|
September 6, 2001 Kit Menkin’s Leasing News www.leasingnews.org _________________________________________________________________ Farewell, Jack Welch, you made long time GE stockholders happy, plus changed the world of business. Best of luck on your retirement. editor **** http://www.ge.com/news/welch/index.htm _____________________________________________________________ Headlines Charlie Lester---Final Part “ Recourse Broker “ Leasing Industry Software Side BancLease Releases Windows NT Version E-Mail Blocking Irwin Capital Holdings Announces a New Venture Franchise Unit Tangible Personal Property, Leasing and Bundling work groups meetings Bush administration no longer interested in breaking up Microsoft First American Payment Systems, L.P. Announces Multi-Year Processing Agreement With Accelerated Card Company, Inc. Bank official says workers hid thousands of IRS returns because they felt harried Tomorrow---“Take the e Train” Alan Zeppingfeld reports on the eLessors Technology Conference held last week in Atlanta, GA #### denotes press release _____________________________________________________ ### ############################### ################ IRWIN CAPITAL HOLDINGS ANNOUNCES A NEW FRANCHISE FINANCE VENTURE
(Bellevue, WA) Mike
Taft, President
of Irwin Capital
Holdings, announced
today that John
Rinaldi, Executive
Vice President of
the Franchise Capital
Services division
of Federated Capital
Corporation has
agreed to join a
to be formed subsidiary,
Irwin Franchise
Capital Corporation
(IFCC).
John will
serve as President
and will be joined
by Lloyd Droller,
S.V.P. and Chief
Credit Officer and
Al Predmore, S.V.P.
Marketing and IT,
as well as,other
key staff in their
Purchase, NY, Columbus,
NE and other satellite
offices. In addition, a portfolio
of loans and leases,
as well as other
assets, have been
acquired from Federated.
Irwin Franchise
Capital Corporation
will be providing
financing programs
to branded franchise
businesses throughout
the United States
and in Canada through
its affiliate, Onset
Capital.
IFCC will
focus on serving
established multi-unit
operators with equipment,
leasehold improvement,
and real estate
financing needs. IFCC will complement Irwin Capital Holding's other equipment
financing businesses
- Irwin Business
Finance, Bellevue,
WA (www.irwinbf.com),
which funds and
services small ticket
(up to $500,000)
equipment leases
and loans throughout the U.S. sourced through a selected national network
of brokers and intermediaries
and Onset Capital
Corporation, Vancouver,
British Columbia
(www.onsetcapital.com),
which provides small
ticket equipment
leases and loans
throughout Canada. Irwin Financial Corporation (NASDAQ-NMS: IRWN, www.irwinfinancial.com)
is an interrelated
group of specialized
financial services
companies.
The Corporation, through its five subsidiaries ? Irwin Mortgage
Corporation, Irwin
Union Bank, Irwin
Home Equity Corporation,
Irwin Ventures,
and Irwin Capital
Holdings ? provides
a broad range of
consumer and commercial financial services in selected markets in the United States
and Canada. CONTACT: Kris Darby Irwin Capital Holdings Phone Number: 425-460-1420
( courtesy ELAonline.com
) #### ###################### ############################### ##### Private Label Recourse Broker Third and Final Part of Conversation with “ Grandpa” Charlie Lester, Senior Leasing News Advisor LN: You have addressed what can go wrong at the funding source level in a Recourse relationship, what can go wrong on the broker side? GC: First of all, to become a Private Label Recourse Broker, the broker has to be able to produce high volume, have a good credit shop and strong financial statements to prove the ability to honor repurchases if reserves held by the funding source are depleted. From my experience, most recourse brokers have always honored their agreements and closed their portfolios as agreed. They operate clean shops since they know they are handling their own money and they have to pay for their mistakes. However, we also have to face the fact that a dishonest recourse broker can rape the funding source. Once the recourse relationship is started with a funding source and everyone starts getting warm and comfortable with each other, a dishonest broker can do undisclosed split deals since his CBR is the only one pulled and it can be used to send the parts of the deal to multiple sources. In addition, the broker can manipulate portfolio repurchases by making the monthly payments in behalf of the lessee. The money to make these monthly payments can come from early payoffs if the broker does not forward the payoff to the funding source. It becomes a case of money management on the part of the broker with the hopes that profits will get him out of the hole. I had to fire several sales reps at Lease Pro for various tactics like doing a "cut and paste" on a credit score and sending multiple purchase option letters to a lessee and then using the $1.00 one when the pricing was based on FMV for their commission purposes. There were only a few, but I did not know about the purchase option problems until the deal paid out early one month and I had to eat the loss. The rep got fired and documentation took over the responsibility to verify all parts of the deal in the phone audit including the purchase option. You never know if it is true or rumors, but I have heard of brokers doing a cut and paste on a BK CBR