The Federal Trade Commission and the State of Florida have charged CardReady, a payment processing business with credit card laundering and illegally assisting and facilitating a nationwide debt relief telemarketing scheme that allegedly bilked millions of dollars from consumers. When scammers cannot gain or maintain access to the credit card networks through legitimate means, they…
In today’s special mentions: CHECKALT (processing); FISERV (exec); ALLIED (gateway) and (FTC (CardReady).
Calgary-based Wildcard Wireless Solutions has reached agreements
with CardReady International for the sales, support and marketing of its
flagship “TransAKT CDMA” wireless POS terminal in the USA.
CardReady, a U.S. merchant service provider that is sponsored by Key Bank,
will accept and process credit card transactions generated by end users of
“TransAKT” terminals and will also provide front line customer support. In
order to facilitate manufacturing of an initial inventory of “TransAKT”
wireless terminals required for CardReady’s U.S. sales, CardReady has
arranged a US$350,000 financing for Wildcard by way of an inventory secured
loan. In exchange for providing sales, support, and marketing in the USA
for the terminals, CardReady and Wildcard have signed a MOU wherein
CardReady has been granted the exclusive distribution rights within the USA
for the “TransAKT CDMA” wireless terminal and has been designated the
“Merchant Service Provider of Choice.”
Calgary-based Wildcard Wireless Solutions has reached agreements with CardReady International for the sales, support and marketing of its flagship “TransAKT CDMA” wireless POS terminal in the USA. CardReady, a U.S. merchant service provider that is sponsored by Key Bank, will accept and process credit card transactions generated by end users of “TransAKT” terminals and will also provide front line customer support, according to The RAM Report (www.ramreport.com). In order to facilitate manufacturing of an initial inventory of “TransAKT” wireless terminals required for CardReady’s U.S. sales, CardReady has arranged a US$350,000 financing for Wildcard by way of an inventory secured loan. In exchange for providing sales, support, and marketing in the USA for the terminals, CardReady and Wildcard have signed a MOU wherein CardReady has been granted the exclusive distribution rights within the USA for the “TransAKT CDMA” wireless terminal and has been designated the “Merchant Service Provider of Choice.”
Los Angeles-based Single Source Financial Services Corporation reported a $290,000 loss for the quarter ending April 30th, and is preparing to finalize its acquisition of CardReady International, a bankcard processsor, on Sept 1st. Reportedly, the decrease in reported revenues was primarily due to the termination of a relationship with a former employee and revenues do not include the results of CardReady’s operations. After the acquisition, the company projects revenues for first quarter of fiscal 2003 to be approximately $1.8 million, with a net profit before tax of approximately $600,000.
Single Source Financial Services and its affiliate, CardReady International, has become the official debit and credit card processor for the National Association of Resale & Thrift Shops member stores. NARTS, with more than 1,000 members, is the resale industry’s only trade association. NARTS serves thrift, resale, and consignment shops of all types ranging from multi-outlet chains to single stores. The company expects in excess of $12,000,000 in annual processing volume from these retail locations within the next year.
Los Angeles-based Single Source Financial Services Corporation and CardReady have released a Spanish Language Application and Agreement for merchant processing which has been certified by the Mexican consulate as an exact copy of CardReady’s English language merchant application and agreement. This Spanish language version will be used to recruit Spanish speaking merchants throughout the United States. A special marketing program has been developed, and it will be marketed by Spanish speaking sales representatives, and backed by bilingual support technicians.
Single Source Financial Services Corporation, a financial services provider — announced that its affiliate, CardReady International, Inc. has contracted with a Russian airline, Aeroflot, to provide its Los Angeles office with credit card processing services for the entire state of California.
Arnold F. Sock, chief executive officer of Single Source Financial Services Corporation commented, “This agreement with Aeroflot represents an approximate volume of $2 million in credit card processing transactions annually, which translates to a significant increase in revenues for both CardReady and Single Source. Single Source currently places its merchant clients with CardReady for credit card processing services, with the goal of exercising an option to acquire CardReady when it meets targeted revenue milestones. This agreement with Aeroflot is an important step in the realization of this goal. Further, we hope that this relationship will produce future opportunities with additional offices in the Aeroflot organization for CardReady.”
