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International Card Establishment Signs Two Additional ISO's to ISO Rep Program
Company Issues Progress Report
CAMARILLO, Calif., July 22 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) has signed two additional Independent Sales Organizations (ISO's) to its ISO Rep program by entering into an agreement to handle all of the credit card processing for Priority Merchant Services, Inc. (PMS) and American Merchant Processing Solutions, which provides credit card services to small to medium sized enterprises nationwide. The agreement with PMS and AMPS are the second and third ISO's to sign on to I.C.E.'s ISO Rep program respectively since I.C.E. initiated wholesale processing operations a few weeks ago.
For the past 18 months, I.C.E. has been working diligently to establish its bank card processing unit operations by signing a wholesale processing agreement with a major financial institution and assembling a team of qualified professionals to manage the company's processing operations. Now that it's operational, I.C.E. is boarding accounts and building a portfolio of merchant accounts that could, in the future, be sold.
AMPS and Priority Merchant Services currently have a combined total of 16 sales representatives and are expected to increase their sales force to 20 by year-end 2005. Currently the two ISO's are opening merchant accounts at the rate of 50 per month and expect to build their combined volume to in excess of 100 per month by year-end 2005. With the recent signing of AMPS and PMS, I.C.E. is now processing the merchant accounts of approximately 100 sales representatives who are working at ISO's or directly for I.C.E.
I.C.E.'s ISO Rep Program seeks to enlist qualified ISO's and bank card agents to enhance its portfolio of merchant accounts and credit card processing revenues. I.C.E. believes that the flexibility of its processing services and highly responsive customer service team yield it an important competitive advantage.
Another incentive for an ISO to join I.C.E. is the fact that I.C.E. is a true 'one-stop shop' offering leasing and gift and rewards programs through its GlobalTech Leasing and Neos Merchant Solutions subsidiaries. ISO's working with I.C.E. can go directly to GlobalTech Leasing, which offers competitive leasing terms on micro-ticket leases such as financing credit card readers. In addition, if a merchant wants to offer a gift and rewards card to its customers, an I.C.E. ISO can offer its new merchant Neos Merchant Solutions' state-of-the art smart card or a more prosaic magnetic stripe card, depending on the individual merchant's needs.
'These two additional ISO signings continue to validate our business strategy of offering ISO's an array of services to help build their volume,' said H. Wain Swapp, CFO, I.C.E. 'We expect to continue to sign a number of additional ISO's over the coming months and expect to see a surge in revenues as these new ISO's come on stream.'
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