by cutting off the beginning and ending lines and pasting the CBR of another good applicant in the middle. BK to a Beacon of 735 in two minutes with 20 excellent trade lines. If the recourse broker is responsible for collecting sales taxes and personal property taxes and remitting them to the taxing authorities, the temptation has to be tremendous since most taxing authorities could not find missing tax payments unless they were soaked in perfume and stuck up their noses. And now for my editorial--Until the large funding sources start prosecuting fraudulent brokers and lessees, fraud will continue to grow since there is no punishment. I saw over $750,000 of fraud deals go down while employed by First Sierra from a vendor in Southern California that popped on Kit's newsletter a few months ago with a new company name. First Sierra management made a decision to wait and see if the lessees would make a few payments instead of prosecuting them or the vendor. While investigating these frauds on behalf of First Sierra, I found the same vendor had placed similar deals worth millions at Advanta, Copelco, American Business Credit, and several brokers had placed these deals at Colonial Pacific and Manifest, but not one single company ever filed criminal charges against the broker, vendor or lessees to my knowledge. Saving face, avoiding lawsuits and hoping to collect a few bucks is more important to most funders than stopping the bad guys once and for all. This is a major reason why we have dishonest brokers, vendors and lessees. Crime without punishment just breeds more of the same so funders get ready for more and increase more reserves. Another war story--one of my analysts at Lease Pro found that a vendor in Texas was a total fraud and since we saw Copelco's inquiry on the CBR, we called to notify them of the problem. They checked and sure enough agreed. Their punishment for the vendor---they flew down to Texas and took back the plaque they given him as one of their best vendors the year before. Even worse, we notified ATT of the problem and found out six months later that they were still doing business with the vendor. When I talked to the broker manager, she said they had placed restrictions on the vendor to make sure they only sent good business and they needed the good business to cover the fraud deals already on the books. GO FIGURE!!!! To all the sources above, don't threaten a lawsuit, I am so well documented you would be embarrassed even more in Kit's newsletter. More personal editorial--the fraud and deception in the leasing industry caused by a very, very small but highly efficient number of brokers and vendors is one of the major reasons I left the leasing industry last year. I can tell you it is nice to work in a financial niche market where fraud is minimal and you don't have to take more than 5 tranquilizers a day. Thanks for your time and good selling, Charlie Lester __________________________________________________________________ Leasing News e-Mail Block Balboa Spokesperson Who Did Not Want to Be Named: “The information systems department has told me for a fact we do not block it. Any returned email you get has to be from inactive mail accounts. I believe you have twice written that we block it. Please stop printing this and retract your statement. Other than that you are not authorized to quote or print this email in any form.” ( As per our policy, I have edited this e-mail to disguise the sender who did not want his named used or e-mail, for that matter. The facts are last week there were three days that all the Balboa e-mail came back. Over 15 or more. Yesterday and today, none came back. I don't think it is old addresses. And after today, it eliminates size as the reason, I believe. There were days I mentioned a sircam virus, and some servers "think" that there is a virus as the name is mentioned in the copy. I don't think that happened on all those days. Sometimes the mail comes back three or four times, as if the server is down. Perhaps the mail keeps trying and eventually does reach the recipient. I am only reporting the facts. The Balboa e-mail comes back often. I do know that the amexbf addresses when I send from leasing news are not received, as the recipients tell me they are not receiving the e-mail. When I send as American Leasing, I get the auto responders from the users, plus they receive the e-mail. Logically, Leasing News e-mail is stopped by their server. Atel says they do not block, but as I said in today's e-mail, I don't know if it is "on purpose" or a server program. At one time, they were up-grading their mail server and had some problems. One ATEL reader told me when they don’t get the e-mail, they go to the website, although they prefer to get e-mail. Atel suggested anytime this happens, to notify them as it may be some glitch in their new software e-mail program. They are not purposely blocking any e-mail. What I shall do is the next time the e-mails come back from Balboa, I will take the advise from Atel and forward them to the Balboa sender of the e-mail above, as it appears he does not believe me there are periods of time his company server rejects our e-mail reports. An employer has the legal right to block e-mail, to read e-mail, and to restrict e-mail. Some employees abuse this “ right.” Plus an employer has the right to have a policy that any e-mail written will be from the