies and the latest financial paths that will lead to prof-itability in the coming years. This event is the biggest all-retailindustry gathering in the world and will deliver the qualityspeakers, educators and exhibitors it takes to keep up your busi-ness momentum in this turbulent economic environment. Morethan 15,000 of your retail peers and business partners as wellas more than 300 exhibitors are expected to attend.

When: Jan. 13-16, 2002Where: Jacob Javitz Convention Center, New YorkRegistration Fees: Vary by retail categories. Early registration fees

apply before Jan. 4, 2002. Complete details on NRF Web site.How To Sign Up: Online at nrfannual.expoexchange.com. Phone

202-783-7971.

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ATM Merchant Systems(888) 878-8166

ATM SYSTEMS, CORP.(800) 417-3201

Cash Resources, Inc.(800) 214-1840

CA$HWAVE / E*TRADE ATM(888) 227-4350

Data Capture Systems, Inc.(800) 888-1431

Electronic Cash Systems, Inc.(888) 327-2864

EPX(302) 326-0700

E-Z Cash ATM(888) 823-9286

Financial Technologies, Inc.(800) 523-2104

NationalLink(800) 363-9835

Phoenix Cardnet(305) 338-9316

Samsar ATM Co.(800) 811-3342

Universal ATM Network(800) 274-5965

BANKS LOOKINGFOR ISOS/MSPS

Bridgeview Payment SolutionsA Wholly Owned Subsidiary ofBridgeview Bank and Trust

(888) DO APPLYChase Merchant Services

(800) 622-2626 x86016

Comerica Merchant Services(800) 790-2670

Cross Country Bank(302) 326-4200 x29112

First American Pymt Sys(866) GO4 FAPS

First Bank of Beverly Hills(800) 515-1616 x5429

First Western Bank(800) 966-4392 x1500

Humboldt Bank MerchantServices/ATM

(877) 635-3570National Processing Co.

(800) 672-1964 x 7655Retriever Payment Systems

(800) 376-3399

CHECK DRAFTINGSERVICES

CFI Group(888) FON-CHEX

Checks by Phone/By Web(561) 998-9020

CHECK GUARANTEE/VERIFICATION

CrossCheck, Inc.(800) 654-2365

E-Chex(877) 474-8924

Electronic Payment Systems LLC(800) 863-5995

EZCheck(800) 549-1220

Global Payments (800) 638-4600 x888

Secur-Chex(888) 603-0978

CONSULTING ANDADVISORY SERVICES

First Annapolis Consulting, Inc.(410) 855-8500

DEBIT TRANSACTIONPROCESSING

CashLane(800) 325-2862

EFT-ACH SETTLEMENTSERVICES

1st American Payment Proc.(480) 785-2262

Network 1 Financial, Inc.(800) 261-0240

EQUIPMENT

Assoc. Terminal Mgmt (ATM) Grp(877) 286-4768

Automated Transaction Tech.(888) 454-1210

BancNet(713) 629-0906

CardWare International(740) 522-2150

CDE Services(800) 858-5016


General Credit Forms, Inc.(800) 325-1158

Global Payments (800) 229-3698

The Horizon Group, Inc.(888) 265-2220

Hypercom(800) Hypercom

Ingenico(770) 594-6000

Lipman USA, Inc.(516) 484-9898

MLT &Assoc., Inc. Plastic Refurb(775) 358-2922

National Processing Company(800) 672-1964 x 4383

POS Portal, Inc.(866) 276-7289

Schlumberger Sema(800) 732-6868 x202

TASQ Technology(800) 827-8297

Teertronics, Inc.(800) 856-2030

Thales e-Transactions, Inc.(888) 726-3900

Universal ATM Network(800) 274-5965

VeriFone Finance, Inc.(800) 694-0269

FREE ELECTRONICCHECK RECOVERY

CHEXcollect.com(631) 691-0666

GIFT CARD PROGRAMS

SwipeCard, Inc(702) 307-3700

ISO RELATIONSHIPSAVAILABLE

BioPay Biometric Pymt Svcs(866) 324-6729

The Brennes-Jones Group, Inc.(972) 720-1198

Certified Merchant Services(877) 309-1099

Express Merchant Proc. Sol.(800) 999-5189 x 7966

First American Payment Systems(866) GO4 FAPS

Global eTelecom, Inc.(850) 650-8506

Global Payments(800) 801-9552

Network 1 Financial, Inc.(800) 261-0240

PARTNER-AMERICA.COM(800) 366-1388

Payment Resources Int’l.(888) 835-1777

Retriever Bankcard(888) 651-0800

TermNet Merchant Services(800) 344-8472 x 108

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ISOS/BANKSPURCHASING ATMPORTFOLIOS

Midwest Bancard Corporation(888) 272-4325

Southwest Financial Services, Inc.(800) 841-0090

ISOS/BANKSPURCHASINGMERCHANTPORTFOLIOS

1st Merchants Bancard (FMBS)(800) 477-0173

Certified Merchant Services(800) 732-1099 #0

Chase Merchant Services(800) 622-2626 x84134

Concord EFS, Inc.(800) 778-4804 x66382

Cross Country Bank(302) 326-4200 x29112

Merchant Services Incorporated(800) CARDSWIPE x7934

Network 1 Financial(800) 903-8819

ISOS LOOKING FORAGENTS

1st Merchants Bancard(FMBS)

(800) 477-0173Advanced Merchant Services (AMS)

(888) 355-VISA (8472)American Credit Card Proc.Corp.

