MSI (Merchant Services Inc.), a leading provider of electronic payment processing services, announced that it has formed an alliance with Provident Bank and CardSystems Solutions, Inc. This new partnership will enhance MSI’s presence in the bankcard marketplace, enabling them to underwrite credit, and to guarantee same day merchant approval. This move also gives MSI’s customer service and technical support staff the ability to expedite merchant requests faster through real-time computer systems.
Mario Parisi, Director of Operations for MSI, emphasized the importance of 24-hour approval. ‘Every day spent waiting for approval results in lost revenue to the sales channel. It’s important to make prudent credit decisions, but those decisions need to be made in a timely fashion’.
Over the past 2 years, MSI has experienced a period of dynamic growth in the bankcard industry. In the year 2000 MSI processed over 1.25 billion dollars worth of transactions, up from 550 million the previous year. Revenue doubled from 3.1 million to 6.2 million in that same period. This new alliance will position MSI for even greater growth in the 100 billion dollar bankcard industry.
Based in Chantilly, Virginia, CardSystems is a premier provider of intelligent card-based payment solutions serving the Global Electronic Commerce Industry. Their processing solutions, advanced technology, and ability to provide card payment solutions to banks of any size were instrumental in MSI’s decision to form the alliance. Provident Bank, a Cincinnati-based company with $15.1 billion in on-balance sheet assets and $20.1 billion in managed assets, will be utilized to clear merchant transactions.
About MSI, Inc.
Founded in 1989, MSI (Merchant Services Inc.), located in Union, New Jersey, is a leading provider of electronic payment processing services. In 1993, MSI of New Jersey formed a buying cooperative with two other entities, Merchant Services of Long Island, and Merchant Services of South Dakota, however, each entity remains independently owned and operated, and financially autonomous. Since 1999, MSI has built a merchant base that provides Bankcard processing services to over 15,000 merchants nationwide, and processes over 1.25 billion dollars annually. MSI has direct relationships with Visa, MasterCard, Diners, Discover, and American Express, which assure their customers the most cost efficient and direct service possible. For additional information on the company’s products and services, contact George Mayo at (800) 351-5291 ext 9.23 ([email protected]), or via the web at [www.msihq.com][1].
[1]: http://www.msihq.com