individual, and does not necessarily reflect the company itself. An excellent book, although written in 1998, is “Risky Business” by Dan Janal. http://www.danjanal.com/risky_business.html. It is still a very valid book for both employee and employer rights and netiquette. editor ) ----------------------------------------------------------------------------------------------- Software Side The software side of the leasing industry are reportedly in a real battle these days. Mc Cue's latest client list dropped from 44 to 26. Decision System Industry(IDS) announced huge losses and another restructuring Leaseteam and Turbo still strong competitors for the little guys but many don't last. Summit is holding on to its own. They reportedly are awaiting all the new leasing companies to be born out of the mergers from the ex-employees and salesmen created by GE and Tyco, among others.. __________________________________________________________________ ### ########################## ######################### BancLease Releases Windows NT Version
CHARLESTON, Mo.--( Leasing Software Keeps In Step With Advancing Technology BancLease, a leasing consulting service for community banks, announced the release of its new Windows(TM) NT version of the BancLease software. The software can now be installed on any Windows-based system from Windows 95 to NT. "Today, banking technology is evolving very quickly," said Britt McConnell, director of BancLease, "and our customers expect the best from us. Up-to-date software is a necessary component of the BancLease program. The customers on our maintenance program can rest assured that enhancements and updates to the BancLease software will be available to them for every technological advancement." First introduced to the market in 1993 with the inception of the BancLease program, the software provides users with the ability to quote lease payments to customers (and yields to the bank), to prepare of all necessary leasing documents, print amortization schedules, calculate after tax yields, e-mail documents to branches capability, calculation of irregular (flexible) payment leases plus a database for saving lease quotes. Complete installation of the BancLease software takes less than five minutes. Combined with training and consultation, the software adds a final component to a full service bank: leasing capabilities. Competitive leasing programs have given a large number of community banks a huge influx of revenue (relative to the bank's asset size). Leasing programs are beneficial to the bank and the customer. Customers can frequently write off the lease of commercial, agricultural or municipal items as an operating expense. By using the program, bankers can provide additional financial products and keep revenue and relationships in-house. First Security State Bank of Charleston, Mo., with assets of $100 million has been using the BancLease program since its inception. "We started a leasing program because of a need in our market," said Don Burnett, president and CEO of Security State BancShares, the holding company of First Security State Bank, "and we founded the BancLease program because it is a need shared by many community banks. By implementing the program, we have seen our leasing portfolio grow to $9 million. "Sophisticated bank customers demand the best in service, technology and financial products, including customers of First Security State Bank, which is why we upgraded some of our bank's platform to Windows NT. The upgrade meant we had to also upgrade complementary programs. As BancLease's toughest critic, the transition from Windows 2000 to Windows NT was one of the smoothest and most seamless. I'm confident every bank will experience the same quality service and training as it upgrades its systems." About BancLease BancLease is a lease consulting service for bankers that was created by First Security State Bank in Charleston, Mo. in 1993. It was designed to help other community banks interested in developing an in-house leasing program. The program provides a turnkey solution that allows banks to lease equipment for commercial, agricultural, and municipal customers and includes software, operating manuals, sample policy, telephone support system, and on-site sales training. Today, more than 190 banks in 34 different states are using the BancLease program for leasing. For more information about the BancLease solution, contact Britt McConnell at 800.530.5327; write P.O. Box 1526, Sikeston, MO 63801 or visit its Web site at www.banclease.com. #### ################################# ######################## Equipment Leasing Association September 20-21 The Tangible Personal Property, Leasing and Bundling work groups of the Streamlined Sales Tax Project (SSTP) will meet Thursday and Friday, September 20-21, at the Four Points by Sheraton Chicago O'Hare Airport Hotel, 10249 West Irving Park Road, Schiller Park, Illinois 60176, telephone: 847/671-6000 or www.fourpoints.com. The Tangible Personal Property group will meet 8:30 am to 5:00 pm on Thursday, while the Leasing and Bundling groups will each meet from 8:30 am to 5:00 pm on Friday. The Leasing work group/subcommittee will continue deliberations on a range of issues relating to completing a uniform definition of leasing and rental. Originally scheduled for the following week, organizers advanced the dates to avoid a conflict with the Yom Kipper holy