(800) 310-3812Approval Payment Solutions, Inc.

(888) 311-7248BankCard USA

(800)589-8200 x101The Brennes-Jones Group, Inc.

(972) 720-1198Business Center USA/Money Tree Inc.

(800) 582-2502

Business Payment Systems(877) 700-7947 x 242

Certified Merchant Services(877) 309-1099

Comerica Merchant Services(800) 790-2670

Concord EFS, Inc.(800) 778-4804 x 66382

Cornerstone Payment Systems(866) 277-7589

CPS Group, inc.(800) 933-0064

Cynergy Data(800) 933-0064 x 5710

E-Commerce Exchange(800) 748-6318

Electronic Merchant Systems(800) 726-2117


Electronic Processing, Inc.(800) 669-7228

EPX (302) 326-0700

First American Payment Systems(866) GO4 FAPS

Imperial Processing Group(800) 790-2670

Innovative MerchantSolutions

(800) 397-0707IRN PAYMENT SYSTEMS

(800) 366-1388Lynk Systems, Inc.

(866) 828-5965Merchant Payment Systems

(877) 290-1975Merchant Services, Inc.

(800) CARDSWIPENational Processing Co.

(800) 672-1964 x7655Nationwide Creditcard Center

(800) 910-2265Netcom Data Southern Corp.

(800) 875-6680North American Bankcard

(888) 229-5229Online Data Corporation

(866) 222-2112Preferred Card Services

(800) 656-0077

Retriever Payment Systems(800) 376-3399

Signature Card Services(888) 334-2284

SmartOne Payment Systems(888) 408-SOPS

Streamline Processing(800) 845-1069

TermNet Merchant Services(800) 344-8472 x 108

Total Merchant Services(888)-84-TOTAL x14

Transaction Payment Systems(800) 999-8674 x309

United Merchant Services(800) 260-3388 x202

U.S. Merchant Systems(800) 438-7570 #1

Xenex Merchant Services(888) 918-4409

ISP/E-COMMERCEPROVIDERS

eCommerce Tools, Inc.(800) 875-8275

Multiplex Media Corp.(800) 383-3953 x4321

Tasq.com(800)827-8297

LEADS GENERATORS

Alpine Group Inc.(888) 223-4119

California List Management(866) 4 LISTS 4 U

Telstar(800) 383-7853

LEASING

Allied Leasing Corp.(877) 71-LEASE

American P.O.S. Leasing Corp.(800) 349-6516

Barclay Square Leasing(866) 396-BSLI

Bond Corporation(888) 222-0348


First Leasing Corp.(888) 748-7100

Golden Eagle Leasing, Inc.(800) WE LEASE

Integrated Leasing Corp.(800) 398-9701

LADCO Leasing(800) 678-8666

Leasecomm Corp.(800) 424-2499

MERCHANTS LEASING SYSTEMS(877) 642-7649

Merimac Leasing(888) 603-0978

Northern Leasing Systems, Inc.(800) 683-5433 x 8500


Tech Leasing International(800) 414-7654 x 3004

LOYALTY CARDS

Tipsdirectory.com(888) 564-6847 x5456

U.S. MERCHANTACCOUNTS FORCANADIANS

PayNet Merchant Services, Inc.(888) 855-8644

NON-U.S. MERCHANTACCOUNTS

PSiGate Payment Services(877) 374-9444

POS CHECKCONVERSION

CrossCheck, Inc.(800) 654-2365

EZCheck(800) 549-1220

ElectroCheck(877) 509-9399

The Resource Guide is paid classified advertising. The Green Sheet is not responsible for and does not recommend or endorse any product or service. Advertisers and advertising agencies agree to indemnifyand hold the publisher harmless from any claims, damage, or expense resulting from printing or publishing of any advertisement.

Global eTelecom, Inc.(850) 650-8506

Nationwide Check Services(800) 910-2265

POS SUPPLIES


General Credit Forms, Inc.(800) 325-1158


TASQ Technology(800 827-8297

Valdez Paper Products(970) 689-1655

PROCESSORSLOOKING FOR ISOS

First Data Merchant Services(402) 222-8570


Lynk Systems, Inc.(866) 828-5965

National Processing Company(800) 672-1964 x7655

REAL-TIME CHECK/CREDIT CARDPROCESSING

1st American Payment Proc.(480) 785-2262

Data Processors Int’l. (DPI)(888) 541-9800

E-Commerce Exchange(800) 748-6318

eProcessingNetwork.Com(800) 971-0997

Online Data Corporation(866) 222-2112

Netbilling Services(661) 252-2456

ProPay USA-FaxPay(888) 486-4701

SITE SURVEYS

Property Resource Network Inc.(800) 676-1422

SOFTWAREALTERNATIVE

GO Software, Inc.(800) 725-9264

SUPPORT DESK FORPOS TERMINALS & PCSOFTWARE


Global Payments (336) 760-8120 x1218


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