Aeroflot
Aeroflot flies to 121 destinations in 63 countries, comprising 68% of all the international air routes used by Russian airlines. In the year 2000, Aeroflot carried 5.1 million passengers and 107.4 thousand tons of mail and cargo. The Los Angeles office of Aeroflot provides ticketing services for the entire state of California.
Single Source Financial Services Corporation
Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The Company’s initial business focus is the selling and leasing of credit card processing equipment, as well as the selling of third party processing services, to “brick and mortar” and Web-based merchants.
CardReady International, Inc.
CardReady International Inc., a “third-party” credit card processor, currently provides merchant credit card processing services to small and mid-size businesses. As such, CardReady is responsible for the acquisition of merchant processing relationships on behalf of banking institutions.
For more information, visit [www.mysinglesource.com][1] or [www.magnumfinancial.com][2].
[1]: http://www.mysinglesource.com/
[2]: http://www.magnumfinancial.com/
Single Source Financial Services Corporation, a financial services provider, announced that it has signed a binding and irrevocable 18-month option to purchase CardReady International Inc. from MBBRAMER, INC.
CardReady International Inc., a “third-party” credit card processor, currently provides merchant credit card processing services to small and mid-size businesses. As such, CardReady is responsible for the acquisition of merchant processing relationships on behalf of banking institutions. CardReady has doubled its processing volume since August 2001 when Single Source began placing its merchant clients with CardReady.
The acquisition of CardReady will allow Single Source Financial Services Corporation to gain significant market share in the credit card industry by combining the technological and processing capabilities of CardReady, with the marketing expertise and capabilities of Single Source Financial’s existing subsidiary, Single Source Electronic Transactions, Inc. CardReady International Inc. has several key relationships that allow it to provide its merchant customers with the highest quality of processing services.
CardReady is under contract with KeyCorp, one of the nation’s largest multi-financial services companies, to provide its subsidiary, KeyBank, with merchant acquisition services for Visa and MasterCard processing. Vital Processing Services(R), a leader in technology-based commerce enabling services (formed by Visa U.S.A., and by Total System Services, Inc. (NYSE:TSS)), is the exclusive provider of all processing related services for CardReady International Inc. Through its relationship with KeyBank, CardReady has the capacity to process in excess of $120,000,000 per month in credit card transactions, which according to company projections, would relate to significant annual revenues.
General Credit Forms (GCF), the largest manufacturer and distributor of POS and ATM related products, has contracted with CardReady to provide CardReady’s merchant customers with overnight delivery of GCF’s product line. Arnold F. Sock, Chief Executive Officer of Single Source Financial Services Corporation, commented: “Single Source currently places its merchant clients with CardReady. By signing the option for the purchase of CardReady, we have set up a future track for the company that will allow us to grow our customer base and to benefit from the resulting increase in revenue that we project. “Single Source already provides CardReady with its considerable marketing and sales abilities and CardReady offers Single Source its superior processing services. We have always given our customers superior services, now we have the opportunity to own the means by which those services are delivered. We have also effectively locked-in an acquisition price, which we believe will prove to be a significant discount from the true value of CardReady when we exercise the option.”
Jim Berland, President of CardReady International Inc., stated: “Currently CardReady’s assets include our advanced technology and our relationships with key vendors (KeyBank, Vital Processing Services(R) and GCF). These types of relationships are critical to the success of any company in the credit card processing service industry. We have focused on perfecting the service side of the business. Now, together with Single Source Financial Services Corporation, we will have our superior products made known to an exponentially greater marketplace. This should provide very strong results.”
Single Source Financial Services Corporation
Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The company’s initial business focus is the selling and leasing of credit card processing equipment, as well as the selling of third-party processing services, to “brick and mortar” and Web-based merchants. MBBRAMAR, INC. is owned and controlled by certain shareholders and directors of Single Source. The purchase price to be paid by Single Source for CardReady under the option will be determined by a formula based on an independent third-party valuation of CardReady and the value of Single Source common stock at the time of exercise of the option. For more information, visit [www.mysinglesource.com][1] or [www.magnumfinancial.com][2].
[1]: http://www.mysinglesource.com/
[2]: http://www.magnumfinancial.com/