day. A block of rooms has been set-aside for Wednesday and Thursday nights. Make reservations directly with the hotel by calling (847) 671-6000. Ask for the SSTP (or possibly the FTA block); the group rate is $126 per night plus tax. Call today because the room block might only be available until Tuesday, Sept. 4. Upon arrival at O'Hare make your way from baggage claim to the Shuttle Center (by following the signs on the floor) and then call the hotel to determine the pick-up schedule. The registration form is being circulated as a PDF file attachment. To access them, please go to: http://www.leasingnews.org/PDFFiles/Sept5-2001/agenda.pdf http://www.leasingnews.org/PDFFiles/Sept5-2001/septreg.pdf If your computer system will not accept the PDF file attachment contact the Federation of Tax Administrators at 202/624-5890 to complete registration The meeting registration fee is $60 for each day ($120 for both) to include a continental breakfast and lunch each day. Payment at the meeting is requested to avoid the time and expense of invoicing. Be certain to indicate the meeting(s) you will attend to allow proper planning. FAX your registrations to (202) 624-7888. There will be no online registration for this meeting. State revenue officials staffing the Leasing work group will tackle an ambitious agenda on September 21. Industry members are encouraged to join in these deliberations as they take up at least four unresolved issues and perhaps take a look at the transition statement at the end of the lease definition. These issues are: 1) Sourcing of leased property and tax credits 2) Elections to pay tax on purchase or over the stream 3) Sale leaseback 4) Accelerated tax The Multistate Tax Commission (MTC) proposed rule for determining priority of sales tax credits when leased equipment moves between taxing jurisdictions could become a factor in discussions. The proposed rule is the subject of an industry conference call with the MTC Sales and Use Tax Subcommittee scheduled for Tuesday, September 11, from 2:30 to 4:00 PM Eastern Time (1:30 PM Central, 12:30 PM Mountain, 11:30 AM Pacific). To receive dial-in instructions send a reply or separate email to dbrown@elamail.com with your name and company. If you do not want your company name shared with MTC in advance of the call please indicate in your request for dial-in information. Dennis Brown __________________________________________________________________ 1964 TR 4 I am sure what this car thing is all about. I drive (occasionally) a one owner 1964 TR4. It was one of the real sports cars. It is still a boot in the butt to drive. Very different from anything made today, and it only costs $3,000 new off the dealer show room. Hugh Bennett HB Enterprises Creative equipment financing since 1974 PH 1-800-708-7666 E*mail: hbent1@pacbell.net --------------------------------------------------------------------------------------------------- Equipment Leasing Association Meetings September 10-12 Denver Marriott Southeast Denver, Colorado October 1-3 Hyatt Regency Woodfield Schaumburg, Illinois December 3-5 Sheraton Fisherman's Wharf San Francisco, California December 3-5 Philadelphia Marriott Philadelphia, Pennsylvania All registered attendees to Principles of Leasing receive a FREE COPY of the highly acclaimed CD-ROM, Professor Lessor's™ Principles of Leasing as part of their registration fee. ( to learn more, go to www.elaonline.com or http://www.leasingnews.org/meetings.htm Principles of Leasing 2001: Ten convenient locations and dates: more opportunities to give your employees the training they need A choice of instructors: attendees can choose from two veterans of the leasing industry who serve as the lead instructor in different workshop locations Group discounts for companies sending three or more employees Comprehensive curriculum to broaden attendees understanding of the leasing industry Reorganized workshop materials to help attendees use their time most effectively Networking opportunities, expanding job effectiveness and establishing peer contacts in the industry Valuable ELA resource materials, including the acclaimed Professor Lessor's(tm) Principles of Leasing CD-ROM Certificate of Completion: All attendees who pass the optional workshop quiz receive a certificate of completion from ELA Who Should Attend Operations, credit, collections, documentation, accounting and sales employees, as well as outside legal counsel new to equipment leasing; veterans of the financial services industry unfamiliar with equipment leasing; and anyone, including managers, wishing to refresh their understanding of equipment leasing principles. Strongly Recommended - Bring a Financial Calculator to Class In order to get the most out of the workshop, the instructors encourage attendees to bring an HP-17B financial calculator (HP-12C also acceptable) to the workshop. Workshop on Lease Administration and Documentation If you've already attended Principles of Leasing and are looking for a more advanced study of lease documentation and its impact on the lessor-lessee relationship, you might want to consider attending the one-day workshop, Managing the Leasing Relationship. The Effective Credit Underwriter - ELA's first web-based training program ELA has joined with Moody's Risk Management Services to develop its first web-based training program The Effective Credit Underwriter. This dynamic, interactive