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International Card Establishment Signs New Member for ISO Rep Program
New Member Should Significantly Increase Company's Merchant Services Revenues
CAMARILLO, Calif., Sept. 20 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) has signed a new Independent Sales Organization (ISO) to its ISO Rep program by entering into an exclusive agreement to handle all of the ISO's credit card processing. The agreement, with a Utah-based ISO, represents the fourth new member of its ISO Rep Program and is by far the largest ISO that I.C.E. has signed to date. This ISO should immediately increase the Company's new merchant account applications by approximately 80% on a monthly basis.
Moreover, the ISO is making a significant investment in expanding its sales and marketing capabilities over the coming months, and expects to substantially increase the number of merchant accounts processed with I.C.E. by year-end 2005. The management team for the new ISO member has in excess of 10 years industry experience.
'This ISO signing will have a significant effect on our current credit card processing revenues and represents a substantial increase in our ongoing new merchant account acquisition program,' said H. Wain Swapp, CFO, I.C.E. 'We fully expect to announce additional ISO signings to our program and are confident that we will achieve our goal of processing in excess of 1,000 new merchant accounts monthly by year-end 2005.'
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 rapidly enhancing its merchant portfolio asset.
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.
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