Bank eConnect has signed with AAA America Direct Inc. to market the Bank eConnect guaranteed issued VISA card to the sub-prime marketplace through AAA America Direct’s substantial network of telesales companies. Through its network of over 1,500 telesales companies, AAA America Direct has access to over 75,000 individual telesales representatives.
“We look forward to representing Bank eConnect ‘s guaranteed issued VISA credit card. Our niche over past seven years has been supplying lead databases and various programs to companies that market to the sub-prime marketplace and we believe that Bank eConnect’s credit card program is a perfect fit for the current sub-prime marketplace. We’ve seen that on average banks approve approximately 20% of sub-prime credit card applications. Since Bank eConnect will guarantee approval and issuance, we feel that, through our network of telesales companies, we will be able to capture a significant portion of the 80% of the market who cannot be approved for a standard sub-prime card,” stated Michael Hollman, president of AAA America Direct.
“Once Bank eConnect becomes active as a working bank, we anticipate receiving between 15,000 and 25,000 credit card applications per month as a result of our relationship with AAA America Direct. This means at least $5 per month in profit per issued card per month,” stated Alan Conner, president of Bank eConnect.
Bank eConnect is held by eConnect Financial, a division of eConnect that is the distributor of the eCashPad and the Bank Eyes Only service. October 1, 2002 is the targeted opening date of Bank eConnect.
The eCashPad is a revolutionary, inexpensive home hardware device, of which over 6,000 have now been deployed into the marketplace by eConnect. The eCashPad enables Internet consumers to swipe their credit cards at Bank Eyes Only enabled web sites and to effect cash payments by either a prepaid or value-added eCashCard at the web merchant site. PIN debit by ATM card is a future service of the eCashPad. The eCashPad readily lends itself to home-originated gaming applications. More information on the eCashPad and the go anywhere eCashCard can be found at