training program, available 24/7, is designed to help credit analysts increase their proficiency in assessing the credit worthiness of middle market business transactions. Fundamental Selling Skills Workshop - Now available in-house If you want your employees to better understand how to sell in an equipment leasing environment, you might want to consider bringing the one-day workshop, Successful Selling Skills for Equipment Lessors, in-house to your employees. These programs help your employees become better at making educated decisions that affect lessees. For more information, you may contact Dawn Tullis at 703-516-8378 or email her at dtullis@elamail.com. Bring Principles of Leasing In-House If the dates and locations listed on this brochure don't fit your schedule and you have 10 or more employees you would like to send to Principles of Leasing, ELA can bring the workshop to you. For further details and pricing, call Lesley Sterling at 703-516-8365 or email her at lsterling@elamail.com. Professor Lessor's ™ Principles of Leasing CD-ROM: Free To Registered Attendees! This highly acclaimed computer-based self-study program is a great overview of the fundamentals of the leasing industry. Topics addressed include: why equipment leasing is good business, the mechanics of doing leasing, how to meet your customer's needs and the life cycle of a lease. Attendees can also purchase additional copies of this CD-ROM for fellow employees to use. See the registration form for pricing and order information.
Those interested in the Principles of Leasing, might also try: The Effective Credit Underwriter A web-based course designed to help credit analysts and others in the equipment leasing and finance industry increase their proficiency in assessing the credit worthiness of middle market business transactions. The course includes the following sections: a Credit Skills Diagnostics, a Personal Learning Plan of up to 54 lessons, a Case Study Simulation and a Final Exam. The course can be worked through independently or with the assistance of an online mentor.
__________________________________________________________________ Bush administration no longer interested in breaking up Microsoft By Karen Gullo ASSOCIATED PRESS WASHINGTON – The Bush administration, reversing the Clinton White House legal strategy against Microsoft, told the software manufacturer Thursday it no longer seeks to have the company broken up. The Justice Department also said it will not pursue the bundling issues in its protracted antitrust suit against the software giant. The agency is taking these steps to obtain "prompt, effective and certain relief for consumers," it said in a press release. The release follows a judge's order for the two sides to produce a joint status report by Sept. 14. The government told Microsoft that it does not intend to pursue a breakup and will drop the bundling issue to "facilitate consultations" in the joint report, the department said. Microsoft spokesman Vivek Marma said, "We remain committed to resolving the remaining issues in the case." The about-face wasn't totally unexpected. At the time of his confirmation hearings to be attorney general, John Ashcroft hedged when asked repeatedly by senators about the government's commitment to pursuing the lawsuit against Microsoft. Ashcroft for the most part said that was among a host of issues he would need to review. On Thursday, his department said that since an appellate court agreed that Microsoft illegally maintained a monopoly over the market for operating systems, the government "believes it has established a basis for relief that would end Microsoft's unlawful conduct, prevent its recurrence and open the operating-systems market to competition." Pursuing the tying claim would only prolong the proceedings, the department said. U.S. District Judge Thomas Penfield Jackson, who originally heard and decided the case, had ordered a series of restrictions against Microsoft last year, then rescinded them soon after the case was appealed. Among those restrictions, Jackson ordered Microsoft to divulge to outside developers technical information about how its operating systems interact with its software. Those developers would be able to pick apart the computer code without cost to improve their understanding of it and make their own products. Microsoft also would no longer have been able to control what icons would appear on the Windows operating screen when a user bought a computer. A person buying a computer from a distributor such as Dell or Gateway would have seen a desktop that looked nothing like the usual Windows desktop. Howard University law professor Andy Gavil said the restrictions could affect the upcoming Windows XP operating system, which has been finished by Microsoft programmers but has not yet hit store shelves. "All of these little things really have to do with how XP is being prepared and marketed," Gavil said. On Thursday, the Justice Department said it will ask the court for time to investigate developments in the industry since the trial concluded and "to evaluate whether additional conduct-related provisions are necessary, especially in the absence of a breakup." Microsoft just rolled out the final Window XP code to computer manufacturers. Some critics have charged that the rollout is evidence that the company continues to use its dominance to muscle into new markets. Windows XP includes many new features that are currently standalone products made by competitors, including a program for storing digital photos and an instant messaging system. -------------------------------------------------------------------------------------------------- Bank official says workers hid thousands of IRS returns because they felt harried By Mike Crissey ASSOCIATED PRESS PITTSBURGH – Employees at an IRS processing center run by Mellon Bank hid thousands of tax returns or put them with papers to be shredded apparently because they couldn't keep up with the workload, Mellon's chairman says. At least 40,000 federal tax returns and payments totaling $810 million were either lost or destroyed at the Pittsburgh center, which handled documents sent by taxpayers in New England and parts of New York state. The scope of the problem was disclosed last week by Senate Finance Committee Chairman Max Baucus, D-Mont., who said it could take months to determine all the details. A federal investigation has begun. Last month, Mellon lost its contract to run the Pittsburgh IRS Processing Unit because of what bank chairman Martin McGuinn called "gross disregard" and the failure by employees to follow company policy. McGuinn said in an e-mail that an internal probe found taxpayer submissions were "hidden, and in some cases, destroyed." On Tuesday, McGuinn said several employees had been fired. "As best we know, they did this because they felt they were behind in their work in processing IRS returns," McGuinn told employees in a memo. He said the company has found no evidence of check fraud, identity theft or improper use of taxpayer information. The center, one of seven Mellon operated nationwide, was set up to handle 1.7 million tax returns during the April rush. The loss of the IRS contract resulted in the layoff or transfer of 106 employees. The federal investigation was started after taxpayers complained to the IRS that their payment checks had failed to clear. Sen. Charles Schumer, D-N.Y., said last week the agency had received 22,000 complaints of uncashed checks. The IRS set up a special unit to handle the cases and told taxpayers who suspect they may be affected to stop payment on uncashed checks and to send a new return and check to an IRS service center in Andover, Mass. Mellon began processing tax returns and payments for the IRS in 1993. In his message, McGuinn urged employees to seek out a manager if there were questions about work responsibilities. Mellon spokesman Ron Gruendl declined comment. In 1985, the IRS discovered tax returns turning up in trash cans and women's restrooms and thousands of mutilated refund checks at the agency's Philadelphia Service Center. Officials blamed the problems on costly computer problems and worker turnover at the center. ------------------------------------------------------------------------------------- First American Payment Systems, L.P. Announces Multi-Year Processing Agreement With Accelerated Card Company, Inc.
FORT WORTH, TexasFirst American Payment Systems, L.P. and Accelerated Card Company, Inc. (ACC) have entered into a three-year credit card processing agreement. The total value of the agreement is projected at more than $1 billion in processing volume. According to Pamela Stewart, founder and chief executive officer (CEO) of ACC, the company has searched for a strategic business partner for the past few years. "We liked the quality of service and flexibility offered by First American. Their track record of providing predictable results was equally appealing," she said. "First American understands our type of business and will open a whole new avenue of opportunities for us. I feel we have found a home with First American." The alliance between First American and ACC falls in line with First American's long-term goals, according to Neil L. Randel, president and CEO of First American. "ACC's experience with business-to-business transactions, their history of writing and servicing large volume merchant accounts, and the specialty applications they've developed are a good fit with our company," he said. "We also value their hands-on commitment to customer satisfaction and support." First American Payment Systems, L.P. First American Payment Systems, L.P., a privately owned company founded in 1990, provides full-service electronic credit card authorization and payment systems to retail, restaurant, mail order, telephone order, Internet and home-based merchants throughout the United States. First American's divisions include national ATM deployment, Secur-Chex(TM) check guarantee, FirstPay.Net(TM) e-commerce payment gateway, and Merimac Capital point-of-sale equipment and ATM leasing. The company also offers electronic gift certificates and electronic check conversion. First American provides services for more than 25,000 merchants and operates 280 ATMs nationally. For more information on First American Payment Systems, visit the company's Web site at www.first-american.net. Accelerated Card Company, Inc. Accelerated Card Company, Inc. has been an ISO/MSP since 1992. The company specializes in mail order/telephone order, direct marketing, e-commerce and business-to-business merchants. ACC is also active in the field of international multi-currency acquiring. For more information, visit the company's Web site at www.accard.com. ############## ###################################
|
|
